Salary bumps of up to 30% for new hires, four day work weeks, and other non-financial benefits are just a few of the perks job seekers are experiencing as a result of the Great Resignation - but what about the workers that are left behind? 

With companies experiencing a skills shortage on a global level, what is happening to the workers that are choosing to remain? Are they getting salary bumps as they take on extra tasks to cover for understaffed teams, or are they being ignored and told to get on with it? Well, it depends on who you ask.

Statistics from think tank The Conference Board show that companies are setting aside 3.9% of costs to cover salary increases over the next twelve months, but there is no guarantee the average worker will see the benefit.

That is because additional research from Gartner shows that only 28% of companies are intending to increase salaries this year despite inflation levels reaching a 30-year high. Of that 28%, half will be increasing salaries for top performers only. Other employees may potentially be offered non-financial benefits as a sweetener for a job well done.

Short-sighted

This may be short sighted on behalf of employers who need to hold onto their key talent now more than ever before. After all, more than half of companies feel that retaining staff is more difficult than hiring them, with 71% admitting employee engagement and wellbeing is key.

Employees who are picking up the slack across all functions and teams, while also dealing with the same rising cost of living, now must think about how they can position themselves as a top performer in order to ensure they get a salary bump this year.

What should you do?

Firstly, decide if staying put is your best option. Before you make up your mind, explore the market and see what options are available to you. The Finextra Job Board features dozens of companies all hiring for roles across different sectors and levels.

If you decide you want to stay with your current employer, here is how you can ensure you’ll get a salary raise.

Examine your KPIs

What is your actual job description and what KPIs are you expected to deliver on?

Oftentimes when you’re in fire-fighting mode (which can happen when a team is understaffed) you might stop focusing on your own goals and instead work across the team to keep projects on track. While this is good for the company in the short term, in the long term you’re harming your own progress and ability to secure a raise.

Instead, start to manage upwards while focusing on your own results. If you need x to achieve y, then bring that to your manager and ensure they understand that your focus is on your performance.

Turn feedback into action

What feedback did you get in your last one-on-one review, or has your boss given you any informal feedback over the last few months?

Receiving negative feedback can be difficult, but top performers not only receive feedback well, they also turn it into action, addressing skill shortages or attitude adjustments.

If you have yet to have a one-on-one with your boss, perform an audit on yourself ahead of time and recognise your shortcomings. This will give you a chance to bring it up with your manager, and ask for support in weaker areas to ensure you remain a top performer.

Communicate clearly

Top performers hit targets, deadlines, and budgets on the nose time and again because they communicate clearly through all stages of a project. They are both collaborative and autonomous, and clear at all times on the status of a project and what their deliverables are.

If you struggle to communicate clearly in meetings, try to follow up with emails outlining what was discussed and setting an agenda for the next time-frame. Putting communication in writing is good practice for everyone as it removes any opportunity for misinterpretation and ensures all workers are on the same page.

Go bold but stay small

This might seem like a contradiction, but it actually means that while top performers recognise and fill gaps, they also pay attention to the small details ensuring nothing goes wrong. Proving yourself out of the scope of your job spec is a great way to get noticed. Having ideas and plans are great, but it is knowing how to take a big idea and execute it down to the smallest detail that is the mark of a top performer.

Accept defeat

And accept it gracefully. Sometimes, no matter how hard you try, there is no convincing a manager that you deserve a pay raise. In that instance, it’s better to gracefully admit defeat and move on rather than remain in a role where you feel undervalued and unmotivated.

You want to do your best work at all times and constantly being passed over for salary increases will not create an environment where that can happen.

The Finextra Job Board has dozens of opportunities for new hires across all sectors and levels - discover a new role today.