Salary Increase? Yes Really !!!
You can increase the salary of your team & survive. How? Let’s examine a way to achieve.
As we go through 2021… Common people feel that we are out of the #COVID scare in India with vaccines and also the falling number of cases. However, the businesses are still struggling especially the companies who could not do #WFH (Work from Home). The companies whose production facilities are stopped and slowly restarting at this time.
Salary Increase must correspond to the future delivery. Not for Past performance
The best way to look at Salary is to increase to the future progress of the company. Its time that the employees who expect salary hikes must participate in the growth. No Choice. Let “Salary Increase must be proportional to Future Contribution” is the norm of the appraisal. Focus on Potential #Assessment than Past #Performance.
The Plan
Try these following steps and modify them accordingly to your company situation.
- Set the goals for the organization on a realistic basis
- As your Leaders to take ownership of building capability and achieving the targets in their own functions/departments. The Leaders must be accountable for the Organisational Targets.
- Let the Leaders assess the capabilities based on the past year by their team. Identify the good potential members who could contribute immensely to the future #goals. It's always advisable to get rid of people who do not have a good attitude and the potential to sail through 2021.
- For Employees, Just ensure that you enhance the role and expectations for the year 2021. Define, assign specific outcomes.
Know the importance of Compensation Benchmarking for both Employer and Employee
How do you execute?
You can increase your #salaries following way (suggestion; you could modify based on your actual business scenario).
- Set a budget for salary increments if you achieve the target each month.
- Identify people and their potential increase in the salary based on the new role, responsibilities, and outcomes.
- Set the salary increases on an incremental basis of performance and delivery and resulting in the outcomes.
- Keep the %age of the salary increase each quarter-end. (Eg. If you decide 10% salary increase then assign a portion of that each quarter. The first month maybe a 2% increase, but the 2nd quarter 4%, etc., all subjected to the outcome by individual goals. Never make it general for everyone, because each person is different). If your HR Says it's tough to monitor we don't need that function. You could adopt HR Technology to make it easy without burden.
Try this or any other variation based on your situation, you could create. After all, it’s your story.
Please do post your story on how you are achieving your #2021 targets with people..
2 thoughts on “Increase Salary in this 2021 and Survive”
Great Post! during this pandemic time, many of the employees have lost their jobs. This post will surely help out those employees how to get the jobs or increase their salary in this year 2021.
Thank you for sharing and keep posting….
Great Insight GR, yes it should be forward looking and enable growth