Hi Folks,
I am currently working with one of the Fortune 500 companies as a consultant. I was hired in March 2016 and have been working here since then. My appraisal was due in July. When the appraisal happened, I was given an extension but no hike in terms of my CTC. When I had a word with my manager, he said the extension was given due to my hard work and commitment towards my work.
Now, my question is if the organization has recognized my commitment, why was I not given any hike? What should I do now? Should I start looking for another opportunity? If yes, what is the best way to get a job at the earliest? (I would like to mention that at this point, I cannot afford to lose my job and sit at home as I have 2 to 3 EMIs to pay for, for which I require a higher CTC.)
Thanks.
From India, Bangalore
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I am currently working with one of the Fortune 500 companies as a consultant. I was hired in March 2016 and have been working here since then. My appraisal was due in July. When the appraisal happened, I was given an extension but no hike in terms of my CTC. When I had a word with my manager, he said the extension was given due to my hard work and commitment towards my work.
Now, my question is if the organization has recognized my commitment, why was I not given any hike? What should I do now? Should I start looking for another opportunity? If yes, what is the best way to get a job at the earliest? (I would like to mention that at this point, I cannot afford to lose my job and sit at home as I have 2 to 3 EMIs to pay for, for which I require a higher CTC.)
Thanks.
From India, Bangalore
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Dear Priya,
In most of the MNCs, salary increment is linked to the performance slab. The higher the percentage that an employee acquires in Performance Review (PR) or Performance Appraisal (PA), the higher their salary. The percentage of salary increment is not the same and is revised according to market conditions as well as the company's financial performance. Later, it is communicated to all the employees. Now, the surprising factor is that this type of query has come from an employee who works in a Fortune 500 company.
Regarding PA, the employee is communicated their score. This is done right at the time of the performance appraisal, and the score is not hidden from the employees. Even central government organizations, whose performance appraisal was quite opaque in the erstwhile era, have become transparent now. The signature of the employee is taken on the PA form.
You have written that your PA was done this month, but what was your score? Has your manager revealed it or not? Are you in that performance slab where only employment was continued without any hike?
You say that your manager has told you, "extension was given due to my hard work and my commitment towards my work." Phrases like "hard work," "commitment," etc., are subjective and do not have a place in modern management practices. Rating on a scale of 100 is important.
In view of the above, I request you to provide additional information.
Thanks,
Dinesh Divekar
From India, Bangalore
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8218In most of the MNCs, salary increment is linked to the performance slab. The higher the percentage that an employee acquires in Performance Review (PR) or Performance Appraisal (PA), the higher their salary. The percentage of salary increment is not the same and is revised according to market conditions as well as the company's financial performance. Later, it is communicated to all the employees. Now, the surprising factor is that this type of query has come from an employee who works in a Fortune 500 company.
Regarding PA, the employee is communicated their score. This is done right at the time of the performance appraisal, and the score is not hidden from the employees. Even central government organizations, whose performance appraisal was quite opaque in the erstwhile era, have become transparent now. The signature of the employee is taken on the PA form.
You have written that your PA was done this month, but what was your score? Has your manager revealed it or not? Are you in that performance slab where only employment was continued without any hike?
You say that your manager has told you, "extension was given due to my hard work and my commitment towards my work." Phrases like "hard work," "commitment," etc., are subjective and do not have a place in modern management practices. Rating on a scale of 100 is important.
In view of the above, I request you to provide additional information.
Thanks,
Dinesh Divekar
From India, Bangalore
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Better u go for some other company. New HR policy "CHANGE UR COMPANY - CHANGE UR CTC "
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Respected members, Thanks a lot for the guidence. Regards, Priya
From India, Bangalore
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From India, Bangalore
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Dear Madam,
The company is treating you as a service provider. As mentioned, you are hired as a consultant. Hence, they have not given any hike. Nowadays, it is common (even in big companies as well) not to increase external costs. It is surprising that even with a top rating in your PA, no hike was given. It would be more appropriate for them to take you on as a full-time employee.
In my opinion, you can look for other opportunities and meanwhile continue your job with the same pace and enthusiasm. Please don't prioritize the Fortune 500 tag. There are companies that offer good remuneration to deserving candidates. I suggest tagging your post as anonymous (instead of mentioning your name). Professionals from big companies are regular viewers of this forum.
I hope you will consider my points, and perhaps other members can shed more light on the matter.
From India, Delhi
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The company is treating you as a service provider. As mentioned, you are hired as a consultant. Hence, they have not given any hike. Nowadays, it is common (even in big companies as well) not to increase external costs. It is surprising that even with a top rating in your PA, no hike was given. It would be more appropriate for them to take you on as a full-time employee.
In my opinion, you can look for other opportunities and meanwhile continue your job with the same pace and enthusiasm. Please don't prioritize the Fortune 500 tag. There are companies that offer good remuneration to deserving candidates. I suggest tagging your post as anonymous (instead of mentioning your name). Professionals from big companies are regular viewers of this forum.
I hope you will consider my points, and perhaps other members can shed more light on the matter.
From India, Delhi
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Dear Friend,
You are fortunate to be a consultant; hopefully, you are not in a company role as an employee. What are your terms and conditions, the period of services, and your unique consultancy? These details are absent in your writing. First, review your terms and conditions. The extension is provided for your hard work; presumably, you have become attached to the company emotionally. These things should be kept at bay. Immediately review your consultancy terms and conditions and proceed further. Otherwise, your potential increase in CTC would have been within your reach.
Best of luck...
From India, Arcot
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You are fortunate to be a consultant; hopefully, you are not in a company role as an employee. What are your terms and conditions, the period of services, and your unique consultancy? These details are absent in your writing. First, review your terms and conditions. The extension is provided for your hard work; presumably, you have become attached to the company emotionally. These things should be kept at bay. Immediately review your consultancy terms and conditions and proceed further. Otherwise, your potential increase in CTC would have been within your reach.
Best of luck...
From India, Arcot
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