Once you are employed in a company, on a certain pay scale, is no guarantee that throughout your association with that company your salary will be the same. There are many factors which affects your salary, starting from your performance, company’s own progress, to market value. Sometimes with everyone’s progress, you get to see positive changes in the compensations while at other times you may have to adjust with the temporary difficulties that your company or the market go through, which may affect your salary for worse.
Few major factors, depending on which employers decide to increase or cut down on your salary, are:
The first major factor that determines your salary is your qualification or your academic worth. The employers offer the first scale, depending on your potential. And with time, your training, the seminars or the workshops you attend improves the formal qualification as well, that helps you in having your salary improved.
Right from your joining to every important day of your office, you need to shine, and work more than efficiently, to come into the attention of your employers. If you take care of your responsibilities in a devoted manner and to your company’s profit then it directly brings a positive change in your salary package. Almost all the companies conduct continuous reviews to analyze their employees’ performance for this.
When we join a company, we dedicate ourselves completely to it, and all our actions, our plannings and strategies are only for the betterment of the company. With time we gain experience and improve our own efficiency too along with company’s output, and this becomes another factor that brings changes to our salary.
How brilliantly do you handle extra assignments, and how good a representative you are of your company, that helps your employers a lot in deciding your true potential. In various professional assignments and projects you need to pay extra attention, so that your peers and seniors can value you and reward you accordingly.
Sometimes the fluctuation in market, economy and stock rates also affect your pay packages. If the market sees a positive change then the salaries improve, or else gets affected by worse. This is one inevitable factor that affects your salary and the one which you can’t help.
Sometimes a company makes a lot of profit in a particular time period, say a few years, and in this situation, the employers become generous enough to consider the hard work and contribution of the employees, and decide to reward them for their work. This also affects the salary of an employee, and gets him various bonus and compensations.
These are a few factors, on which an employee can work upon, and which an employer keeps scrutinizing, to decide whether a worker is good for his company or not. You must always work upon these factors to improve your prospects and position in your company.