- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Request for Information on Annual Salary Review Process
I recently started a graduate job and I am enjoying it so far. I am looking to stay with the company for the long term. Can someone provide me with detailed information on how the annual salary review process works? I am curious to know if the company typically provides a fixed number or if employees have the opportunity to present their performance and negotiate for a higher salary with the manager.
In addition, I have noticed that my company does not offer significant pay increases for graduates, and I am currently earning less than 70K. I am concerned about being stuck at a graduate salary level and would like to know how other employees in similar positions have successfully increased their pay. Any advice or strategies would be greatly appreciated.
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I would lower your expectations anyway in many places with less than a years service you won’t qualify in this round for a review. They may differ of course but I’d just focus on passing probation etc and proving your value.
If you only started at the start of the year, and salary review time is on your anniversary then put this on the back burner until closer to salary review time. If it’s at the end of the financial year then personally I’d leave it until next financial year.
Talk to a friend who’s slightly higher than you in the business, and find out how they approached it. Hopefully you can take advantage of their successes or mistakes.
Your annual salary and performance review should be an ongoing conversation you’ve had with your manager throughout the year. You should already have had meetings with your manager about how things are going, whether you are meeting or exceeding expectations and what the remuneration structure looks like. HR and your manager will generally go to an annual salary review with a set number (generally CPI based) and they tell you what you’re getting and that’s it. It’s generally not really a time and a place where you can negotiate.
Also if you’ve just started as a grad, the quickest way to a pay rise is to work out how to get to a senior/manager and then jump ship. Pay is important sure but grads are easy to replace.
Companies can each work pretty diffidently around salary reviews so you need to first understand how your company works.
Some companies don’t do performance based salary increases – every grad/position might just get the same increase (if an increase happens at all).
Other companies work on performance and you’d hopefully have some clear goals you need to hit for a salary increase to happen (which your manager should be speaking to you about in 1:1’s).
Similarly, your manager might have no control even if it’s performance based and they might need to fight for an increase on your behalf with HR.
The biggest salary jumps are made from moving companies.
Find someone you trust to ask how this typically works where you are or ask your manager so you can prepare.
Every company is different
Ask your manger for the correct answer
In a 1 on 1 with your manager I’d be asking them these questions.
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