The average pay raise in America is 3% while the average pay bump a person gets when changing positions is 10-20%. Exceptional performers will never stay if they only receive the Finance-approved standard raise, so you have to find ways around this economic reality as a manager. The easiest way to justify a 10-20% raise is through a title change, so be sure to understand the career progressions for your employees. Your HR team will deny your 10% salary increase for their current role, but will often approve 20% as a part of a merit-based promotion.
Contributors: Josh Braaten from Brandish Insights