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  • Writer's pictureConnie Barrientos-Carey

The Truth About Salary Raises

Contrary to popular belief, salary raises are not government mandated and performance appraisals do not necessarily conclude with a pay increase. Salary raises are company prerogative based on profitability.

Global average in increase is 2-7%. If an employee moves to another company, that's a cool 20-30% pay difference. Hence, if you want better pay, it's better to move to a new organization.

Most companies, unfortunately, have a higher budget for hiring than actual employee retention. It would be much better to put that earmarked amount on keeping a talented team member, who knows the ins and outs of the company. Hiring a new person takes about 36 days on average to get started, plus training of a month, plus probationary period- it's a lot of wasted time and resources. A lot of unnecessary cost.

Companies with crazy turnover should reevaluate their employee retention programs and not punish loyal employees by not giving them the increase they deserve and drowning them in additional tasks.

If you are an employee and your employer has not given you the support, salary raise, recognition, and promotion you deserve despite years of service and hours and hours of self-development, time to find another employer that will tell you that you matter and will actually show it. Good luck!

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