207. How To Navigate Pay Raises with Fairness and Confidence
In this episode, we’re tackling one of the toughest yet most important topics in leadership: pay raises. I’ll walk you through why transparency in salary discussions is essential for building trust and loyalty within your team. Together, we’ll explore how to set a cadence for those compensation conversations so they’re consistent and fair, and I’ll give you tips for handling those unexpected raise requests that can catch you off guard.We’ll break down performance-based raise tiers and talk percentages, giving you a game plan that makes sense for your business and keeps your team motivated. You’ll learn how a transparent raise system can do wonders for morale, as well as how to navigate those sometimes-awkward raise conversations. We also talk about why candid feedback is the secret sauce to fostering a culture of trust. Plus, I’ll share strategies for ensuring fair and equitable pay so that every team member feels valued.By the end of this episode, you’ll have a blueprint for creating a workplace culture that’s built on trust, fairness, and open communication!What you'll hear in this episode:[1:45] The Importance of Transparency in Pay Raises[3:50] Setting a Cadence for Compensation Conversations[7:05] Handling Unexpected Raise Requests[8:50] Establishing a Raise Process[11:05] Benefits of a Transparent Raise System[12:00] Importance of Transparency in Salary Discussions[13:25] Creating a Culture of Candid Feedback[14:20] Ensuring Fair and Equitable Pay[17:35] Conclusion: Building a Trustworthy CultureListen to Similar Episodes:How To Properly Support Your TeamHaving Performance Conversations With Your TeamSalary Transparency - What is it? How does it affect your business?* Connect with me on LinkedIn https://www.linkedin.com/in/jackiemkoch/* Find more information on my website peopleprinciples.co