
"A compensation strategy keeps you from making reckless decisions."
Episode Chapters
[01:28] When employees ask for more money
[03:39] Build a deliberate compensation strategy
[04:32] Research the market and establish pay ranges
[07:10] Define performance levels within each range
[08:56] Responding to competing salary offers
[13:24] Plan annual compensation adjustments
[15:50] Balance fair pay with business sustainability
When an employee asks for a raise, leaders can feel pressure to provide an immediate answer. It can be easy to feel caught off guard, especially when you're trying to balance fair compensation with the realities of running a business. Tim Dyck, founder of Best Culture Solutions, explains how having a deliberate compensation strategy can make those conversations easier. He digs into researching the market, setting salary ranges, responding to competing offers, and knowing when an employee's growth should lead to a pay increase. Because when someone asks for more money, you shouldn't feel like you need to panic and make a quick decision. That can be avoided if you have a fair process set up that you can confidently explain.
Read the blog for more from this episode.
Connect with Tim and his team:
Website: https://bestculturesolutions.ca/
LinkedIn: Best Culture Solutions, Inc
Instagram: @best.culture.solutions
Email: [email protected]
Jody Maberry: jodymaberry.com
Katie Currens: katiecurrens.com
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