Dear Betty,
I am a business owner with five great employees. This year I cannot afford to increase their salaries and offer our yearly two thousand dollar bonus. We did not have any increase in revenue; however my expenses have increased. I want to keep my current team strong and motivated. What is your suggestion?
Dear Salary-Worried Employer:
These are troublesome times and those of us employed are grateful. Just as a business owner’s expenses are increasing, employee’s expenses are increasing as well. Let’s think outside the box! What motivates your employees? Money is not always top on the list. Yes, it ranks in the top 3, but everyone is motivated in different ways. For example, Bonnie would like to work a four day work week. Beatrice would enjoy working a flexible schedule, spending more time with her kids and alleviating some daycare expenses. Bob would rather get one lump sum bonus, pay off a credit card and reduce his debt ratio. Bill might want an addition to the benefits package. These are just a few solutions to your situation. The first and most important step is to meet with your employees, explain the situation and allow them to offer their own solutions. You may be pleasantly surprised!
Sincerely,