This is a sensitive topic that many employees and bosses face. So today, let me share with you some tactical and strategic tips that will help you to secure the increment you wanted.
Have you been working really hard and staying back at work just to get things done? Or do you feel that you should be getting more than what you are currently getting, especially when your colleagues are getting more than you do? Well, there are several ways to go about it. You can patiently wait to get noticed by your boss and then propose an increment, but likely the chances are that you wont succeed. You need something else, a plan to build a strong case on why you deserve a pay increment. Put yourself in the shoes of your boss and start planning that way.
Determine your market worth
First, you need to do some research of what the industry is paying for similar job roles as yours. There are great websites on current market salaries, other resources can be newspaper cuttings, magazines, newsletters and even employment advertisements. Not only these, you might want to talk to people with similar job scope or discuss with executive search firms to find out your market worth.
You need a strong case
That’s the main part of your plan, a strategy and a series of justification on why you deserve an increment. Sell yourself like you would during your first interview, highlight your achievements throughout your time with the company and also include your past experience in other companies. Justify it with your performance and contributions to the company. The main idea here is to show how much value you have contributed to the company.Articulate your commitment and be ready to take new responsibilities and projects, sometimes even a change in job scope.
Learn the art of negotiation
Be realistic, and always think in the shoes of your boss and company. Sometimes, it is not that bosses don’t want to increase your salary, but due to limitations of the company. So always keep an open mind and be flexible to other forms of compensation and benefits. Depending on what motivates you, you can request for other perks that will make you as happy as a pay increment! It can be monetary of non-monetary like, working from home, travel opportunities, course sponsorship or even more leave for longer weekends!
Be professional
No matter how the negotiation goes, always keep a positive attitude and let your bosses know that you appreciate all the effort put in. It may not be that you are worthy for a pay raise, but sometimes due to market limitations and company’s performance. Always be ready for the next negotiation when the environment changes. Keep a record of your achievements and don’t be too pushy about it.
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