How to Handle Employee Raises as a Small Business Owner
This is a transcript of a Small Biz Ahead podcast episode sponsored by The Hartford. The views and opinions expressed in the podcast are for informational purposes only and solely those of the podcast participants, contributors, and guests. They do not necessarily represent the views of Hartford or its affiliates. In the episode, Gene Marks discusses the issue of raises in a time of high inflation, where employees are demanding salary increases to keep up with the rising cost of living. He offers seven ways for business owners to afford salary increases while maintaining their margins and profits. These include tying an increase to performance, offering more paid time off and flexibility, paying more for health insurance instead of giving raises, and considering other forms of compensation such as bonuses or stock options.
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