When giving raises, consider what your company can afford, the employee's performance, and tenure. Full-time salaries typically go up $25-$75 monthly; hourly workers usually get $0.15-$0.50 per hour. A $5 to $6 per hour bump is a generous 20% raise. Make sure you can sustain it for years.
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So next, how much of a salary increase should you give? How much is the raise? So, typically, this depends on what you can afford, what sounds reasonable, and the performance of the ofs. For us, almost everybody on our team works full time, so we give raises of $25 to $75 per month per person. Sometimes we'll give a bigger raise than that. We've given up to like $150 raise for someone, but that's uncommon. Now, all of this depends on how long they've been with the company and their current performance this past year. Now, if you have an hourly person, that raise for us would be somewhere between 15 cents an hour and 50 cents an hour. Sometimes people are giving a dollar an hour. Now, just so you know, if someone's making $5 an hour and you raise them to $6 now, well, you know, that's a. That's a 20% raise. That's pretty good. One of the things that we consider when giving a raise is we want it to be sustainable. So we don't want to be giving a raise so that if we continue giving this raise in four years, that's not a reasonable amount for us to be paying. So that sustainability of raise is important.
