Do you struggle with compensating your employees fairly while still maintaining profitability? Are you unsure about when and how to give raises without simply handing out participation trophies?
As a business owner, it’s crucial to have a well-defined compensation philosophy that ensures all stakeholders – your expenses, your team, your company, and your capital – are adequately rewarded for their contributions. Without a framework for making these important decisions, you risk creating confusion, resentment, and misalignment within your team.
Listen in this week as Eleanor tackles the common mistakes entrepreneurs make when it comes to employee compensation and lays out a clear, actionable plan for giving raises that align incentives and drive results. By the end of this episode, you’ll have the tools you need to confidently compensate your team in a way that balances their needs with the long-term success of your business.
Enhance your growth with exclusive tools and bonus content! Subscribe to the Woman Owned newsletter for access to unique trainings and resources available only to our subscribers. Click here to join!
Today on Woman Owned:
- The three biggest mistakes entrepreneurs make when giving raises to employees.
- Why you should never give raises simply for time served and how to avoid handing out participation trophies.
- How to determine what key metrics each role needs to achieve to warrant a raise.
- The four critical entities that need to be paid in your business and how to allocate funds accordingly.
- A six-step framework for evaluating, communicating, and implementing raises tied to performance.
- How to involve your team in co-creating a plan for achieving raise-worthy goals.
Resources Mentioned:
- Can’t seem to figure out why your scalable offer isn’t selling? Schedule a growth audit with Eleanor and her team to create an actionable plan to get your offer generating the income you want! Click here to schedule!
- To receive the Woman Owned newsletter, make sure you sign up here!
- Organic Influence: Build a Loyal Following and Sell with Ease by Eleanor Beaton
- Check out Eleanor’s YouTube channel!
- If you want to be a part of our sales growth case study to see what happens when we partner with you to explode your sales pipeline, contact Eleanor here.