Scott Koegler

Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

Find his portfolio here and his personal bio here

Need to Revise Your Method of Compensating Employees?

 Every business would love to hire the most qualified employees and retain those who are loyal and productive. This is often determined by many factors, one of them being the compensation packages in terms of money and incentives, and other benefits. Unfortunately, most small and mid-sized businesses lose top performers due to a lack of proper compensation schemes. They end up incurring costs of hiring and training new employees. However, the main risk is that relationships with customers and the morale of other employees can be damaged with regular change in people working and teams. Studies indicate that the most profitable organizations are the ones that have the highest rates of employee retention. Here are some compensation strategies that you should enforce in your organization to improve your retention rates:

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Your Need More Than Luck to Land Your Next Employee  

As small businesses try to rebuild and recover the lost opportunities caused by the COVID-19 pandemic, a new hurdle seems to be awaiting them: the lack of employees to fill the positions left vacant. With the unfilled positions despite advertising for job openings, the ability of small businesses to rebuild and keep up with the demand for products and services as lockdown restrictions eases is in jeopardy. A survey conducted by the National Federation of Independent Businesses in March found out that as high as 42% of business owners have active job openings that could not be filled. On the other hand, 91 percent of those actively hiring or trying to hire reported no qualified applicants for the vacant positions.

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How Are You Stepping Up Your Small Business Recovery?  

 The year 2020 was a year of turbulence never witnessed before in human history. For business owners, the pandemic and the effects it left were a nightmare that left many organizations struggling to remain operational.  The year signified changing times as business owners had no option but to look for new methods of remaining operational at a time when the sources of revenue were cut, and demand for many items was significantly hit. As we begin a new era where the pandemic is slowly becoming part of us, you will need additional measures to remain standing. Here are ways that you can step up your small business for recovery post-pandemic.

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