Welcome to "Secrets of a Virtual Boss," where I'm your guide, Michael Brody, unraveling the mysteries of managing virtual teams. Today's burning question: When and how often should you give your virtual team a raise?
In the fast-paced world of remote work, waiting a whole year for an annual review might be too long. Consider addressing raises around the six-month mark for exceptional performance. However, be cautious of setting unsustainable precedents to avoid distorted salary expectations.
Balance is key. Explore alternatives like performance bonuses, extra vacation days, or professional development opportunities. Regular check-ins and an open-door policy help understand your team's unique motivations. Remember, transparency builds trust.
Join me next time for more tips on being the best virtual boss. Stay productive, stay inspired, and I'll see you on the next episode. Bye for now!
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