Profit by Design 385: How to Handle Employee Raises When Revenue is Low (Business Owner Strategies)
If you’re worried about giving employee raises when revenue is tight, you’re not alone. In this episode, we explore ways to reward your team without putting your business at risk. You’ll discover smart ways to structure raises when cash flow is limited, how to communicate compensation changes without hurting morale, and strategies to retain top talent even when money is tight. If you’re a business owner trying to balance people and profits, this episode will give you practical steps you can implement now. Join Melissa Kay and Dr. Sabrina Starling to learn smart, sustainable strategies for handling raises without jeopardizing your business.
Profit by Design is a Tap the Potential production.
Show Highlights:
- Balancing an uncertain economy with the need to take care of your A-players
- The problem when a business owner isn’t cashing their paychecks in order to give employee raises
- Take an honest look at your team, identify your A-players, and give raises accordingly. (Underperforming “warm bodies” do not deserve a raise.)
- Strategies for protecting you, the business owner. These are a priority for a sustainable business.
- Maintaining profitability is the #1 priority; all other decisions flow from that foundation.
- More money is NOT the goal for many A-players; time flexibility and freedom often matter more.
- Learn to structure an A-player’s work schedule around the delivery of their key result.
- A team member’s perspective from Melissa: time flexibility and freedom matter most!
- Considerations for a growing business (Don’t grow your payroll across the board!)
- Have conversations with your A-players to find out what matters most to each of them.
- An action step to take today: prioritize systemization for each A-player’s role (Guard against being hostage to any A-player.)
- Need more support to confidently grow your business? We can help! Book a call with us today!
Resources:
Ready to take your life back from your business? Want more time for what matters most and more money in your bank account than ever? Book a call with us today!
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Jumpstart the New Year!
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