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If you are wondering what’s in it for your business to offer a higher wage for your entry-level employees, you may want to consider why your last employee left. Employees who are compensated well tend to be happier and more loyal to the company. This translates to an overall better employee performance.
Business owners that offer employees an above average starting salaries will strongly influence their performance. With an established salary plan, employees begin to see work responsibilities as rewarding tasks because they know that their boss values their talents.
Offering an above average starting salary offers several key advantages for a company. Here are a few examples:
- Attracts top talent
- Performance is tied to the profitability of the company
- Employees get on board with company objectives
- Creates consistent work of productivity
- Develops an appealing work/life balance
Most importantly, better to offer a salary that’s at least 2 to 5 percent above what the competition is doing to experience the above benefits.