Promotion without a Raise? What to Do When Money is an Issue - Deepstash

Bite-sized knowledge

to upgrade

your career

Ideas from books, articles & podcasts.

created 4 ideas

How to deal with one of your team members feeling undercompensated but giving them a pay increase is not an option.

GETLIGHTHOUSE

Promotion without a Raise? What to Do When Money is an Issue

Promotion without a Raise? What to Do When Money is an Issue

getlighthouse.com

STASHED IN:

619 reads

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...

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 ...

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 simil...

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 o...

4 Reactions

Comment

MORE LIKE THIS

created 11 ideas

90

Comment

15.3K reads

created 3 ideas

10

Comment

883 reads

It's time to

READ

LIKE

A PRO!

Jump-start your

reading habits

, gather your

knowledge

,

remember what you read

and stay ahead of the crowd!

Takes just 5 minutes a day.


TRY THE DEEPSTASH APP

+2M Installs

4.7 App Score