Are you waiting for a salary hike and trying to figure out how much you will earn post-hike? It is something you need. You will be able to determine the financial impact of an appraisal. Or transferring jobs to another one. You can track your salary negotiations, compare job offers. Or simply measure your maturity when using a salary hike calculator. An effective and fast way to do this surreptitious work. They also help you with performance tracking with much ease. For aligning compensation with the contributions.
This blog includes everything related to salary hike calculators, including usage. Benefits and how advanced HR tools like Savvy HRMS further simplify it.
What is a Salary Hike Calculator?
The salary hike calculator is a digital tool. It calculates the amount of money you’ll be paid in your new salary. That basis itself on your current salary and the new salary offered.
It just takes away the guesswork and gives the sort of transparency that is needed. In salary negotiation and HR planning.
Why Use a Salary Hike Calculator?
- Enlightenment on Growth
You get a clear picture of what your monetary value looks like in professional rates.
- Strong Support
Negotiation Indications pertaining to your appraisals. Or during interviews, about the exact hike percentage. It will help to really strengthen your case.
- Comparison of Jobs Made Easy
This will simply allow you to compare your current package with the new job offers. And make some final decisions.
- Helps Employers Too
The HR professional uses these tools to maintain a fair & transparent salary structure. Within the organization.
Working Simplified with a salary hike calculator
You can calculate salary hikes in just two ways:
- When You Know the Percentage
If you earn a salary of ₹40,000 and get a hike of 15%:
Hike Amount = 15% of ₹40,000 = ₹6,000
New Salary = ₹46,000
- When You Know the New Salary
Current Salary: ₹40,000
New Salary: ₹48,000
Hike Percentage = {(48,000 – 40,000) / 40,000} × 100 = 20%
Salary Management in Savvy HRMS
Its Payroll and Salary Management module is well-regarded. For its embedded salary hike calculators.
With Savvy HRMS, the following dual advantages accrue to employees and HR managers:
- Automated hike calculation
- Customization of the salary structure
- Appraisal management
- Issuance of payslips and tax calculations
- Real-time payroll analytics
Advantages of Savvy HRMS Salary Tools
- Facilitates uniformity and equity in salary structures
- Minimization of miscalculations in manual hike calculation
- Promotes transparency and clarity to boost employee satisfaction
Conclusion
A salary hike calculator is, in fact, a necessity for modern professionals & HRs. This is made all the more seamless through platforms like Savvy HRMS. Giving you access to accurate hike calculations coupled with robust payroll management features. And real-time analytics on salary.
Understanding salary hikes for employees charting their next move. HR managers wrapping their minds around appraisal periods have never been this easy.
FAQs
Q1. Is a salary increase calculator free of charge?
Yes, most of the salary increase calculators available for use online are free to use.
Q2. Does HR software like Savvy HRMS support automatic salary increase calculations?
Yes, Savvy HRMS provides a salary increase calculator within its payroll module. That works in an automated fashion.
Q3. How do we determine the hike percentage?
The formula is: Hike (%) = {(New Salary – Current Salary) / Current Salary} × 100
Q4. Are hike calculators meant only for employees?
No. These calculators serve the purpose of providing a reference for both employees & HR.
Q5. Does Savvy HRMS also help in the making of payslips?
Yes, Savvy HRMS has the option of generating payslips, tax management & full payroll processing.
