Rumours have swirled around Martin's possible retirement since he took personal leave from the Tigers last month.
The 30-year-old is mourning the loss of his father, Shane, who died in New Zealand in December.
Richmond are yet to put a specific timeline on Martin's return.
"We will help him as much as he wants us to help him but it's a personal issue with him and he's got to get himself organised," Balme told RSN on Wednesday.
"We know he loves playing footy so it's not a matter of whether (he returns), it's just a matter of when.
"If it were up to us we'd say today's the day but there's a lot more going on than we can control."
Martin's decision to walk away came after a difficult few months, during which the 2017 Brownlow medallist required surgery to repair a lacerated kidney suffered in an on-field collision.
The injury cut short his 2021 season as Richmond missed the finals for the first time in five years.
Martin returned to action in round one this season, three months after his father's death, but was granted leave a few days later.
"The thing that I'm proud of about footy nowadays and our club in particular is that we do take the person into account more than just the club," Balme said.
"We know that if we do the right thing by him and allow him to work through his stuff, that when it's his turn he'll give back a lot to us as well.
"We're suffering for it at the moment, but that's the price you pay."
With their talisman and several injured stars sidelined last week, Richmond threw away a comfortable lead in a 33-point defeat to St Kilda.
It left them with a 1-2 season record ahead of Saturday night's clash with the Western Bulldogs at the MCG.
Balme indicated premiership players Jack Riewoldt (thumb) and Dion Prestia (hamstring) are in line to return from injuries against the Bulldogs.
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