A recent online article that I read today explores alternatives to annual pay raises that employers can offer to their employees.
An important initiative that the article’s author recommends for employers to consider doing is to improve advancement opportunities for employees. Instead of offering annual pay raises after performance reviews, it is suggested that job promotions that come with pay increases be provided every few years.
The author of the article states that employees that have job goals to work towards will feel more motivated, and put more effort into their jobs.
Increasing job flexibility is something that can lead to an increase in employee satisfaction, according to the author of this article. It is also stated that providing more job flexibility does not significantly increase the costs of workplace benefits programs.
Offering voluntary benefits and flexible paid time off options are other initiatives that are recommended in this article. Voluntary benefits such as discounts on movie tickets, and auto or home insurance are now available in many workplaces.
While it is good to have goals to work towards, I think that most people in today’s world would rather receive an annual pay raise. For lots of workers all over the world, there is no such thing as an annual raise. Because job loyalty is not as prevalent as it used to be, and so many people live paycheck to paycheck, the annual raise option usually looks good to most employees.