Do you want to get more salary than what you are getting now? Then, this is the time to ask for a high salary appraisal. Asking for a raise is not an anxiety-creating situation as it is mostly thought to be. But, the situation will not be so intimidating if you truly deserve a high salary appraisal.
With the number of short-term contracts and downsizing ratio, there is a climate of job insecurity, and many employees are afraid to ask for a salary increase. Instead, they opt for switching to another company. However, the easier and better way would be to negotiate with the current employer. Senior management and employers understand the importance of experienced employees. They also understand the difficulty to find and recruit new people. So, just by speaking to them overcoming your fears could result in a happy outcome.
The success rate of getting a pay hike lies in the approach and strategies used. However, there is one thing before implementing the strategies, and that is proper timing. While considering the matter of pay hike, you need to review certain things like the company’s present financial condition and general economic scenario in the job market. If both are of satisfactory level, then you can proceed with the following tips.
10 Tips for Salary Raise
1- Analyze your worth
Before approaching your employer or management staff for a pay hike, you need to analyze how much you are really worth for the appraisal hike. You can evaluate this from 8 personal variables, which are as follows –
Academic qualifications are directly proportional to the pay packet. Quality or the grade of education, institute passed from, and such other related things also play a role in determining the salary. If you think you satisfy all the parameters and have more than the required, you can talk to the employer for a salary hike.
Years of experience
In general, the more is the year of experience, the higher is your chance of an increased salary. So, if your experience in the particular field is a little bit more than what is required by the company, you can emphasize on that.
Most employers make the salary decision of employees partly on the basis of individual performance. So, evaluate yourself on which aspects you have done value addition to the company.
Number of reports
If you have more number of subordinates reporting to you, the higher would be the expected salary hike. While discussing with your employer, you need to point out the successes ratio of the number of people reporting to you.
Hazardous working condition
If your job involves working under dangerous situations, which can range from handling chemicals to going for an inspection in a dangerous part of the town, then you can talk about an additional pay.
During urgent project work if you have gladly opted to work outside “normal working hours”, then you can ask for an extra pay packet.
Professional association and certification
If you have additional certification and professional associations that would directly or indirectly add value to the current job, then you can point this out during the discussion.
While analyzing yourself, you need to keep in mind whether your boss has a higher position on the company hierarchy and whether his decisions or recommendations will effect on your salary review.
2- List your accomplishments
You need to prepare a list of the accomplishments you have made toward the company so far. The accomplishments can be regarding staff development and training, productivity improvement, cost-saving proposals, achievement of important projects, and so on.
3 - Know company’s appraisal policy
Before talking to your boss, you can talk to the HR department and know about the appraisal hike policy of the company. You need to know whether the salary appraisal hike is on the basis of designations or a fixed schedule, who takes the decision of appraisal and whether the company requires annual performance review of employees for determining hike.
4 - Research Market
Before asking for a pay hike, you need to research the local market. Find out the salary rates for your current designation, skills and experience. If you are already receiving a pay that is higher or is at par with the market rate, then negotiating for a hike would not be the best option.
5 - Be flexible
Do not start salary hike appraisal discussion with your boss with an ultimatum in your mind. You need to be open-minded to understand the company’s perspective and rationalize your demands. If the company is ready to offer you perquisites and other benefits, you can compromise about the size of hike.
6 - Review your work
You need to review the work history and pay specific attention to the projects you have worked on so far. You can make a list of problems you have solved and helped in increasing company’s profit. While reviewing your work history, you need to understand whether you have added at least 20% more than your stipulated work.
7 - Consider your future value
You need to convince your boss that you are already a step ahead in thinking about increasing the company’s productivity and profit. You can talk about some planned long-term objectives and goals that will prove beneficial for the company.
8 - Schedule the meeting
The best way for holding the discussion is letting your boss know and schedule a fixed timing for it. Sudden talking about salary hike might prove negative even if you are the most deserving employee.
9 - Do not act on impulse
Always keep your cool during the discussion with your boss. Never get confrontational or plead on emotional grounds. Bursting into tears if the boss refuses for a pay hike is also strictly discouraged. Do not threaten to leave the job if your request is turned down which is another common but serious mistake. This shows lack of loyalty to the company.
10 - Find a mentor
Before going for the final discussion with your boss, you can find a senior mentor in your company and ask him or her to evaluate you. You can then understand whether your accomplishments are of real value.