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Why Paying Employees 'Extremely Generously' Can Benefit Employers Too, According to Psychologist Adam Grant

Unknown employee benefits, employees, employment, income, work and pay

What would happen if businesses offered their employees the maximum wages they could afford?


 According to psychologist and
 best-selling author
 Adam Grant suggests that from an employer's perspective, it makes sense to compensate their staff with substantial salaries—both through competitive initial wages and regular increases.


 Larger salaries provide employees with a stronger motivation to remain with the organization, resulting in
 better retention rates
 ,
 lower turnover costs
 , leading to a more stable workforce over time, he explains. Grant views increased wages as an "investment" for businesses.


 "Providing individuals with increased salaries, particularly offering high compensation—even some might argue extraordinarily generous pay—is seen as an investment in their motivation and loyalty," Grant
 told
 
 Fortune
 
 .


 
 Related:
 
 Seeking a Remote Position? According to Recent Research, Landing One Might Be More Challenging Than Expected.


 Gallup
 estimates
 That replacing an employee might cost a firm as much as double the worker’s yearly wage—significantly higher than the typical 3.8% annual increase expected in 2024, according to figures from a nonprofit research organization.
 The Conference Board
 Nevertheless, frequently changing jobs might not result in a considerably higher paycheck. As reported by
 federal wage data
 This week, individuals who remained in their positions observed a salary hike of 4.6% in January and February, whereas those who changed jobs enjoyed an even slighter more significant boost of 4.8%.


 <img data-document-id="cms/api/amp/image/AA1Bpnfb" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1Bpnfb.jpg"/>
 
 
 Adam Grant. Image captured by Brian Stukes/Getty Images
 
 


 "As companies offer compensation at the higher end of the market spectrum, this leads to exceptional dedication, since individuals realize that replicating such salaries elsewhere is not straightforward," Grant noted.


 Staff members earning greater incomes are likewise more
 motivated and engaged
 , as reported by the compensation website Figures HR. According to
 Gallup
 Higher levels of employee engagement correspond to 78% fewer instances of absenteeism, 18% greater productivity, and 23% increased profitability.


 Meanwhile, a new
 Harris Poll survey
 According to a report from Bloomberg News released last week, 75% of employees believe that employers hold an advantage in the current job market. The recruitment rate across all sectors stood at
 3.4% in January
 , a nadir over the last ten years, whereas job listings were
 down 8.6%
 In December as compared to the corresponding period last year.


 
 Related:
 
 'Nobody Gets Paid Like They Used To": Job Switching Doesn't Come with the Same Financial Gains Anymore, Says Recent Statistics

Why Paying Employees 'Extremely Generously' Can Benefit Employers Too, According to Psychologist Adam Grant

Unknown employee benefits, employees, employment, income, work and pay

What would happen if businesses offered their employees the maximum wages they could afford? According to psychologist and best-selling author Adam Grant suggests that from an employer's perspect…

5 Key Benefits You Can Claim Online via the Social Security Website

Unknown employee benefits, retirement planning, social security, social services, social welfare

<img data-document-id="cms/api/amp/video/AA1xOcfs" data-reference="video"/>

 The Social Security Administration’s Public Affairs department remains dedicated to simplifying public access to its programs and benefits. Their website,
 SSA.gov
 provides a user-friendly method to submit an application for benefits via the internet.

<img data-document-id="cms/api/amp/image/AA1ym39A" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1ym39A.jpg">
 
 Interested in applying? Check out the current choices listed below:
 
 <h2 class="presto-h2 wp-block-heading">
 
 Retirement or spouse's benefits
 
 </h2>
 
 You must be at least 61 years and 9 months, and want your benefits to start in no more than 4 months. Apply at
 www.ssa.gov/retirement
 .
 
 <h2 class="presto-h2 wp-block-heading">
 
 Disability
 
 
 benefits
 
 </h2>
 
 You can utilize the online application at
 www.ssa.gov/disability
 to apply for disability benefits if you:
 
 <ul class="wp-block-list">
 <li>
 Are at least 18 years old.
 </li>
 <li>
 Cannot perform work duties due to a health issue anticipated to persist for at least one year or lead to death.
 </li>
 <li>
 Have not been denied disability benefits in the last 60 days. If your application was recently denied, you can appeal the decision online and request a review of the determination made. Please visit
 www.ssa.gov/apply/appeal-decision-we-made
 .
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Supplemental Security Income (SSI)
 
 </h2>
 
 SSI offers monthly financial support to individuals of all ages, including both adults and children, who suffer from a qualifying disability or blindness, provided they demonstrate limited income and minimal assets. Individuals aged 65 years and above, regardless of whether they have disabilities, can qualify for SSI benefits as long as their income and resources fall below specific thresholds. Certain disabled adults meeting particular criteria might apply online for these services. For additional information, please refer to the official website.
 www.ssa.gov/ssi
 If accessing the website isn’t possible, you can dial 1-800-772-1213 to set up an appointment. (For those who are deaf or have trouble hearing, please use the TTY/TDD line at 1-800-325-0778 instead.)
 
 
 
 
 Retirement earnings:
 
 Can you live comfortably after retirement with just Social Security benefits? We posed this question to seniors.
 
