GrantTree, a London-based organisation that helps businesses acquire government funding, follows a unique system of allowing its employees fix their own salaries. In other words, at the time of joining, the employees decide what their salaries should be and also hike the same whenever they wish to.
All they need to do is discuss with their colleagues and convince them. If they feel they have worked a lot more than was expected and achieved way beyond their targets, they just have to bring it up for discussion and if all the co-workers feel that the said employee deserves the increment, she/he can just claim it.
Salary increments are generally given to employees in recognition of their hard work, exemplary performance and skills. Hikes are also given if the employee has taken on extra work or additional responsibilities. Increments are aimed at aligning the employees’ pay with market rates and to allow them to deal with the rising cost of living.
Employers are not legally binding to give pay hikes to their workers. However, the workforce expects hikes periodically. It has come to be a common and accepted practice. But such hikes are given only at the employer’s discretion. The timing and frequency of such hikes is also decided by the employer.
At GrantTree, however, its 45 employees fix and alter their salaries themselves and also hike them whenever they feel they deserve a raise. In fact, even the timing and frequency is determined by the employees themselves. Some of the employees have increased their salary by six lakh rupees a year.