How to Positively Increase Salaries in 3 Decisions
On August 26, 2022, Thailand’s National Wage Committee raised the minimum wage in Bangkok to 353.- Baht per day — an increase of approximately 5%. Biz Owners will need to decide what to do for other staff levels
LINK COMPENSATION AND BIZ GOALS
Keeping successful employees with the company has everything to do with perceived internal and external fairness.
Fairness as perceived by the employee. As employer you can manage this perception and mitigate the risk of losing your best contributors.
Employee-Centric Compensation
Companies should maximize the impact of their dollars spent by making their compensation delivery more attractive to their employees. A proven way of doing this is a Cafeteria Plan. You will keep your salary cost in check and will generate intrinsic motivation towards your company and job by recognizing your staff’s need for autonomy.