On this segment of Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter uncover the insights of how to respond to employees looking for more money?
If you don’t have a system in place to deal with this question, it is nearly impossible. Have them first write their own job description with personal goals (how can the company help you?) and then clarifying the goals of the company. Also, what are the objectives for the company and how does the employee fit in with those long-term goals.
When the question is asked for more money, then the document comes out to talk about where the employee is at in reaching those goals and the policies of the company (which are written down for everyone) detailing when raises and promotions are considered.
How do most company deals with raises? In small businesses most bosses have to content with someone who moans the loudest and threatens to leave. Adam says be glad that the person is asking you, the boss. Embrace it and don’t look at it as a hostile request.
“It took them months to knock on your door and a certain bravery to knock on the door. As it might feel like a kick in the gut to you and if that employee is a good member of the team, encourage that employee to talk to you about their performance and their goals for themselves and the company, your company, that they are working for,” said Adam.
“Employees are your most valuable asset and you should treat them like that,” says Jack.
Jack and Adam have been coaching small businesses for over 15 years on how to deal with employees asking for more money and a whole list of other challenges small business owners face. For an overview of our services visit our home page.
If you have a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!