Pay review time
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.
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Business issues
Undertaking a pay review requires thinking about the business as a whole. Increasing pay will have an impact on your costs: for example certain parts of the business may need higher pay increases than others it could be that the business is suffering considerable contraction along with the market place, as pressures in the economy or overseas are driving the business to change its structure.
Your business may be re-engineering itself to fit the needs of the marketplace or the products that you produce, or the services that you sell are going through considerable change. All of these will have an impact on your business, its finances and ultimately its ability to afford a pay increase.
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MyLot – Earn money and promote your blog!
I like to share interesting sites that we come across, we found out about this hidden gem called MyLot. MyLot is a really easy to use site that rewards users by paying them for posting comments and discussions.
They have a clever piece of programming behind the scenes that allocates some of their advertising revenue to the users based on the number and quality of discussions posted.
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