Planning Your Next Raise 🗺️
At LWYD, we believe in recognizing and rewarding your hard work and contributions. Understanding how and when you can expect to see a raise is crucial for your career growth and satisfaction.
Talent Performance Reviews
Our Talent Performance Reviews (TPRs) are held annually. These reviews serve as a comprehensive assessment of your performance throughout the year and are a fundamental part of our raise determination process.
Who Determines Raises?
Your team leads are at the heart of the raise determination process. They have the best understanding of your individual performance and can provide an accurate assessment. The agency’s leadership with assistance from HR, approves all increments. This ensures that our compensation structure aligns with our overall budget and strategic goals.
When Do We Talk About Raises?
• Annual Appraisals
Once a year, we conduct a thorough review of all salaries at LWYD. Following the feedback cycle, we hold compensation conversations with each team member. This annual review helps us maintain focus on growth and performance without constant discussions about salary throughout the year. Our appraisal cycles are scheduled for April, and you must complete a minimum of twelve full calendar months to be eligible for your first appraisal.
• Proactive Conversations
If you feel your current compensation doesn’t reflect your contributions, we encourage you to speak up. Team leads are open to having these discussions as long as you provide clear, specific reasons for your request. We also monitor market changes and other factors that might impact compensation, ensuring we stay competitive and fair.
• Leadership Initiated
Sometimes, leadership or the HR team might bring up compensation adjustments proactively based on significant role changes, market shifts, or other relevant factors.
Good Reasons to Ask for a Raise
• Significant Role Changes
If your responsibilities have drastically increased and there’s a considerable time until your next appraisal, it’s reasonable to discuss a raise.
• Steep Learning Curve
When your skills and impact have grown significantly, making your current pay seem unfair.
• Market Changes
New information or changes within the industry that highlight your greater impact on the organisation.