What is a salary hike?

A salary hike is an increase in an employee's gross pay, typically granted by an employer to adjust for performance, inflation, or market rates, resulting in higher overall compensation.

What typically causes a salary hike?

Common causes include strong individual performance, company profitability, inflation adjustments, increased market demand for specific skills, and promotions to higher roles.

How often do salary hikes typically occur?

Salary hikes most commonly occur annually during performance reviews, though some companies may offer them bi-annually or based on specific project completions or promotions.

What is considered a good salary hike percentage?

A 'good' hike varies by industry and role. Generally, 3-5% often covers inflation, while 7-10% or more signifies exceptional performance or a significant promotion.

How can employees improve their chances of getting a salary hike?

Demonstrating exceptional performance, acquiring new valuable skills, taking on more responsibilities, documenting achievements, and actively researching market rates can significantly help.