Timeline for In a business where staff churn is costly, should I let employees lead and request their salary increase?
Current License: CC BY-SA 3.0
29 events
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| Apr 13, 2017 at 12:51 | history | edited | CommunityBot |
replaced http://economics.stackexchange.com/ with https://economics.stackexchange.com/
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| Aug 31, 2016 at 16:22 | comment | added | IDrinkandIKnowThings | Possible duplicate of Does the first person to mention a number in a salary negotiation lose? | |
| Aug 31, 2016 at 3:01 | review | Close votes | |||
| Sep 7, 2016 at 3:03 | |||||
| Aug 21, 2016 at 9:10 | comment | added | llrs | @KevinMonk this distribution is referred to the whole population or just in your company? I mean would that mean that in your company all employees earn the same or not. It seems that you are referring to whole population of people but it is unclear to me if you would pay the same for all people in your company "who have similar skills / roles receiving that salary". | |
| Aug 20, 2016 at 12:48 | comment | added | Lightness Races in Orbit | The assumption that there is a "correct" salary for any person in any role is where you're going wrong. | |
| Aug 19, 2016 at 15:58 | answer | added | G. Ann - SonarSource Team | timeline score: 2 | |
| Aug 18, 2016 at 23:30 | comment | added | Kevin Monk | Good point @Wildcard The vertical axis is the number of people who have similar skills / roles receiving that salary. The notion being that people are content when above or near the centre of the distribution. | |
| Aug 18, 2016 at 20:17 | answer | added | StackOverflowed | timeline score: 4 | |
| Aug 18, 2016 at 19:53 | comment | added | Wildcard | I'm not getting what the vertical dimension is supposed to represent on that graph. | |
| Aug 18, 2016 at 19:39 | review | Close votes | |||
| Aug 22, 2016 at 2:17 | |||||
| Aug 18, 2016 at 19:24 | comment | added | Lilienthal♦ | This needs a tl;dr unless the title is all that you're really asking, which I'd doubt given the length of this. | |
| Aug 18, 2016 at 18:34 | comment | added | JS. | No disrespect, but isn't this what your (line) managers are for? They have the daily experience with workers to know which ones are valuable and need to be kept, which ones less so. A good manager should know who's happy and who's not. Good, underpaid people get bigger increases so they stay. Less desirable, unhappy people are allowed to leave. Good managers earn their keep. Now your only problem is finding good managers.... | |
| Aug 18, 2016 at 15:33 | history | tweeted | twitter.com/StackWorkplace/status/766296957627269120 | ||
| Aug 18, 2016 at 14:52 | comment | added | paparazzo | You have many answers so I will not add one but I think this is a bad idea. If you want to bump salary above the norm then do so and the basis of performance. If I was a top performer and found out a low performer got a bigger raise because they asked for a bigger raise I would be pissed. | |
| Aug 18, 2016 at 14:41 | comment | added | Lilienthal♦ | Regardless of any other debates, consider that some turnover is necessary in a well-run business. You want people to move on or be replaced. Insufficient turnover is arguably more harmful than high turnover. If your idea going in is to keep hold of every single person on your staff indefinitely you're setting yourself up to fail long-term. | |
| Aug 18, 2016 at 14:41 | comment | added | Sign | Why are you assuming that the turnover is compensation related? | |
| Aug 18, 2016 at 14:36 | answer | added | enderland | timeline score: 20 | |
| Aug 18, 2016 at 14:25 | answer | added | Dmitry Grigoryev | timeline score: 4 | |
| Aug 18, 2016 at 14:20 | comment | added | Jon Story | I'm not in the position of deciding anyone's raise... but to me, the simplest solution would be to ask "What would I have to offer to recruit a replacement for this person if they left right now?" - I'd then use that as a base line. If that's what it would cost me to bring in a new like-for-like replacement, I should be raising the employee's wage to at least that level right now, plus a little extra because they've got experience with my products etc | |
| Aug 18, 2016 at 14:09 | answer | added | MelBurslan | timeline score: 1 | |
| Aug 18, 2016 at 13:57 | comment | added | ChrisLively | In all of that I missed the part where you analysis the position from the company perspective to see how much having someone in that position is worth. | |
| Aug 18, 2016 at 11:42 | answer | added | Kate Gregory | timeline score: 31 | |
| Aug 18, 2016 at 11:25 | comment | added | Kevin Monk | Good point. I don't want our staff to be undervalued either. If they're mild mannered in their negotiation then I'd be inclined to suggest an increase higher than they're asking. That's just a feature of the type of company I want to run. I'm merely trying to avoid the scenario where I accidentally undervalue someone in their eyes and their only way to express this is by resigning. | |
| Aug 18, 2016 at 11:11 | comment | added | s1lv3r | I can only think of one situation, were your approach could be feasible. And this is when we are talking about sales positions. Because then there will be a link between selling themselves and their everyday job performance. But for a general knowledge worker, good negotiating skills are not their main asset and I think you wouldn't want to massively overreward those who are good at it (which you would effectively do). | |
| Aug 18, 2016 at 10:41 | answer | added | user45590 | timeline score: 83 | |
| Aug 18, 2016 at 10:27 | answer | added | Kilisi | timeline score: -3 | |
| Aug 18, 2016 at 10:13 | history | edited | Kevin Monk | CC BY-SA 3.0 |
Added a link to the same question on the economics exchange.
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| Aug 18, 2016 at 10:07 | review | First posts | |||
| Aug 18, 2016 at 12:22 | |||||
| Aug 18, 2016 at 10:07 | history | asked | Kevin Monk | CC BY-SA 3.0 |