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39 - Should I Give Raises
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It can be challenging to offer raises when your business budget is tight. In this episode, I discuss practical and cost-effective ways for small business owners to show appreciation for their team members without overspending. Recognizing and valuing your employees through creative perks, flexible work arrangements, and genuine feedback can help maintain morale and motivation. Balancing financial responsibility with sincere appreciation can foster a positive work environment and contribute to long-term business success.
Key Moments:
03:57 Understanding the Impact of Raises - a small raise can cost the business more than you realize.
05:06 When is the best time to give a raise? The one time you should always give a raise.
06:30 Never use a raise to try and motivate an underperforming team member.
09:00 Creative ways to manage cash flow in your business during slow seasons while still giving great perks to your team members. Time as currency.
12:35 Creative Perks and Benefits
- Offering perks like contributions to post-secondary education, weekend getaways, or charity donations.
- Providing benefits like healthcare creates a sense of security and appreciation.
- Offering these perks strategically to manage costs while still showing appreciation.
16:00 Specific and Genuine Feedback - always has value and costs you nothing
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- Private Coaching with Kari Lotzien
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- Book a call to discuss the best options for your situation directly.
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