April 2, 2015
There is certainly more than one way to award merit dollars, but how do you choose? What is the best fit for your workforce and your company’s culture? There is no right answer, but there are lots of options. Which option you choose could be based on your merit pool size, the amount of flexibility you want to give your managers in determining pay awards, if you want to award employees lower in range larger pay increases, how much you want the increase tied directly to merit, and what kind of message you want to communicate to your workforce. Following read about the top 10 ways to use your company’s merit dollars, as well as the pros and cons of each option.