Years pass and are not alike ? Don’t panic, you are not alone in the boat. Economic conditions are massively affecting businesses and we only need to think of the retail industry to be reminded that times can be tough. But how do you maintain the trust of your employees when finances fluctuate?
Increase two-way communication and transparency in team meetings. Be confident about business opportunities and give your members tools to achieve goals. Then develop a performance evaluation program to measure the efforts made by your employees, and to measure their success, and anchor salary increases as much on their individual performance as on the performance of the company. The planned increase is then divided in two, and each half is granted independently of the other. If the employee earns 4%, then 2% will be granted according to his individual performance while 2% will be granted according to the performance of the company.
But are you stagnating? Start a reflection process and identify what you could change. Meet with senior management and share your findings and aspirations. Sometimes high-performing employees hit a salary ceiling, and responsibilities would need to increase to increase salary. Do you have what it takes?