--- title: Are you losing staff to higher salaries? description: Are you losing staff due to higher alternative salary rates on offer in the market? Offering performance-based rewards will assist you to retain staff. image: https://blog.wiseadvice.co.nz/hubfs/are%20you%20losing%20your%20staff%20to%20higher%20salaries_.png --- [![sr-logo-dark](https://f.hubspotusercontent20.net/hub/275827/hubfs/sr-assets/images/sr-logo@2x.png?width=220&height=50&name=sr-logo@2x.png) ![Wise-Advice-logo-min](https://blog.wiseadvice.co.nz/hs-fs/hubfs/Wise%20Advice_Logo/Wise-Advice-logo-min.png?width=160&height=60&name=Wise-Advice-logo-min.png)](https://www.wiseadvice.co.nz/) [![Wise-Advice-logo-min](https://blog.wiseadvice.co.nz/hs-fs/hubfs/Wise%20Advice_Logo/Wise-Advice-logo-min.png?width=160&height=60&name=Wise-Advice-logo-min.png)](https://www.wiseadvice.co.nz/) - [About us](https://www.wiseadvice.co.nz/about-us) - Industry - [Ecommerce Accounting](https://www.wiseadvice.co.nz/ecommerce-accounting) - [Hospitality Accounting](https://www.wiseadvice.co.nz/hospitality-accounting) - [Professional Services Accounting](https://www.wiseadvice.co.nz/professional-services-accounting) - [Crypto Accounting](https://www.wiseadvice.co.nz/crypto-accountant-nz) - Services & Pricing - [Business Accounting](https://www.wiseadvice.co.nz/business-accounting-package) - [Rental Property Accounting](https://www.wiseadvice.co.nz/rental-property-accounting) - Resource Center - [Business Resource and Tools](https://www.wiseadvice.co.nz/business-resources-and-tools) - [Blog](https://blog.wiseadvice.co.nz/) - [Contact Us](https://www.wiseadvice.co.nz/contact) - [Pukekohe Office](https://www.wiseadvice.co.nz/pukekohe-office) - [About us](https://www.wiseadvice.co.nz/about-us) - Industry - [Ecommerce Accounting](https://www.wiseadvice.co.nz/ecommerce-accounting) - [Hospitality Accounting](https://www.wiseadvice.co.nz/hospitality-accounting) - [Professional Services Accounting](https://www.wiseadvice.co.nz/professional-services-accounting) - [Crypto Accounting](https://www.wiseadvice.co.nz/crypto-accountant-nz) - Services & Pricing - [Business Accounting](https://www.wiseadvice.co.nz/business-accounting-package) - [Rental Property Accounting](https://www.wiseadvice.co.nz/rental-property-accounting) - Resource Center - [Business Resource and Tools](https://www.wiseadvice.co.nz/business-resources-and-tools) - [Blog](https://blog.wiseadvice.co.nz/) - [Contact Us](https://www.wiseadvice.co.nz/contact) - [Contact Us](https://www.wiseadvice.co.nz/contact) - [Pukekohe Office](https://www.wiseadvice.co.nz/pukekohe-office) [Call us now](https://www.wiseadvice.co.nz/tel:0800304040) [Client Login](https://wiseadvice.co.nz.practice.report/) By [Wise Advice Team](https://blog.wiseadvice.co.nz/author/wise-advice-team) on November 26, 2020 [Business Advice](https://blog.wiseadvice.co.nz/tag/business-advice), [finance](https://blog.wiseadvice.co.nz/tag/finance-2), [Financial Planning](https://blog.wiseadvice.co.nz/tag/financial-planning), [Management](https://blog.wiseadvice.co.nz/tag/management), [News](https://blog.wiseadvice.co.nz/tag/news) # Are you losing staff to higher salaries? ![are you losing your staff to higher salaries_](https://blog.wiseadvice.co.nz/hs-fs/hubfs/are%20you%20losing%20your%20staff%20to%20higher%20salaries_.png?width=720&name=are%20you%20losing%20your%20staff%20to%20higher%20salaries_.png) **The way to win salary war!** If you are losing staff due to higher alternative salary rates on offer in the market, then offering performance based rewards will assist you to retain staff and improve your bottom line! Research indicates Generation Y has high earnings expectations and wants rewards based on performance. To implement an effective performance based rewards program, your staff needs to have input and agree to what is expected of them (“deliverables”). Deliverables can be established for individual or team positions and includes a range of quantitative (objective) and qualitative (subjective) assessment criteria. Once the deliverables are agreed, apply a weighting to each criteria depending on the strategic and operational objectives of your business (grow sales, new customers, better productivity etc). A staff member’s result determines the amount of their performance bonus; the more they deliver the higher their rewards. It’s a win for both owners and their staff. ## Case Study David needs to grow sales and improve profitability. David’s concern is his staff costs are increasing and profits are declining. He has now implemented the Staff Value Program and agreed to pay Tom, a key staff member, a maximum bonus of $20,000. The payment of the bonus is conditional upon Tom meeting specific performance targets. Below is his bonus