Harder working employees? 

Our staff are probably one of our most valuable business assets that we have but then also, one of the most expensive. So it’s not surprising that in these challenging times businesses have reacted by cutting these costs, to preserve themselves.

Some have gone on a culling spree, laying off staff whilst others have cut staff pay. There have even been those who’ve fired staff and cut the pay of their remaining staff. I’ve not heard of any that have raised their staff salaries as part of this mix, in an effort to make them work harder, become more productive for the business.

An interesting article by Ray Fisman, professor at the Columbia Business School, ‘Raises don’t make employees work harder’ looks at, if pay rises increase staff productivity, but I’m interested in what your experience is, how do you leverage your most expensive asset, especially in these times?