Ideas from books, articles & podcasts.
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.
MORE IDEAS FROM THE SAME ARTICLE
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.
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.
❤️ Brainstash Inc.