Promotion without a Raise? What to Do When Money is an Issue
Curated from: getlighthouse.com
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Feeling undercompensated
When someone on your team asks for a raise (assuming they're deserving), but you don't have the budget to increase their pay, can you give someone a promotion to keep up their morale?
Just saying "no" to a pay raise or lying to them and saying it could happen in a few months will likely not end well. Instead, redirect the conversation toward the real cause. If you can fix that, you will have a greater impact.
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Get to the root cause
The best way to find out why someone wants a raise is to ask them.
Questions that can help to uncover the issue.
- What's your least favourite part about your job?
- What's one thing we could do to improve how our team works?
- How do you experience your workload? Do you feel overworked or underworked?
Ensure that you are actively listening. Rephrase the message to confirm you understand it.
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Give them new projects to work on
You may be unable to increase their financial compensation, but you can instead focus on providing them with career growth. Studies show that growth is a significant perk people want at work, even more than money.
- Introduce them to a mentor further along in a similar career.
- Buy them a book or course that will help to develop them.
- Empower them to take on a project to solve an important problem.
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Be more transparent
If you are transparent about your company's financial situation, when raises are considered, and your limitations, your employee looking for a raise will be more willing to wait.
Transparency creates a deeper level of trust between employers and employees. However, a lack of transparency could lead to a toxic culture that causes people to leave.
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CURATOR'S NOTE
How to deal with one of your team members feeling undercompensated but giving them a pay increase is not an option.
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