For managers talking salary with their employees … and pay may not be what they were hoping for
Successful Salary Talks How To Make EmployeesFeel Good About Their Pay … Even When It’s Below Expectations
Two employees walk into their salary review:
… Steve comes out with a 6% raise and Roger a 3% bump.
From different departments, both employees are slightly above average “B” players who make about the same money.
Fast forward a year …
Roger’s motivation and productivity actually increased after his review. He remains a loyal employee and is likely to have a long, successful career with the company for years to come.
Steve, on the other hand, became so demoralized after his review that he started looking for a new job and subsequently left the company a few months later.
How is that possible?
Money is supposed to drive motivation and retention – and Steve got the bigger raise. You’d think he would be the happier of the two guys, right?
Not quite, let me explain:
Productive vs. Destructive Salary Talks What Makes The Difference?
Simply put, how you present raises (or lack thereof) is just as important as how much you give.
And in most cases, you have only a little sway in the size of salary increases for your staff. Besides individual performance, raises are governed by strict budgets, department performance and company financial health among other factors.
The net effect is not being able to give employees everything they hoped for all the time.
This makes the communication critical.
Back to Steve and Roger …
Steve’s manager communicated the decision to give him a 6% raise by essentially saying:
“Look, I know you were expecting more, but this is all I can give you. There’s not much more I can do. Maybe next year the company will be in a better position to do more.”
There are several key missteps in that short message and it led to Steve going elsewhere – even though he actually received one of the larger raises in the company that year.
Down the hall, Roger’s manager presented his increase in a much different way.
He used a tried and true framework for having salary discussions. The result, Roger trusted his manager and believed in the company enough to stick it out and become an even more valuable contributor – even though he got half the raise that Steve was given.
These scenarios happen all the time.
It’s tough telling people that they’re getting less than they were expecting, and still be able to motivate and retain them effectively.
Do it right, and you’ll have an engaged workforce and well-controlled costs.
Do it wrong, and you end up with an unmotivated workforce, high turnover and higher-than-desired recruiting and onboarding expenses.
Unfortunately, here’s the reality:
We’re Not Very Good At Discussing Pay With Employees
Harvard Business Review reported that 73% of company leaders don’t feel “very confident” in their managers’ ability to effectively communicate with employees about salary issues, according to a recent survey by compensation research firm, PayScale.
When supervisors don’t clearly communicate the key elements of a good salary talk, the employee is left to fill in the gaps with their own imagination.
And we know that can breed some dark, depressing thoughts.
That’s why we developed our newest Blueprint …
The Right Way To Conduct Salary Talks
How To Communicate Pay In A Way That Motivates Employees And Boosts Productivity
A concise, step-by-step Blueprint that equips you with research-backed guidance to discussing compensation with your employees (good or bad), along with an easy to follow framework that provides you a success plan to help you prepare, execute with precision and follow up after the talk.
What Is In An Effective Pay Structure
- The role of compensation in motivating your employees (is it still as important as we’ve always thought?)
- 3 goals of compensation strategy: understanding how they work and knowing how to manage them
- Insight into the major legal pitfalls that can occur during salary talks
- Social status and compensation: what is your employees’ perception of the two?
- The most strategic management task that is extraordinarily important to the success of a company
- 4 different types of pay structures and policies – and why they matter to you
- Debate: Should managers or HR have salary talks with employees?
Give Me The Salary Talks Blueprint
The ResourcefulManager’sSuccess Plan & Framework To
Navigating Salary Talks
- The #1 thing you should always provide to your employees during these talks
- 4 main goals all pay systems should have to attract, motivate and retain top employees (plus, the 6 crucial elements of a well-structured plan)
- Why promotions and pay increases shouldn’t always go hand in hand
- How to prepare for a salary talk in 4 easy steps
- 11 components of discussing compensation with employees that help boost employee self-esteem and retention
- How and why salary bands (aka – salary ranges) per position help your team succeed
- 3 types of potential salary adjustments that fall outside the scope of job performance
- Can non-monetary benefits be as effective as monetary benefits?
- 7 principles to apply an effective pay plan that works for the company and it’s employees
- 8 main points to stress during salary conversations with employees to get the positive outcome you want
- How to end any salary talk so your employee feels like they walked away with something (even if they didn’t get everything they wanted)
- 11 example scenarios you may run into during salary talks, and sugggestions on how to respond
- 13 questions that will help determine if your compensation plan is still effective
- The M-O-N-E-Y attitude to keep in mind when discussing salary with your employees
- Research that this can keep your employees from jumping ship, even if you pay them below market average for their position
Give Me The Salary Talks Blueprint
If these conversations are done well, they can lead to increased productivity, a rise in your employees’ engagement and satisfaction while employee turnover takes a back seat.
The key to ensuring the outcome you want, is to prepare.
“Must-Be-Resourceful” 90-Day Money Back Guarantee
ResourcefulManager’s “The Right Way To Conduct Salary Talks” Blueprint comes with an unconditional, 100% money back guarantee.
We’re confident you’ll find new and useful approaches to having salary talks with your employees, presented in a practical, easy-to-implement format.
In fact, we’ll give you a full 90 days to carve out the time in your busy schedule to read the Blueprint, digest the strategies, put the advice into action, and experience the results in your specific situation.
We believe to be a great manager … is to be resourceful. So every piece of content and product we create is designed to make you more knowledgeable, prepared and resourceful. Just for the record, as of 3/28/18, we’ve sold 5,427 ResourceManager products and only have had 68 refund requests.
If you decide “The Right Way To Conduct Salary Talks” Blueprint doesn’t deliver value or simply isn’t your cup of tea, just email us at contact@resourcefulmanager.com within 90 days, and we’ll process your complete, no-hassle refund in 1 business day or less.
But I’m confident you won’t need to.
To your success,
John Walston
Get the ResourcefulManager Blueprint
“The Right Way To Conduct Salary Talks”
That Creates Value, Boosts Employees Motivation And Productivity
Here’s What You Get
- 57-page, step-by-step Blueprint
- Blueprint Extra: Talking Salary Across Generations
- Practical Tool: 10 Things To Never Say During Salary Talks
- Practical Tool: Getting Great Results From Salary Talks With Difficult People
- Download Immediately, PDF Format
- 90-day “Must-Be-Resourceful Money Back Guarantee”
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