How much salary hike will you get next year?

Synopsis

The annual increment is important for most salaried individuals. How big will be your increment next year? Take this test to find out. The more honest you are with your responses, the more accurate the result will be.

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The annual increment is always important for salaried individuals.

The annual increment is always important for salaried individuals, but the prevailing high inflation makes it critical. Some surveys indicate that salary hikes will be generous in 2024, but surveys are based on collective information. As our cover story points out, much depends on factors that are specific to the individual. Take this test to know how big an increment you could get next year. The more honest you are with your responses, the more accurate the result will be.

What are the prospects of the sector your company operates in?

a. Doing very well and demand is very high.

b. Doing fine and demand is good.

c. Growth is muted and demand is low.

d. Facing problems and demand is down.

How have your company’s profits and revenues grown this year?

a. Fast track growth.

b. Stable rise.

c. Flat performance.

d. Decline in profits and revenues.



Did you meet the goals set for you during your last performance appraisal?

a. I achieved more than the goals set for me.

b. I met all the goals comfortably.

c. Barely managed to meet my goals.

d. Some of the goals were missed.

Have you acquired a new skill at the workplace in the past 12 months?

a. Yes, learning is a continuous process for me.

b. I learnt a few useful things this year.

c. I tried, but new skills are not easy to learn.

d. No, I already know what is required for my job

Are you doing more work than you did last year?

a. Yes, I have been assigned more responsibilities.

b. There has been a slight increase in the workload.

c. I am doing the same amount of work that I have always done.

d. No, my workload has reduced in recent months.

Is there a high demand in the job market for your role?

a. Yes, many companies are actively looking for people like me.

b. There is some demand for people with my skills.

c. Not too much demand for such people.

d. Skills are redundant and not in demand.

Have you improved a process or business outcome for your company in the past year?

a. Yes, many suggestions were found to be useful.

b. A few suggestions were implemented.

c. Suggested some ideas, but were not used.

d. Did not offer any suggestions.

How is your salary compared to the industry average?

a. Less than average.

b. Slightly less than average.

c. Average.

d. Above average.

GIVE YOURSELF POINTS ON THE FOLLOWING BASIS

A. 4 POINTS

B. 3 POINTS

C. 2 POINTS

D. 1 POINT

Your total score will tell you how big an increment is coming your way in 2024.

30 POINTS AND ABOVE

Reason for cheer



You are an excellent performer and have the right skills. You are seen as an asset and contributing to the company’s growth. Any company will try to retain such talent, so you can expect a good increment.

24-29 POINTS

Good news coming


You are a good performer and your company will want to retain you. However, your increment will not be as high as that of some other colleagues. If you work on your performance and attitude, you can do better.

16-23 POINTS

Below average hike


You are a mediocre performer and are not seen as too valuable by your company. Expect a low increment because your skills and performance are below average. Immediate corrective steps are needed.

LESS THAN 16 POINTS

Very low or no increment


Underperformers like you are in the crosshairs of companies trying to cut costs. Don’t expect a good pay hike. You could change this by upskilling yourself and improving your performance at work.

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Harry Byrne

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