How to Handle Employee Raise Requests: A Practical Guide for Employers

How to Handle Employee Raise Requests: A Practical Guide for Employers

In this video, Dr. Nagy shares essential advice for employers on how to handle employee raise requests effectively. If you're an employer faced with an employee asking for a specific dollar amount raise, this video will guide you through the process. Dr. Nagy emphasizes the importance of removing emotions from the decision-making process and taking a close look at your financial statements to determine if the raise is affordable. She also highlights the costs associated with finding and training a new employee, as well as potential lost revenue from being short-staffed if the employee leaves.

Furthermore, Dr. Nagy advises that countering an employee's raise request with a lower offer is not a good idea, as the employee has likely already determined the value of their time and effort. If you can afford the raise, consider giving even a bit more to show appreciation. This video provides a comprehensive overview of the costs involved in keeping or replacing an employee and offers practical tips for making the best decision for your business.

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