The financial line of your business might suffer irreparable damage if you do not pay your staff a salary that is competitive in the market.
Some people only come to this realization when it is far, much too late for their businesses.
Reddit user disclosed the reasons for his decision to leave his stressful and low-paying IT job at a big international corporation… and how the company suffered a $40 million loss the day after he stopped working there.
Because of the way the contracts for the manufacturing firm are written, the company is obligated to pay penalties in the event that anything goes wrong with its production facilities; more specifically, the company loses money if the order is not fulfilled on time.
The entrepreneur and financial expert was kind enough to share his thoughts regarding how to determine whether or not a person is being paid an appropriate amount.
Asking your coworkers and other individuals working in your field what they make is the greatest approach to determine whether or not you are receiving a fair wage for your work.
Sam, who is an expert in finance, believes that a competent employee is aware of their worth.
If, on the other hand, you believe that your company would suffer if you are absent for more than a week, then you are seen as a more valued employee.
Because it takes a lot of effort to locate and train a new employee, no manager wants to risk losing an employee who is vital to the company.