Poll: How Do You Handle Pay Raises?
There's one thing you can always assume about your employees: They, like the rest of us, want more money every year.
Are you going to give them more? And how do you determine how much?
Some companies have sophisticated models and formulas, some use purely subjective assessments, some base their decisions largely on overall company performance. As with most things, there are arguments for and against all of these approaches.
The business climate and economy are also factors for businesses of every size. Some companies believe the worst is over, and others are still keeping an extra-tight rein on overhead and expenses, thinking we're not out of the woods. And though few would disagree on the importance of keeping and rewarding good people, financial downturns can present significant challenges when it comes to compensation.
So, business owners and managers, two questions for you today:
I get many questions from entrepreneurs wondering how best to structure compensation and raises, especially when money is tight. So please share your thoughts, suggestions, and expertise.
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