January 12, 2021
Read 5 minutes
Opinions expressed by Businessman The contributors are their own.
As a small-business owner, I want to empower my employees to interact better with me.
I care about my team and I want them to feel important. I also believe that if my employees believe that they are treated fairly, they will be more engaged. If they know that I am listening to their wants, needs and concerns, they are more likely to listen my Wants, needs and concerns, which translates to my vision for the company.
I am not alone
According to a recent Oxford University study, happy workers are 13% more productive – and more likely to stick around.
So, yes, I want to have a conversation with my employees about benefits and payments. Also, I want them to feel empowered to start a chat. But I also want these talks to be participatory, pleasant matters – not just from the heart, we should all be faced only by being alive.
It is not impossible. Here are my five successful strategies…
Related: 3 Golden Rules of Conversation
set the date
For most employees, conversations about salaries and benefits seem awkward and awkward. Even possibility creates fear. I’m sure fear is one of the reasons that a Randstad US survey has 57% women and 51% men never Negotiated his salary. Help workers on the initial fear of having a meeting on the calendar. Tell them how the discussion fits into the process of determining their salary and benefits. Insist that it is not meeting. Rather it is the beginning of a dialogue over the next year about his role in the company’s success.
Provide a list of questions you want to discuss
By answering a few simple questions, you focus on your team members and yourself. Some questions I ask: What role do you want to play with the firm and what are the new responsibilities you want to take? How can I help you succeed, such as learning a new skill or supporting you to overcome obstacles? And what information do you want me to consider in our discussion about your compensation and benefits next year.
Related: How to negotiate more effectively in the current home market
Do they have to collect facts and figures
Exclude the research they should do before your meeting. For salary discussion, I ask to bring industry comps and other information to help employees evaluate if they are being paid correctly. Similarly, I want to know more and more about my industry, company and composition plan as my team members know about their specific job title. I share my sources with my team so that they know what I am referring to. All this work helps us get on the same page about salary expectations. At the same time, negotiations can clarify discussion beyond salary. If an employee is currently a businessman, but expects to move into the role of portfolio analyst, I know that is going to be discussed.
Encourage your team members to be very clear with what they are asking and why it is important to them. If they want more flexible working hours, for example, ask them to come up with a concrete case. At your end, you need to be clear with your response. If you allow for more flexibility, set deadlines, accountability and communication expectations. Be clear with yourself and your employee about how flexible hours will affect others in the company. Will you need to provide the same benefits to everyone in the office?
Alternatively, if you decline the request, explain why. For example: I require that certain tasks take place in our office, where I know that my team has a high-functioning IT network. Some activities, such as portfolio trades or live events, are too high-risk to perform from a location with questionable connectivity. So, yes, one can work from home due to COVID but, no, they cannot spend the next six months in a beach hotel in the Bahamas. When your team understands why you are competent – or not able to say “yes”, it helps them figure out what they might ask for next time. And it helps them in building the future in a way that benefits both them and the company.
Know “no” is just the beginning
Prepare yourself for pushback. Employees who feel heard and respected in a conversation are likely to insist on a resolution that satisfies them both. Are you ready to change your answer? And what do you want in exchange for yes? Don’t worry about taking the time to consider your final decision. Your employee will appreciate your willingness to think about options more broadly.
Related: To do better in conversation, I had to unlearn ‘La Law’
Motivating my employees to succeed in these difficult conversations has not only helped reduce my turnover, but also generated additional benefits. All of us have sharpened our negotiating skills, my team feels valued and valued, and I’m not surprised if people are happy and looking to stay or quietly dissatisfied and looking for another opportunity. My business is better suited to the negotiation toolkit that I share with my employees, and can be yours.
Brennan Financial Services / 8201 Preston Road, Suite 400, Dallas TX 75225 / (972) 980-7526 Securities and Advisory Services Financial planning services through FSC Securities Corporation (FSC), member FINRA / SIPC, and DBT Wealth Consultants. FSC is separately owned and the names of other entities and / or marketing, products or services referenced herein are independent of FSC.