Feel like you deserve a bigger piece of the pie at work? Keep the champagne on ice—you might need to wait until the new year.
We took a close look at compensation changes across the 1,000+ mid-sized companies that use Namely. We found that 37 percent of all compensation changes were processed in January. Ranking in at a distant second and third place, October and February accounted for 12 and 11 percent, respectively.
You can see our full month-by-month breakdown below. Keep in mind that this data looks at salaried employees only and does not include bonuses or other supplemental wages.
Salary Increases by Month
January taking the top spot shouldn’t come as a total surprise to HR and compensation professionals. In addition to giving workers a fresh start for payroll and tax purposes, the timing also aligns well with when performance reviews most often happen. Because individuals’ goals are often tied to the calendar year, reviewing their results immediately in the new year keeps them top of mind.
So who knows? By the end of this year, maybe you’ll have a few extra reasons for some holiday cheer.
Andy Przystanski is Content Marketing Manager at Namely, the all-in-one HR, payroll, and benefits platform built for today's employees. Connect with Andy and the Namely team on Twitter, Facebook, and LinkedIn.
Get the latest news from Namely about HR, payroll, and benefits.
We send out emails once a week with the latest from the Namely Blog, HR News, and other industry happenings. Expect to see that in your inbox soon!