Will You Get Lucky in Appraisal Season 2024 Even With Dry Promotions?

It's that time of year again!?

As we pack away the vibrant gulal from Holi and the festive lights of Eid, there's a quieter but equally significant season unfolding in the office—it's appraisal season. Just like these festivals bring a time for joy and reflection, appraisal season offers us a moment to pause, look back at our achievements, and set new goals for the future.

This annual ritual of appraisal (evaluation and reflection) applies to both employees and employers. However, this year's season promises to be a mixed bag.

A recent report predicts an average salary hike of 9.5% in India, a slight dip from 2023's 9.7%. This shift is attributed to changing business sentiment.??

Variations will exist by industry, with engineering and fintech potentially seeing higher raises, while e-commerce and startups might experience lower ones.

How can we not talk about startups!

For Indian startups, funding woes and potential layoffs have cast a shadow. Double-digit raises are likely a thing of the past, with most startups planning increments below 20%. A mere 6% of founders plan to defy the trend with significant hikes of close to 40%.

What’s happening in the company's appraisals?

1. The Rise of the "Dry Promotion"

Don't be surprised if your appraisal letter brings a title change without a corresponding salary bump. This trend, known as a "dry promotion," signifies increased responsibilities without financial compensation. The percentage of companies resorting to this tactic has risen globally, reflecting the current job market dynamics.

1. Employee Bargaining Power Weakened

Remember the Great Resignation? The pendulum has swung back.? The global economic slowdown has tightened the job market, giving employers the upper hand. Employee bargaining power has weakened, leading to modest salary hike expectations. In fact, 82% of employees are reportedly considering a job change. Reasons include seeking leadership opportunities, increased workplace transparency, and remote work options.

So, What Can You Do?

Here's where things get proactive:

• Know the Rules - Understand your company's appraisal process and what is expected from you.
• Highlight Your Achievements - Nobody knows your contributions better than you. Promote your work! Be your own Brand Ambassador!?
• Self-Evaluate and Communicate - Be authentic with yourself. Discuss your goals with your manager.

Don't let external factors dictate your career path.?

As an HR professional for more than two decades, here are some long-term strategies and suggestions for success:

• Upskilling and Refinement - Focus on honing your skills, not just completing tasks. It's better to "Sharpen your axe before cutting the wood."
• Results-Oriented Approach - Aim for delivering tangible outcomes that benefit your organization.
• Collaboration and Communication - Proactively seek opportunities to work with colleagues, fostering teamwork and innovation.
• Embracing Challenges - View challenges as opportunities for growth. Demonstrate resilience and adaptability.
• Focus on Business Value - Organizations value employees who contribute to the bottom line.

Your career is a marathon, not a sprint. Patience, persistence, and self-belief are key to playing the long game.?

Don't be afraid to push for what you deserve and always have faith in your potential.

Remember! Organizations value employees who focus on business and actively contribute to the bottom line.

P.S. While some might turn to astrology for career guidance ;) (digital astrology platforms have seen a 60% surge!), proactive action and self-development can be a more reliable path to success.