Is it good employer strategy to pay my employees just enough so that they can’t save money, so that they can never walk away from the job?
Like, there is a threshold where if they are able to save X per month, they will eventually use that against you and quit at an inopportune time?
And if that threshold falls below state mandated minimum wage, what steps can be taken to mitigate this?
Your best employees will be snatched away by other companies, offering them an onboarding package that takes care of the cost of moving. Your worst employees will be forced to stay with you.
Thank you. This is the right answer.
Every emplooyer’s dream is to provide less pay. Not because of some evil thinking but every penny they dont spend on an empoyee is a profit.
During covid I was desperate for a job and when asked how much salary I expect I gave low figure and was hired. One year later another company offered me 3x my salary. When I told my company am quitting they nade counter offer of 4xc I still said no and left.