I talked with one of my team members about another guy who is quitting. During the talk, he mentioned that it might be because there was no pay raise for the past 2 years. These guys (one who I was talking to and another guy who is quitting) are very good at their job, work hard, and love the company and I think it's unfair not to give them any pay raise. I also think that this can actually be the reason why people are quitting.
I want to give background of the company. The company is a startup and there is no procedure about pay raise. As a startup, we need to save money wherever we can but this really affects the company because we actually end up spending more money recruiting people and time to train them.
I plan to talk to the owner (I report to him) about pay raise for everyone in my team but not sure if that is a good idea.
I am their manager and I got a good raise every year. I did not know that they never got a raise until yesterday. The owner takes care of pay raises. Since I have gotten good raises, I assumed everyone else did.