What if employers paid their workers the highest salaries they possibly could?
According to psychologist and best-selling author Adam Grant, it’s in an employer’s best interest to pay their employees as much as possible — in the form of a high starting salary and raises.
Higher paychecks give workers an increased incentive to stay at the company, leading to better retention rates, lower turnover costs, and a more stable workforce in the long term, he says. Grant frames higher salaries as an “investment” for companies.
“Giving people a raise, and in particular, paying them well—some would even say paying them extremely generously—is an investment in motivation and retention,” Grant told Fortune.
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