Evaluating the performance of your employees is crucial in making sure that you give them a salary bump if they deserve it. You don’t want your top employees to leave just because they feel like they’re not important in the company. Besides, considering how difficult times are, some employees might take a different job that pays better. To help you evaluate the performance of your employees and ultimately give them a bump, these are the signs you need to consider.
Ability to submit everything on time
You want an employee who can submit the required tasks on time. You don’t want to delay everything because some of your employees are unable to give what you expect of them within a given time. Your company might also lose money because they’re irresponsible. Therefore, employees who consistently submit the required output on time deserve a salary raise.
Going beyond the job description
You also want to reward employees who care about the company and its success. If you have employees who offer to help with other tasks, they deserve a raise. Another sign is when they accept leadership roles when there are special projects. If they succeed in leading a team, it’s not only a sign to give them a raise but even a promotion.
Contribution to the company’s profit
You also have to be practical in determining if someone deserves a raise. You can check how much the performance of a specific employee helped raise money for the company. You can’t put a price tag on everything, but you can still evaluate the help extended by employees in raising company profits.
It’s been a while since the last bump
Apart from performance, you also need to reward loyalty. Some of your employees might have other job offers, but they declined them to continue working with you. Loyalty to the company deserves a reward. You also want to give them an incentive to work with you for several years more. Besides, you’re saving money by not hiring new employees all the time. Screening candidates and training new employees would be costly for the business.
You hear rumours that an employee intends to leave
When an employee is doing well, you can expect other companies to notice. They might even try to offer that employee something better. It would be difficult to decline a job offer if it pays well. If you already confirmed that the employee is considering leaving, you have to think about giving a salary raise. You don’t want to lose someone who has been an asset to your company because you didn’t consider raising their salary.
You might think that giving raises to employees will only be an additional expense for the company. The truth is that you’re also going to benefit from it. If you keep losing top employees, you will still spend more money. You also want to give them opportunities to have fun at work. Organising a funfair hire like the ones offered by fairground stall hire companies is a good start. You want to do everything to keep your employees.