207. How To Navigate Pay Raises with Fairness and Confidence

World's Greatest Boss

In this episode, we’re tackling one of the toughest yet most important topics in leadership: pay raises. I’ll walk you through why transparency in salary discussions is essential for building trust and loyalty within your team. Together, we’ll explore how to set a cadence for those compensation conversations so they’re consistent and fair, and I’ll give you tips for handling those unexpected raise requests that can catch you off guard.

We’ll break down performance-based raise tiers and talk percentages, giving you a game plan that makes sense for your business and keeps your team motivated. You’ll learn how a transparent raise system can do wonders for morale, as well as how to navigate those sometimes-awkward raise conversations. We also talk about why candid feedback is the secret sauce to fostering a culture of trust. Plus, I’ll share strategies for ensuring fair and equitable pay so that every team member feels valued.

By the end of this episode, you’ll have a blueprint for creating a workplace culture that’s built on trust, fairness, and open communication!

What you'll hear in this episode:

[1:45] The Importance of Transparency in Pay Raises

[3:50] Setting a Cadence for Compensation Conversations

[7:05] Handling Unexpected Raise Requests

[8:50] Establishing a Raise Process

[11:05] Benefits of a Transparent Raise System

[12:00] Importance of Transparency in Salary Discussions

[13:25] Creating a Culture of Candid Feedback

[14:20] Ensuring Fair and Equitable Pay

[17:35] Conclusion: Building a Trustworthy Culture

Listen to Similar Episodes:

How To Properly Support Your Team

Having Performance Conversations With Your Team

Salary Transparency - What is it? How does it affect your business?

* Connect with me on LinkedIn https://www.linkedin.com/in/jackiemkoch/

* Find more information on my website peopleprinciples.co