Yearly Review – Cost of Living

Jan 18th, 2010 | By | Category: career challenges, yearly review

Hello,

I don’t see a place where I can ask generic questions so I am commenting on your latest post. It’s Q1 meaning yearly reviews are around the corner. Any tips for preparation and what percentage raise/cost of living should I strive for? I understand the economy last year resulted in NO raises. What do you predict for this year?

Sincerely,
Shelly

While I learn how to put up a questions and discussion page, lets use this space to discuss Shelly’s question through comments to this post.

A few things to think about are: first – any raise negotiated during the yearly review is not just a cost of living increase, but includes the increased benefits and value added by gaining another years experience.  Perhaps if your work and performance were exactly the same as last year, then any raise due would be to just compensate for inflation.  Second – even though the country is in a recession all sectors and companies are not struggling. Do some research to see how your company is doing.

Let’s have a discussion on yearly reviews and raises, and include ideas and strategies for acing yearly reviews and negotiating raises.

Jan 20. A comment received on the “About Page”  includes several topics, but one salient point to this discussion is business owners and mangers also need advice on how to approach yearly reviews.  Having been on both sides of the yearly review process, i understand the issues of  both sides. Comments from business owners and managers are most welcomed, and will balance the discussion, while giving insights on how to approach yearly reviews.  The following is a copy of  the comment from the “About Page” for easy reference.

“I own my business and would like to know if you can share the perspective of being the manager/owner or are you merely focusing on how to advance your career?

As an owner my concerns are more tax based, health care, managing employees & customers, raises, etc. I wanted to suggest another book that I just started reading by Andy Andrew – “The Traveler’s Gift” It focuses on Seven Decisions That Determine Personal Success. One of its principles is to seek wisdom from those who have succeeded. Check it out see if it is a useful tool.”

Please  leave a comment, and invite your friends to join the discussion.

Thanks

The PracticaL Mentor

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