On my last blog, we discussed what to do when employees ask for a raise. There are a lot of reasons why employees will approach you about increases in compensation. So, the question is: How do you retain an employee asking for a raise when you don’t have the resources to do so?
The answer is simple: Tell them the truth about your firm growth.
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I get a number of employees who e-mail me seeking advice on the best ways to request a salary increase. I always find this request interesting, because written between the lines is really a bigger issue that all employers should know.
The hidden message? If an employee makes it a point to ask for a salary increase, what they are really saying to you is that they don’t feel valued.
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Last week, a financial planner named Bill posted this question on the blog:
As a late starter in the independent business, I find myself needing… …the right person to assist and grow the business, and succession. I am willing to train a newly graduated student but am afraid that I would not be able to challenge him (her) sufficiently so as to retain the new hire. Growth of the business is highly dependent on the right person and I would not want to retain solely on compensation. Any thoughts?
Bill hits on an issue that is the key to the success of any growing advisory practice: retaining professional employees to whom he can hand off firm ownership when he retires.
Bill’s instinct is exactly right: It’s not about the compensation. Rather, it’s about business growth.
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