5. Mentoring opportunities:
Create a mentoring program in the organization and give this employee a role as a mentor or connect them with a mentor to help them further develop their career. These different challenges, the opportunity to learn from or lead others can be rewarding and engaging.
6. Ownerships/Partnership opportunities:
Although not always an option or an interest there are many instances where a valued employee can became a partner or be provided with ownerships options. This could be presented as a long-term opportunity.
7. A great working atmosphere:
This sounds like a no brainer but it takes work to create a good workplace. Offering small things that don’t cost much, listening to employees, asking for their input, celebrating successes with them, acknowledgements and gratitude for contributions can all create a place where employees want to stay and work hard.
Tell your employees that you value then and show it publically and you may end up like Arthur T. Demoulas, the Market Basket Grocery store CEO who in 2014 was fired by his cousin and eventually who got the company and is job back when employees and even customers rallied behind him and boycotted the stores demanding his reinstatement.
Sometimes when an employee has reached that ceiling and there is no more money you will not be able to keep that employee.
In the scenario I began with the small business owner sat down and explained to the employee why he recognized her abilities but was not able to give her a raise in her current role because for that role he was paying a very good wage. He also explain that he knew she had outgrown her current role and he would understand if she felt she needed to advance her career by going elsewhere.
However, I had asked him to think down the road and consider when he felt he might be in a position to create the new role his employee was suited. When he spoke to her he explained that if business proceeded as he hoped the role she was seeking would be created in about a years time.
In this case the employee decided that she was willing to wait for the possibility because, as she told him, she valued the fact that he valued her enough to think about her career future.
Money is important to be sure, but if you are paying a fair wage showing your employees you value them can compensate for a little less compensation most of it.