Guidelines for Awarding Merit Pay Increases
NOVEMBER 27, 2017
When you’re a small business owner, it can be hard to know how and when to award pay increases, particularly ones that are tied to performance. While most companies provide at least an annual wage increase to maintain competitiveness, how and why you give a pay increase can greatly affect the impact of both the salary boost and performance evaluation. Step 1: Consider company budget and develop p erformance-based metrics. Create an employee’s performance scorecard.