The Mind Your Business Podcast Episode 253: Wait! Was I Supposed To Give Her a Raise? #BizTipFriday
Today we’re talking all about raises, salaries and bonuses, and Jilly’s back to help me answer a listener question around these topics. There are lots of different ways to compensate an individual, but as you’ll hear, it’s not always about money for him or her. As digital CEOs, it’s our responsibility to figure out what each team member is looking for, and then to help foster the greatness within each of them!
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In the episode you’ll hear:
- The different way we approach compensating our team members
- Our philosophy on raises, and why we never “hand” someone a promotion
- Two types of bonuses you could use and examples of how we use each of them
- How gross revenue does not equal net revenue, and the way this factors into what people are paid
- What really motivates a team member – beyond just money
- My goal for every single person that every works in our organization
- Why it’s essential to create an open environment in which your people can communicate with you
For full show notes and links, visit: http://mindyourbusinesspodcast.com/podcast/253