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Pay raises make for happy and motivated employees, but business owners must apply them carefully to avoid breaking the bank. Raise, bonus or another benefit? A compensation mix will generally involve some of the following incentives: Pay increase raise : Usually a set percentage based on the employee's pay, raises result in a permanent increase in payroll expenses.
Bonus : A variable cost one-time payment tied to sales or production volumes, for example. Create pay raise criteria There is a time and place for pay raises. Consider offering raises for the following reasons: To reward loyalty : Traditionally, businesses offer a pay raise to employees who stay at the company through thick and thin. A year anniversary, for example, is a good time to give a raise. When cost of living increases : This type of raise is company-wide, or applied to individuals if, for instance, you have an employee moving to open a new location in a more expensive city.
Tying raises to performance reviews may have an inverse effect. Learn More. Remember, compensation is more than just money. If your company can't come up with more cash, consider asking for more paid time off or a flexible work schedule. Skip Navigation. In this article. You may be in line for a larger pay increase next year. VIDEO Here's the 4 things you need to do before asking for a raise or promotion. Invest in You: Ready.
You may even want to get some intel from your boss. If your boss feels cornered or coerced into giving you a raise, it could impact your working relationship moving forward. These 6 financial strategies can help military members transition to civilian life. Michelle Fox. Carmen Reinicke. Read More. If there is a suitable opening above your level or if you can justify reclassifying your job at a higher level, then ask management about the possibility of a promotion.
Promotions are often accompanied by more significant raises that would normally be awarded as part of regular salary adjustments. As you can see, there's nothing spontaneous about asking for a raise. You'll want to be well prepared before requesting one. Best practices for successfully receiving a pay raise include:. Have an argument for why you deserve more and be prepared to discuss it. Even if your office dress code is casual or non-existent, now is not the time to come to work in your beach attire.
Dress professionally. And, while some experts agree that it's best to ask for a raise in person, there are advantages to sending an email, instead. For one thing, you may feel more comfortable making your case in writing, and your manager may prefer having some time to review and consider your request. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content.
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