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When do you know it’s time to give an employee raise? In this video, I explain how I use employee performance reviews to address this dilemma. By using this process, you can clarify whether or not a pay raise would be best for your staff.
Here’s what I do.
At each quarterly review, I give the employee a list of 40 job-related qualities and ask them to rate themselves on each one using a scale of one to four. The qualities I like to use include things like job knowledge, attitude, accuracy, initiative, etc.
On a separate column, give your own rating based on how your employee is doing in each area. Afterwards, make sure to explain why you chose the rating that you did. Make sure to make them understand your ratings thoroughly, especially if there are disparities between your ratings and theirs.
During employee performance reviews, there are 4 specific items that I also make sure to throw in the middle of the 40 questions namely, job satisfaction, salary satisfaction, benefit satisfaction, and work environment. Here you can address any possible concerns about employee raise.
Touching on these areas gives you the opportunity to hear employees’ open response about what they think they should be receiving from the company, especially after you’ve asked them a number of objective questions. If they’re not satisfied with their salary, sometimes all it takes is you reminding them of their bonuses and benefits for them to feel better.
I then ask open-ended questions about what’s working and what’s not, and what would make their job and career better.
Employee performance reviews can be a great opportunity to let your staff voice their opinions out. When done correctly, you can get a better understanding of what they need and whether or not it’s appropriate to give an employee raise.
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