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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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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