Many businesses today have quite a few great employees that they want to keep on their staff, but they can not necessarily offer them more money. Many think that if they can’t offer more money, those employees will walk. Some might if more money is a need of theirs, but some will still stay on your staff if you follow the tips that were posted on Nytimes.com.
- The general rule of thumb is that if you have proved your loyalty to your employees over time, they will in turn do the same for you by providing their loyalty to you as well.
- While you may not be able to give them a raise right now, you may know that you can give them a raise in 6 months or a year. If you explain the financial situation and let them know that there is a raise in their near future, then that often times is incentive enough for them to stay.
- “Let workers follow their interests, and help them to develop their skills,” said Julie Stich, senior information and research specialist for the International Foundation of Employee Benefit Plans in an interview with The San Francisco Business Times. “Also, consider allowing employees to work in different areas of the organization. This will help to keep them challenged.”
- When all else fails, always be honest with your employees. Explain every situation that is related to them and their job, and explain why raises are not being offered at this particular moment. Most likely they will understand the situation and appreciate your honesty.