MBA1154 How to Handle a Request for a Raise
It’s gonna happen. As your business grows and your team members ponder their futures, they’ll want to know how much you value them. Like, exactly how much. Whether you employ freelancers, full-timers, or contractors, shelling out the dough to keep the right people on board is a must. Of course, you have your whole business budget to consider, so how can you offer just compensation while keeping your books balanced? How can you avoid expensive turnover and expensive over-compensation? You need a plan. Well in advance of any raise requests, you need to have an established playbook for considering them. If you’re caught off guard, you may make the wrong decision — either paying too much, or losing an employee who was totally worth it. Today, we offer our system for evaluating and responding raise requests in a way that works for all parties concerned. Remember: the cost of losing someone great can exceed the cost of keeping them. Click Play!