If you're not sure how to compute a salary increase, the pay raise calculator may help you figure out how much you'll get paid and what percentage you'll get paid.
The pay raise calculator uses the following formula:
new salary = old salary + old salary * raise %
If you know the raise % and want to figure out what your new salary will be, follow these steps:
Using the previous paragraph as an example:
new salary = $35,000 + $35,000 * 0.1
new salary = $38,500
What if you already know your new salary and want to compute the salary Raise percentage? You can acquire this equation by rearranging the equation from the beginning of this section:
raise = (new salary - old salary) / old salary * 100%
Let's say you used to make $25 per hour but now make $30. How do you figure out how much of a raise you got?
raise = ($30 - $25) / $25 * 100%
raise = 20%
Your boss increased your salary by 20%.
A pay raise may be awarded based on the following factors, depending on the company's strategy:
Let's imagine you're considering changing employment to save money for your own business. Your current boss recognizes your abilities and offers you a 10% raise to persuade you to stay with him. The offer seems appealing, but you'd like to know how much money it's worth and how it compares to the pay you'd get at the other position.
You currently earn $35,000 each month and work 50 hours per week (some say a little too much). You plug the figures into the pay raise calculator and discover that with the boost, you'll earn an extra $3,500 each month, for a total of $38,500 per month. You were offered a salary of $50,000 at the previous job interview. You decide to take the new job after evaluating other variables such as development prospects.
The following is the step by step procedure to calculate a salary increase;
1. How much does a normal promotion raise the cost?
Promotions within the same firm are normally around 3%, however, a person switching jobs might expect a wage hike of 10% to 20%. Furthermore, you may earn a promotion without a corresponding pay raise.
2. When is the greatest time to request a raise in pay?
A smart opportunity to seek additional money is during your yearly performance review, as well as at the end of your company's fiscal year. If you know that compensation increases will be finalized in January, requesting in December will be too late because the budget will have already been set.
3. How do I calculate pay Raise?