Pay review time

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I have started getting my annual influx of "pay review" questions. For many companies, budgets for the new financial year have already been finalised and are now in the process of being approved. That means managers have an idea of how much money they can allocate to pay rises.

Individual employees usually don't receive a salary increase until July 1 or after but the paperwork is finalised in April/May. As to when employees become part of the process differs depending on the employer. Some companies tie pay reviews to performance reviews, which are usually carried out in June, while others do not. Either way, there is no reason not to do some prep now towards a pay rise. Ask your manager how the process works or call your HR department. HR don't have power over your pay fate but they should know the process.

Pay rises depend on a number of things. How well the company has faired, how well your team or department has done and how well you have performed all play a role. Many companies stick to a "cost of living" pay rise unless you have either been promoted, exceeded targets, taken on additional work/responsibilities or would leave them in a mess if you quit.

To read more detail on how to put your case together please read "How to make a pitch for a pay rise" in the "Job hunting advice" section of the CareerOne website. I've included details of how to deal with the news if it's not want you want to hear. Not receiving the increase you want is not always a bad sign. 

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