- Be preemptive – talk to your talent. Tell him how you value his work, and that he has a lot of potentials. You just have to be honest about the current situation, why you cannot give him a raise or a promotion
- Be a great boss – believe it or not, people leave companies not because of the pay, but because of the boss. If you are a great leader, then employees will not leave you. Indeed, they might look for means so that you stay as their boss.
- Allow them informal growth – give them opportunities in other areas of your business. Let them have a say in some important strategies in your business. The pay may stay the same, but employees appreciate the feeling that they have a hand in expanding the firm.
These are just some of the ways you can try.