Salary raise is a huge issue among companies. Some employees wish to have their salary raised but a lot of companies could not deliver. They always practice austerity. They are willing to spend but not in their employees.
This is sad, but this is a reality among companies. Employees decide to stay because they are yet to find a better job. Once they do, they won’t hesitate leaving. As a business owner, you must not write off the idea of raising the salary of your employees, especially those who deserve it the most. If you keep saying no to their request, they could end up leaving and you will have no quality employee left.
Of course, you won’t just give the raise away like gift cards. You need to set clear standards on who deserves a raise and when you are going to give it.
Determine how much revenue an employee brings
There are different ways to know if an employee brings a lot of revenue to the company. You should not just look at their direct impact on the revenue bump, but on how much they have indirectly contributed to the success of the business. You will know if they are extremely productive based on their performance. If they keep showing consistent performance, you must not hesitate giving the raise.
Find out if the person is someone you can’t let go
Again, those who know their value will not hesitate to leave since they know that if you can’t value them, someone else will. Determine the employees who skills are invaluable and they consistently use the said skill to boost the company. If this person requests for a raise and it is reasonable, don’t hesitate.
Employees who give everything they can and beyond
You will always see employees who have done everything they could to help the company. If in every event or project they give their all, they definitely deserve a raise. This is true especially for employees who have been rewarded with best employee awards many times. They may not have huge impact on the business because of their job description, but their efforts deserve a raise.
Employees with potentials to move up the ladder
There are employees who are really good at doing their job. There are also those who have shown leadership skills and have gone beyond simply what they were asked to do. These are the employees whom you must target to run the business in the future. They are rare gems and you should do your best to keep them in the team.
Their leadership skills are also of value to other companies and they will easily find a new option if given the chance. Therefore, you have to find a way to make sure that they stay with you. Giving them their deserved salary raise is one of them.
Always remember that employees will have other opportunities out there especially if they are highly skilled. Raising their salary is a small price to pay to keep them.
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