Salary increases of up to 30% for new hires, four-day work weeks and other non-financial benefits are just some of the benefits job seekers will reap as a result of the Big Retreat – but what about the workers left behind? ?
With companies experiencing skill shortages on a global scale, what happens to the workers who choose to stay? Do they get raises for taking on extra responsibilities to cover understaffed teams, or are they ignored and told to keep going? Well it depends on who you ask.
Statistics from think tank The Conference Board show that companies are setting aside 3.9% of costs to cover pay increases over the next 12 months, but there’s no guarantee the average worker will see the benefits.
That’s because additional research from Gartner shows that just 28% of companies plan to increase salaries this year, despite inflation rates hitting a 30-year high. Of that 28%, half will increase salaries only for top performers. Non-financial benefits may be offered to other employees as a sweetener for a job well done.
This may be short-sighted in the interests of employers, who now more than ever need to retain their key talent. After all, more than half of companies agree that retaining employees is harder than hiring, with 71% acknowledging that employee engagement and well-being is critical.
Employees who are bridging the gap across functions and teams, while also struggling with the same rising cost of living, now need to think about how to position themselves as high performers to ensure they get a raise this year.
What to do?
First, decide if staying put is your best option. Before you decide, explore the market and see what options are available to you. The Finextra Job Board offers dozens of companies all hiring positions in different sectors and levels.
If you decide to stay with your current employer, here are a few things you can do to ensure you get a raise.
Examine your KPIs
What is your actual job description and what KPIs should you deliver?
When you’re in firefighting mode (which can happen when a team is understaffed), you may stop focusing on your own goals and instead work across teams to keep projects on track. While this is good for the company in the short term, in the long run you harm your own progress and your ability to secure a raise.
Instead, start fighting your way up while focusing on your own results. if you need x reach
jthen take that to your manager and make sure they understand that you are focused on your performance.
Turn feedback into action
What feedback did you receive during your last face-to-face interview, or has your boss given you informal feedback over the past few months?
Receiving negative feedback can be difficult, but high performers not only receive feedback well, they act on it by responding to skill deficiencies or adjustments in attitude.
If you haven’t yet had a one-on-one meeting with your boss, conduct an audit on yourself beforehand and identify your shortcomings. This gives you an opportunity to raise this with your manager and ask for support in weaker areas to ensure you remain a top performer.
High performers meet goals, deadlines and budgets again and again because they communicate clearly in all phases of a project. You are both collaborative and autonomous and always have a clear overview of the status of a project and its results.
If you have trouble communicating clearly in meetings, try writing emails outlining what was discussed and setting an agenda for the next time frame. Written communication is good practice for everyone as it eliminates any possibility of misinterpretation and ensures that all employees are on the same page.
Be brave but stay small
This may seem like a contradiction, but it actually means that while top performers spot and fill in gaps, they also pay attention to the small details so nothing goes wrong. Proving yourself outside of the scope of your job description is a great way to get attention. Having ideas and plans is great, but knowing how to take a big idea and execute it down to the smallest detail is what defines a top performer.
And embrace it gracefully. Sometimes you can’t convince a manager that you deserve a raise, no matter how hard you try. In this case, it is better to gracefully admit defeat and move on than to remain in a role that makes you feel undervalued and unmotivated.
You want to do your best at all times, and being constantly passed over for raises doesn’t create an environment where that can happen.
The Finextra job board offers dozens of new hire opportunities in all sectors and levels – discover a new role today.