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Here’s why how much you pay employees influences your brand reputation

by on September 17, 2019 in Latest News, Lead Article, News you can use, Nuggets

Here’s why how much you pay employees influences your brand reputation

How much you pay your employees influences your brand reputation, which affects your revenue and how much your business grows.

When most of us think of managing a brand reputation, we tend to think of the clean-up that occurs after a PR scandal.

Businesses doubling down on security after passwords and other information is stolen. A company trying to explain away an insensitive message.

But effective brand reputation management starts before a major scandal. And one big area that can affect how the public perceives your company is your pay brand, or how much you pay your employees.

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Keep reading to learn why your pay brand is important, and exactly why it may affect how your overall brand reputation.

Word Gets Around

More than 80 percent of consumers rely on word-of-mouth when making purchasing decisions. Which means that what your employees have to say about your company can definitely have an impact on your bottom line.

If your employees are telling their friends and family that your company isn’t willing to pay fair wages for the work being done, this will have a big impact on how those individuals view your brand.

With employees able to use a Paystub Creator to quickly demonstrate exactly what they’re making, you want to ensure that their opinion, and therefore the opinion of their friends and family, isn’t negatively impacted by too low a salary.

It Shows the Kind of Talent Your Company Attracts

The amount of money you’re willing to pay your employees isn’t just important to your current workforce. It also says a lot about the type of talent your company will be able to attract.

The best applicants in the industry aren’t likely to flock to the lowest-paying companies. Armed with the best education or most experience, they’ll try their luck at companies with the best reputations, and where they feel that their hard work will be most appreciated. And those top-paying companies will scoop them up, and the entire business will benefit.

If you’re not willing to pay your employees in line with their skills and the industry standard, you’ll be left with less-experienced applicants.

Keep Loyal Employees Loyal

Attracting better talent to your company is important. Keeping good talent content in your company is even more important.

If your employees feel that your pay brand is lacking, they’ll likely be on the lookout for a new job right from the start. They may stick around while they wait for that better job. But once it becomes available, they’ll be gone.

Turnover almost always hurts your business’ performance. It interrupts workflow while a new employee is trained. It can lead to mistakes as inexperienced workers struggle through.

Losing employees often will also impact other employees’ motivation and morale.

Keeping loyal employees loyal means better performance, a more motivated workforce, and a happier office space.

Managing Your Brand Reputation

When it comes to managing your brand reputation, your pay brand is important not just to your employees, but to the public as well.

Make sure that it’s in line with other companies in your industry and the type of talent you want to attract to keep from tarnishing your reputation and hurting your sales.

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