The news that there will be a pay freeze for senior public servants had Ollie Peterson of radio station 6PR asking me how to ask for a payrise in the private sector.
What do you do when you want to recognise your employees but times are tough, and there’s just no money to give?
What’s your employee’s currency?
There’s some good news on this front.
In part, pay rises are about recognition and reward. But we know that money is not the only currency that employees value. Flexibility and investment in skills and development are both areas that employees value over money.
So the key is knowing your employees.
What do they value? What motivates them?
I always remember a story about a boss who tracked down a first edition book of his valued employee’s most favourite book. The total cost was negligible compared with an ongoing pay increase – but the value was incalculable and the impact lasted for years.
In big corporations some of this is easier said than done. There are guidelines and rules to comply with. But, do some blue sky thinking. If the rules weren’t there – what could you do? Now, think about how to make it happen.
Want more?
If you would like to discuss how I could help you build your leadership capability, get in touch.
And if you’re still hungry for more on being a great leader, you can find my leadership book here.
Until next week, happy leading.
