Although managers often feel that throwing money at an employee is the number one way to keep that person engaged, it is not. However, if your wage scale is not up to industry standards, people will look elsewhere.
When everything else is equal, people take the higher paying job.
It is worth paying for quality talent. When you do so, you can save your company significant money in the long run in these three areas:
Healthcare. When your employees are satisfied, they are more likely to be healthy, thus decreasing the healthcare premiums you are paying.
Recruitment and training. If your employees are pleased with their benefits, they are less likely to leave. You won’t have to train new staff continually.
Productivity. Gallup research shows that workers who are “highly satisfied” with their jobs are up to 50% more productive at work.
What do you need to review regarding your employees’ wages and benefits?
To get this and 97 other ideas on Manufacturing Engagement, please check out Lisa Ryan’s book, “Manufacturing Engagement: 98 Proven Strategies to Attract and Retain Your Industry’s Top Talent“