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How do i see my utilization?
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Retain the overloaded team member then!
And with work taken off their plate, could the overloaded team member focus more on some strategic priorities?
Split the raise and tell them. Is it a team effort after all? Otherwise, run the risk of losing one, if that is what you are concerned about?
I can hire only one head right now - the raise money is separate
Always focus on what helps drive business but deprioritize the workload overloaded resource and put things on hold that do not align with the strategic initiatives. If you cannot reduce their workload then you need to communicate to your mgmt.. that you can not reach the goal until you have additional help or ask them to deprioritize work so your team can successfully reach the goal. Probably not the popular response but this is situation I have been in many times. Burning out the team and org to reach goals is bad for any company.