553. How to Handle Team Members Asking for Raises and How to Ask For a Raise

The Fitness Business Podcast with Erin Dimond and Jordan Dugger

Erin Dimond and Jordan Dugger

Health & Fitness, Nutrition, Fitness

4.6 • 667 Ratings

🗓️ 15 July 2024

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When it comes to team members asking for a raise, there's one approach that I've learned after a lot of trial and error that has worked wonders. Honesty and transparency. While it sounds simple on the surface, in today's episode, I'm going to explain what this really looks like. We want employees who want to make more money and bring more value to our business but we need to be smart and calculated when we go about doing this. I'll explain why profitability is so important, my first raise conversation, a service based coaching business allotment breakdown example, and more!

Time Stamps:

(0:48) Speaking The Same Raise Language

(2:10) Thinking Like A Business Owner

(3:30) 100k Salary Example

(7:30) Why Profitability Is So Important

(12:25) My First Raise Conversation

(13:52) Service Based Online Coaching Allotment Breakdown

(16:08) Data Driven Systems Inside IFCA

(17:45) Let Me Know If This Helped!

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Transcript

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0:00.0	The fact of the matter is, is if you are lucky enough to live in America or in a capitalistic
0:05.3	country, in our sovereign human being, you have the potential to make all the money that you want.
0:12.1	Yo, what's up guys? Welcome back to the FitViz podcast. We're recording here today from our
0:17.8	lake house. But I just had a topic that I really wanted to share because it's
0:24.2	something that I've gone through multiple times. And then recently, I've just been chatting
0:29.4	with different IFCA students and knew it's like a just a topic of conversation a lot.
0:34.7	And so made me think, okay, I think more people need help with
0:38.0	this sort of thing. And so what I'm really hoping to do in this episode is help people who
0:45.0	are on teams who want to make more money or want to ask for a raise and help the employer understand
0:52.9	and navigate those conversations
0:55.4	and those types of things and really get them to speak the same language.
0:59.0	Because that's oftentimes the disconnect is the team member and the business owner.
1:06.3	They have different contexts, right?
1:08.0	And so they're just not speaking the same language.
1:10.0	And so I want to really help inform team members, help business owners think about this, AM business owners. I want to
1:15.2	help you guys because I know that this can often be such a point of stress where when someone
1:21.7	wants to make more money on your T, where it's asked for a raise, and you're like, can I pay them
1:25.4	more? I don't know. I don't know if the business can support it.
1:27.8	I don't know if we'll be able to invest in other things to grow the business. If I do that,
1:31.4	it just can become very stressful. So let's start this with this. First off, I absolutely
1:38.9	love when people on my team, and I think if business owners think about this correctly,
1:45.8	they all think they all will think this way, but I love when people in my team want to make more money. I love when they ask me for a raise.
	...

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