Feeling Stuck at a Fortune 500: How to Handle No Salary Hike Despite Hard Work?

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.

Question About Appraisal and Salary Hike

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.

In most MNCs, salary increments are linked to performance slabs. The higher the percentage an employee acquires in a Performance Review (PR) or Performance Appraisal (PA), the higher their salary increment. The percentage of salary increment varies and is revised according to market conditions and the company's financial performance. This information is later communicated to all employees. It's surprising that this type of query comes from an employee working in a Fortune 500 company.

Regarding PA, employees are informed of their scores at the time of the performance appraisal, and the scores are not hidden. Even central government organizations, which previously had opaque performance appraisals, have become transparent. Employees sign the PA form to acknowledge their scores.

You mentioned that your PA was conducted this month, but what was your score? Has your manager revealed it? Are you in the performance slab where only employment is continued without any hike?

You stated that your manager told you, "extension was given due to my hard work and my commitment towards my work." Phrases like "hard work" and "commitment" are subjective and do not align with 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

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.

You can talk to them once the time period they said has completed. Alternatively, you can formally send an email to request that they address this issue.