Writer Julie Rains has an article called “How to Structure Merit Raises and Bonuses for Employees” which outlines issues that may be raised when considering compensation. She emphasizes Starting With Basics, like employee descriptions and expectations. Set up your goals and identify your budget. Have a merit system in place and determine a bonus plan.
“Employee pay may not be a pressing concern for your business. However, you may need to stop and reconsider.
If you can project where your business is headed, how you’ll know when you’ve arrived, and how you’ll get there, then the task of leading your employees and rewarding them for their efforts should be natural.”
Read the entire article here.