Multiple Raises a Year
What if instead of the possibility of getting a raise after an annual performance review, you got a multiple mini-raises throughout the year as a way for an employer to do regular check-ins on how you’re doing (i.e. instead of the possibility of getting a $10,000 raise at the end of the year you got $2,500 raises quarterly). The Wall Street Journal reports that this strategy is becoming increasingly more common at companies like tech firms, which want to retain talented employees and keep them motivated.
Shutterfly Inc. employees are eligible for bonuses four times a year, with biannual salary reviews. The check-ins allow managers at the online photo publishing service to address employees’ concerns, such as dissatisfaction with their pay, head-on.
“You can resolve problems early versus letting them fester,” CEO Jeffrey Housenbold said. “If you let them fester for a year, usually people just go and update their LinkedIn profile,” a signal that they may be courting other offers, he said.
Not too long ago, I was giving advice to a friend about how to ask for a raise, and after a little more than a year of advocating for herself, she got a 20 percent raise — less than what she expected given the new responsibilities she’s taken on. She’s recently updated her LinkedIn profile.
Photo: Jeffrey Zeldman