The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
When Your Company Cannot Afford To Give Raises
When a new employee comes on board, they usually expect a raise, whether after six months or a year of working for your company and have proven themselves to be loyal and hardworking. Without employees, your company would not be where it is today. For those exceptional employees, it definitely would not be where it is today. There are times where employees go above and beyond, stay late to work, and basically have made your company a big part of their life that goes beyond “just being another job.”
In most instance, the way to recognize these employees is to give them raises, aside from the cost-of-living bonus that many companies give out each year. Unfortunately, as companies are in the business to make profit, there are just some years where raises may not be doable or manageable at the current time. While employees can be understanding, they are only as loyal as you are to them when it comes to understanding their needs as human beings.
In other words, if your company cannot afford to keep them any longer for the amount of above-and-beyond work that is expected of them, they will have acquired all of the knowledge they need to know from your company and move on to other companies, or jump ship to your competition. There are things, however, that a company can do in order to compensate for the lack of raises they are not giving out to make up for it and still ensure their employees are happy, especially in the time of COVID-19, where business is far from normal, and for many businesses, may never return to the normalcy of numbers it was seeing before, although it does not mean all companies have suffered the effects of the pandemic.
Here are several things your company can do to help keep employees loyal.
- Weekly Lunches
- Fully Stocked Snack and Juice Bar
- Monthly Party at the Office or at a Local Bar
- Monthly or Quarterly Company Picnic
- Half Day Fridays or Work-At-Home Fridays
- Late-Start Mondays
- Paid Time Off
- Additional Paid Time Off
- Mandatory Week-Paid Vacation
- Education Reimbursement
- Gas Reimbursement
- Yearly Company Retreat
- 401k Match Contribution
- Percentage, Half, or Full Health Care Compensation
- One-Month Rent Mortgage Compensation
- All-Employee Recognition Day
- Flex Schedule
- Part-time or Full-time Remote Work
- Monthly, Quarterly, or Yearly Care Packages
- Company Stock Investment Options
This list is far from complete and many of your own ideas could be incorporated or mixed in with these benefits. While all of these do require a company to put up some money, it can certainly make a world of difference to an employee, when a company may not be able to give salary raises or wishes to save money by not having their employees receive salary raises. It is imperative that a company give its annual general raise to keep up with the cost of living, but there is motivation in providing employees with a salary raise every few years. It is understandable that this is not always a reasonable solution for every company, but to make up for it in other ways can go a long way.
If you are a company, then you might want to consider any of these on the list to keep employees happy and still make up for the fact that you cannot provide a salary raise. Or if you are an employee, then you may want to make a suggestion to other employees who can vouch for the suggestion and get the suggestion more noticed so that a company may be more willing to implement any of these into their corporate plan. However and unfortunately, just because I have listed it on this website does not mean your company is going to go for it! With enough co-worker support to back it, however, you can come up with your own ideas and hopefully find a compromise with your company, if they aren’t so quick to provide salary raises.