Post pay rise time blues

Ask Kate Column: For those receiving a pay rise this new financial year, the “envelope” should have arrived by now. To those who have written about their pay rise disappointment, you are not alone.
 I did try and warn everyone in this column not to expect too much this year because of the less than stellar global economic outlook. Jumping jobs is usually a faster way of boosting your salary that relying on annual pay rises.
The labour market is subject to fluctuations and the cost of securing most new hires has gone up while you’ve been parked in your job on the same pay rate for a year.
However, when awarding pay rises, employers usually don’t look at the latest market rate. Their priorities are to look at their budget forecasts and your performance but mostly their budget.
Pay rises are usually set by top line management, giving managers little room to negotiate upwards with staff. Some employees don’t even get to “discuss” their pay rise at all.
In most cases, employers will only look at the cost of replacing you if they’re really concerned you’ll leave or if you do indeed leave.
If you are going to change jobs to secure more pay, make sure you look at all the benefits you have now so you can set a realistic price on your head.
I wrote a column about this that you will find in the Ask Kate section online: “Pay reviews, to stay or go”. Don’t leave one company due to salary only to get short changed by another.