Setting Expectations for Salary Raise Conversations with Employees
I'm going to reveal the secret to keeping your team motivated and driven towards achieving your company's goals. As an entrepreneur, it's crucial to know how to determine the right amount to pay your team members and how to navigate salary conversations. The truth is, not knowing when to expect a salary raise, or under which circumstances, can be a major distraction for your team and can even lead to a decline in productivity.But don't worry, I'm going to share the steps you need to take to ensure you're giving your team members what they deserve. We'll explore how to create a performance review process that is clear, fair, and effective and a systematic approach to salary distribution, including using salary bands and allocating money to your highest performers. By doing this, you'll not only reward exceptional work, but you'll also motivate others to strive for excellence.What you'll hear in this episode:[4:05] Letting your employees know when to expect to have salary raise conversations [8:20] Milestones for salary raises[14:19] Creating a performance review process [17:46] Analyzing the financials of your business and market research of competitors [22:00] Create a systematic approach to how you are going to raise salary (salary bands or salary ranges)[30:35] Doing bonuses instead of salary raises if you can't afford itListen to Similar Episodes:Organization Systems for your Business with Brittany DixonGoal Setting to Help Your Team Succeed with Kate EricksonEmployee Retention - Five Tips to Retain Top Employees* Connect with me on IG https://www.instagram.com/jackie.koch_/* Find more information on my website https://www.jackiekoch.com/