 
 <h2 class="presto-h2 wp-block-heading">
 
 Medicare
 
 </h2>
 
 Medicare is a government health insurance program designed for:
 
 <ul class="wp-block-list">
 <li>
 Individuals who are 65 years old or more.
 </li>
 <li>
 Newer employees who have been receiving disability payments for two years.
 </li>
 <li>
 Individuals suffering from end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS). It's important to note that they are exempt from the two-year waiting period.
 </li>
 <li>
 If you haven’t started receiving Social Security benefits yet, you ought to apply for Medicare three months prior to your 65th birthday.
 www.ssa.gov/medicare
 Consider reviewing your Medicare choices even if you're still employed and have coverage from an employer group health plan (or your spouse’s employer health plan via their ongoing employment).
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Additional assistance with Medicare prescription drug expenses
 
 </h2>
 
 The Extra Help program assists Medicare recipients with expenses related to prescription drugs, such as deductibles and copayments. Individuals enrolled in Medicare who require financial support for medication costs may apply for Extra Help.
 www.ssa.gov/medicare/part-d-extra-help
 .
 
 
 Kindly pass along this information to anyone who needs it.
 
 
 Kylle' D. McKinney serves as a Social Security Public Affairs Specialist in Alabama.
 
 
 The article initially appeared in the Montgomery Advertiser.
 The five advantages you can secure through the Social Security website are available for your use.
 
</img>

5 Key Benefits You Can Claim Online via the Social Security Website

Unknown employee benefits, retirement planning, social security, social services, social welfare

The Social Security Administration’s Public Affairs department remains dedicated to simplifying public access to its programs and benefits. Their website, SSA.gov provides a user-friendly method t…

Five benefits you can apply for on the Social Security website

Unknown employee benefits, retirement planning, social security, social services, social welfare

<img data-document-id="cms/api/amp/video/AA1xOcfs" data-reference="video"/>

 Social Security Public Affairs continues to make it easier for the public to access programs and benefits. The website,
 SSA.gov
 , offers a convenient way to apply online for benefits.

<img data-document-id="cms/api/amp/image/AA1ym39A" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1ym39A.jpg">
 
 Want to apply? See below for the latest options:
 
 <h2 class="presto-h2 wp-block-heading">
 
 Retirement or spouse's benefits
 
 </h2>
 
 You must be at least 61 years and 9 months, and want your benefits to start in no more than 4 months. Apply at
 www.ssa.gov/retirement
 .
 
 <h2 class="presto-h2 wp-block-heading">
 
 Disability
 
 
 benefits
 
 </h2>
 
 You can use the online application at
 www.ssa.gov/disability
 to apply for disability benefits if you:
 
 <ul class="wp-block-list">
 <li>
 Are age 18 or older.
 </li>
 <li>
 Are unable to work because of a medical condition that is expected to last at least 12 months or result in death.
 </li>
 <li>
 Have not been denied disability benefits in the last 60 days. If your application was recently denied, you can appeal the decision online and request a review of the determination made. Please visit
 www.ssa.gov/apply/appeal-decision-we-made
 .
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Supplemental Security Income (SSI)
 
 </h2>
 
 SSI provides monthly payments to adults and children with a disability or blindness who have limited income and few resources. People age 65 and older without disabilities who have limited income and resources may also be eligible for SSI.  Some adults with disabilities who meet certain requirements may complete the application process online. To learn more, visit
 www.ssa.gov/ssi
 . If you cannot visit the website, you can call 1-800-772-1213 to schedule an appointment. (If you are deaf or hard of hearing, you may contact the TTY/TDD number, 1-800-325-0778.)
 
 
 
 
 Retirement earnings:
 
 Is it possible to retire comfortably on Social Security alone? We asked seniors.
 
 
 <h2 class="presto-h2 wp-block-heading">
 
 Medicare
 
 </h2>
 
 Medicare is a federal health insurance program for:
 
 <ul class="wp-block-list">
 <li>
 People age 65 or older.
 </li>
 <li>
 Younger workers who have received disability benefits for 24 months.
 </li>
 <li>
 People with end-stage renal disease (ESRD) or Amyotrophic lateral sclerosis (ALS). Note: They do not have a two-year waiting period.
 </li>
 <li>
 If you are not already receiving Social Security benefits, you should apply for Medicare up to 3 months before turning age 65 at
 www.ssa.gov/medicare
 . You should consider your Medicare options even if you are still working and covered under an employer group health plan (or your spouse’s employer health plan through their active employment).
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Extra help with Medicare prescription drug costs
 
 </h2>
 
 The Extra Help program helps Medicare beneficiaries with prescription drug costs, like deductibles and copays. People on Medicare who need assistance with the cost of their medications can apply for Extra Help at
 www.ssa.gov/medicare/part-d-extra-help
 .
 
 
 Please share this information with those who need it.
 
 
 
 Kylle’ D. McKinney is an Alabama Social Security Public Affairs Specialist
 
 
 
 
 This article originally appeared on Montgomery Advertiser:
 Five benefits you can apply for on the Social Security website
 
 
</img>

Five benefits you can apply for on the Social Security website

Unknown employee benefits, retirement planning, social security, social services, social welfare

Social Security Public Affairs continues to make it easier for the public to access programs and benefits. The website, SSA.gov , offers a convenient way to apply online for benefits. Want to …