A founder friend of mine recently gave an employee a raise. They thought they were doing something good — that this was a significant “generation” raise that would lift the spirits of the employee, giving them an increase in pay that would truly make a difference for their standard of living in the long run. As it turns out, my friend was mistaken and the employee was upset because the raise didn’t amount to much after adjusting for inflation.
Times are tough for businesses everywhere, but giving employees fair raises can actually save you money in the long run. If you follow the right strategies, you can keep your employees happier and your organization running smoothly.
Related: If You’re Not Already Focusing on Employee Well-Being, You Should Be — And Your Bottom Line Will Thank You
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