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Stingy raises? Keep ’em motivated just the same

Jennifer Azara
by Jennifer Azara
October 27, 2008
1 minute read
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Can’t offer more than 3 percent this year? Join the club. And while some folks will be happy just to have a job, the people who may take a modest salary increase the hardest are your top performers.

Why work so hard for a 3% increase? But when that’s all you’re giving, you’ll have to work a little harder to keep your stars from getting restless.

Here’s what BusinessWeek suggests you can do:

  1. Give everybody the same amount. Really, is a 2.85% instead of the average 2.5% raise going to make a superstar feel that much more appreciated? It may actually aggravate people further. At a time when you can’t offer a significantly larger increase to the cream of the crop, you may be better off awarding a uniform increase.
  2. Create chances for top performers to shine. High-profile project coming up? Let one of your best take the lead role. You might even try a “star swap” where you and another department manager trade off on mentoring each other’s peak performers. The idea is to give your star greater exposure company-wide.
  3. Realize that you may lose some of them. Maryann may just not be able to accept the size of that raise. And you’ll have to be OK with that.
Jennifer Azara
Jennifer Azara
Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.

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