These days, it seems like demand for talent in the warehousing and logistics field never stops, and you need to do everything you can to help guarantee you can find workers whenever you need them. With this in mind, you might have to do more to appeal to potential hires — and your current staff — when it comes to providing higher pay, and potentially better benefits.
The following are just a few reasons better salary offerings will go a long way for your organization:
1) Attracting and retaining talent
Simply put, paying people more will appeal to both current and future workers — for obvious reasons, according to motivational speaker Galen Emanuele, writing for LinkedIn. You want to be able to staff up quickly on an as-needed basis, but if you're constantly losing workers who go looking for greener pastures, you may find yourself paddling against the current. Higher base pay for everyone is a great way to do this.
2) Keeping engagement high
When workers are well-compensated, they may feel more engaged with your company's mission and want to work harder for you on an ongoing basis, Emanuele wrote. Put another way, if your employees are looking for jobs elsewhere, they are probably doing at least some of that work on company time, making them less productive.
3) Fostering a sense of loyalty
Along similar lines, and especially when it comes to long-time staffers, making sure they have high salaries creates a stronger relationship, according to Perkbox. If they feel as though you are taking care of them, they aren't as likely to feel a need to look elsewhere for better opportunities, secure in the knowledge that they are with a company that values them.
4) Rewarding hard work
When you can identify the employees who tend to go above and beyond in their jobs going forward, it's important to be particularly generous with them, Perkbox added. They're the ones who are delivering extra value for every hour they work, and giving them consistent raises helps them understand just how much that get-up-and-go means for your company.
5) Staying competitive
One thing you certainly don't want to do in the business world is start to lag behind your competitors, and if other companies in your area are starting to offer pay, you don't want to play catch-up, according to the Society of Human Resource Management. As such, you should regularly revise your pay offerings to make sure you don't start to lag in a highly competitive field.
6) Keeping up with the times
Finally, one of the biggest arguments for giving your employees higher salaries is that inflation continually devalues the dollar relative to the cost of living, the SHRM advised. For instance, if you started someone at $15 per hour in 2015, the value of that pay level has declined by almost 10% in the time since. You should at least strive to keep up with the cost of living on an ongoing basis, to ensure your workers are fully taken care of.