It is every employees dream to wake up to bigger numbers in the bank account during end month, but what does it really take to earn a raise?
Is it automatic that in your working tenure you will receive and increment in your salary? What happens when you actually get a pay cut instead of a raise? Should you stay in the job? Well, let’s delve into this juicy subject and consider all the options we have.
When To Expect A Raise
1. After Probation Period
If you joined a Company and you were put on probation for a few moths for the employer to evaluate your competence and delivery in a role, you can expect that your salary will be reviewed after the probation period.
If you have been employed on probation terms, you cannot afford to sleep on your job. Probation offers you an opportunity to prove yourself and to give your best as the possibility of permanent employment awaits you.
2. After Performance Review
You might be too smart for your job and your results show for it everywhere in the reports. In such a case, your employer may decide to give you a salary raise for performing exemplary well on your job.
Performance indicators vary from job to job but among them is success in whichever role assigned to you. It is obviously upon you as an employee to work hard, to post great results and to steer the company towards the right direction in your given role. A raise awaits you once you accomplish this.
3. After Working For Many Years
Consider when you joined a company. If you have been working for the same company for over 5 years, it is likely that you have grown in your skill set, and have expanded your knowledge about the job. With that said, your employer should give you a promotion bearing in mind your growth, experience and overall value you bring to the company.
4. At The End Of The Year
Some Companies review employee salary at the end of every year. This is often very motivating to the staff of such a company as they work hard to prove deserving of the salary increment that awaits them annually.
5. When A Company Performs Really Well
If the economy of the country is low and the company’s performance is great, your employer may decide to review your salary and give you’re a raise. Centum Investment is one such Company that rewarded its employees with bonuses of up to 6.1 Million annually credited to Company profits.
When To Expect A Pay-Cut
6. State Of The Economy
In a situation where the Country’s economy is characterized by high inflation, you can expect that the cost of living will be high which will in turn affect the health of your company financially. When this happens, your employer might decide to cut your salary to be able to keep the company running or alternatively retrench some employees. It is upon you as an employee to decide which is the best decision to make as to whether you should leave or stay in the job.
As soon as the Company is back on it’s feet, your employer should be able to review your salary.
You can probably see yourself in one or more situations mentioned above. In whichever case, a review of your salary is important as it indicates growth in your career and also challenges you to aspire to be greater in your job and career as a whole.