Are you dreading your performance review? Don’t worry – it doesn’t have to be a source of stress! With the right preparation and attitude, you can ace your performance review and get the salary bump you deserve. Here, we’ll provide seven key tips that will help you make the most of your performance review.
Do’s and Don’ts Going Into Performance Reviews
When going into your review, keep these do’s and don’ts in mind to have your best shot at a raise.
- Research your company’s policies: Before you start preparing for your performance review, it’s important to get familiar with your company’s policies around salary increases and bonuses. This can help you set realistic expectations and make the most of your review.
- Know your numbers: Knowing your numbers is key when it comes to getting a higher salary bump during your performance review. To get the pay raise you deserve, you should research industry averages and make sure you are being fairly compensated for the work you do.
- Practice your pitch: No matter how confident you feel in your abilities, there’s nothing quite like being able to deliver a strong performance review pitch. It’s one of the most important elements of the performance review and can be the deciding factor between getting the raise you want or not.
- Be prepared to negotiate: Have a clear understanding of salaries in your industry, and compare your current compensation package to those of similar positions in the market. This will give you a better sense of what you should be asking for and provide more confidence during your review.
- Have a backup plan: No matter how well you’ve researched your company’s policies or how confidently you can make your pitch, you should always come to your performance review prepared with a backup plan. Before going into your review, come up with a few scenarios that are realistic and possible outcomes.
- Don’t make personal attacks or insults against your supervisor or colleagues during the review.
- Don’t be too pushy for a raise without adequate justification for it.
- Don’t come across as entitled or arrogant. Don’t be afraid to ask questions or make requests if you feel you deserve more.
Even 1% Can Make a Huge Difference
When it comes to salary bumps during performance reviews, it’s easy to think that only a large increase will make a difference. But that’s not the case! Even a 1% raise can make a big difference in the long run. For example, let’s say you receive an extra $1,000 on your annual salary due to a 1% bump. Over 10 years, that adds up to an additional $10,000! That’s money that could help you save for retirement, pay off debt, or purchase a new car.
Performance reviews are an important part of your job, and they can make a big difference in your salary. Pathrise can help you make the most out of your performance review by providing 1-on-1 mentorship and advice from experienced professionals who have been in your shoes. Our dedicated mentors will help you develop the skills you need to ace your performance review and get the raise you’ve been hoping for. Plus, our aligned incentives mean that you only pay if you succeed in getting hired and start work at a high-paying job.