score card. The qualitative assessment process allows business owners to assess the achievements of their staff and the criteria are measurable by observation. It provides a proactive approach for addressing subjective performance matters that are otherwise usually left unresolved. Once the Staff Value Program is implemented by your business, you then need to ensure you have the systems and procedures in place to measure your staff’s performance on a timely basis. As performance bonuses are paid as a result of exceeding budgeted profits, business owners are beginning to realise they can compete with apparently higher alternative salary rates on offer in the market and retain their staff by paying a sufficient bonus based on performance. ![Screenshot 2020-11-26 at 8.27.41 AM](https://blog.wiseadvice.co.nz/hs-fs/hubfs/Screenshot%202020-11-26%20at%208.27.41%20AM.png?width=1896&name=Screenshot%202020-11-26%20at%208.27.41%20AM.png) --- [![CTA - team](https://blog.wiseadvice.co.nz/hs-fs/hubfs/CTA%20-%20team.png?width=720&name=CTA%20-%20team.png)](https://resources.wiseadvice.co.nz/meet-with-brad)   Share [![Share on Facebook](https://www.lean-labs.com/hs-fs/hubfs/LLv2/images/icon-blog-facebook.png?noresize&width=24&name=icon-blog-facebook.png)](http://www.facebook.com/share.php?u=https%3A%2F%2Fblog.wiseadvice.co.nz%2Fare-you-losing-staff-to-higher-salaries%3Futm_medium%3Dsocial%26utm_source%3Dfacebook) [![Share on LinkedIn](https://www.lean-labs.com/hs-fs/hubfs/LLv2/images/icon-blog-linkedin.png?noresize&width=24&name=icon-blog-linkedin.png)](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fblog.wiseadvice.co.nz%2Fare-you-losing-staff-to-higher-salaries%3Futm_medium%3Dsocial%26utm_source%3Dlinkedin) [![Share on Twitter](https://www.lean-labs.com/hs-fs/hubfs/LLv2/images/icon-blog-twitter.png?noresize&width=24&name=icon-blog-twitter.png)](https://twitter.com/intent/tweet?original_referer=https%3A%2F%2Fblog.wiseadvice.co.nz%2Fare-you-losing-staff-to-higher-salaries%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&url=https%3A%2F%2Fblog.wiseadvice.co.nz%2Fare-you-losing-staff-to-higher-salaries%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&source=tweetbutton&text=Are%20you%20losing%20staff%20to%20higher%20salaries%3F) Published by [Wise Advice Team](https://blog.wiseadvice.co.nz/author/wise-advice-team) November 26, 2020 Comments [![](https://blog.wiseadvice.co.nz/hubfs/tired-young-lady-taking-tea-cup-from-waiter-restaurant.jpg) Read More](https://blog.wiseadvice.co.nz/effective-crisis-management-in-hospitality-how-to-prepare-and-respond) [Business Advice](https://blog.wiseadvice.co.nz/tag/business-advice) By [Wise Advice Team](https://blog.wiseadvice.co.nz/author/wise-advice-team) on November 26, 2020 ### [Effective Crisis Management in Hospitality: How to Prepare and Respond](https://blog.wiseadvice.co.nz/effective-crisis-management-in-hospitality-how-to-prepare-and-respond) [![](https://blog.wiseadvice.co.nz/hubfs/Stock%20images/pexels-jarod-barton-16870168.jpg) Read More](https://blog.wiseadvice.co.nz/optimizing-corporate-travel-expenses-strategies-for-smarter-savings) [Budgeting](https://blog.wiseadvice.co.nz/tag/budgeting) By [Wise Advice Team](https://blog.wiseadvice.co.nz/author/wise-advice-team) on November 26, 2020 ### [Optimizing Corporate Travel Expenses: Strategies for Smarter Savings](https://blog.wiseadvice.co.nz/optimizing-corporate-travel-expenses-strategies-for-smarter-savings) [![](https://blog.wiseadvice.co.nz/hubfs/Stock%20images/pexels-igor-starkov-1307698.jpg) Read More](https://blog.wiseadvice.co.nz/financial-fitness-essential-financial-metrics-for-restaurants-and-cafes-in-new-zealand) [Business Advice](https://blog.wiseadvice.co.nz/tag/business-advice) By [James O’Connell](https://blog.wiseadvice.co.nz/author/james-oconnell) on November 26, 2020 ### [Financial Fitness: Essential Financial Metrics for Restaurants and Cafes in New Zealand](https://blog.wiseadvice.co.nz/financial-fitness-essential-financial-metrics-for-restaurants-and-cafes-in-new-zealand) [![](https://blog.wiseadvice.co.nz/hubfs/Stock%20images/pexels-photo-8363757.jpeg) Read More](https://blog.wiseadvice.co.nz/5-simple-ways-prepare-future-business) [Business Advice](https://blog.wiseadvice.co.nz/tag/business-advice) By [Brad Golchin](https://blog.wiseadvice.co.nz/author/brad-golchin) on November 26, 2020 ### [5 simple ways to prepare for the future of your business](https://blog.wiseadvice.co.nz/5-simple-ways-prepare-future-business) [![Wise-Advice-logo-squre](https://blog.wiseadvice.co.nz/hs-fs/hubfs/Wise%20Advice_Logo/Wise-Advice-logo-squre.png?width=50&height=36&name=Wise-Advice-logo-squre.png)](https://www.wiseadvice.co.nz) ©2026 Wise Advice. 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