Appraisals are around the corner after along year of recession and salary cuts.
Appraisal is a developmental exercise wherein the company takes stock of the year gone by and puts forth a strategic plan for the coming year keeping in mind the strengths and weakness of the employee/s.
Appraisals are just around the corner and it’s that time of year for which employees wait all year long. This year the wait has been longer for obvious reasons. With salary cuts, zero hike and lay-offs being the buzz word in 2009, the anticipation was accompanied by apprehension. From the employer and employee perspective, 2009 was a tough year since every penny counted. But one was aware that this would not last for ever. Things are better now, and this year appraisals are awaited with baited breath and hope. Even though the situation is not back to being like the pre-recession days, it is indeed much better than last year.
The average increase in the wage bill for most organizations this year is nine to ten per cent as compared to before the recession when it was 14 to 15 per cent. Appraisals are often confused with compensation reviews. Appraisal is a developmental exercise wherein the company takes stock of the year gone by and puts forth a strategic plan for the coming year keeping in mind the strengths and weaknesses of the employee/s. The compensation review is the monetary benefit of the appraisal. Hence while there are appraisals there were appraisals last year, this year a monetary value to your hard work in highly expected.
Appraisals are not only about collecting data and submitting the appraisal forms, the key to success depends a great deal on your appraisal meeting. How you convey your achievements and receive feedback is very important, and its importance just gets stronger this year.
It is important to constantly communicate with your employer and show trust in them. If your manager points out your weak areas, they should be considered as constructive criticism and mentorship should be sought in overcoming the shot comings.
Evaluation should be a constant process not just an annual activity. The most important point to focus on this year is how you have helped your company grow in the difficult period.
It is important to know your worth in terms of market value. If people with the same qualifications and experience as you are earning about the same salary, you are sure that your contribution is valued if not it helps you understand how much more you require to ask for. This helps you build confidence.
It also helps to bring along data that proves you’re your achievements. This may include appreciation letters from external sources like clients etc. This adds value as it substantiates your good work even during difficult times. Preparing well can give you an idea on how the meeting will go and help create a positive impression.
Post recession apart from being aware of your contribution to the company it is also important to study the company’s performance this year. How have the profits and revenues been, and how much raise can the company afford. This will help you strategize your inputs in the meetings and also if you feel the company is not in a position to give a high raise seek other benefits like working from home or health benefits. These are non monetary ways of gaining from the company and yet loyal to them.
After the storm it is easier for employees to change jobs. During recession this was hard and the only option was to be where you were.
Thus this year most companies are trying to control the attrition rate. Hence in these times if you focus is not solely on money but on loyalty as well, your contribution within the organization will be recognized. The employer will definitely remember your contribution and know that you can deal with downs as well as you can deal with the ups.