Every employee wants a salary hike. A pay increase acts as a motivating factor. He can work with great enthusiasm and positivity. Asking for a pay hike can be a daunting task for many. Don’t get unnerved; because you are not alone. Many employees who are already serving their company for years and are posted in higher ranks, find the task difficult. You may be shy; you may be an introvert; you may get tensed or simply don’t know what to say during negotiation. Instead of delving deep into the matter, you may read the following tips that address the relevant topic.
If you are an employee who is doing real hard work and proving beneficial to the company, you must not shy away from walking into your manager’s or boss’s cabin and ask for a pay hike. But before taking this big step, you must be aware of some basic rules like:
- What is the best time to take the plunge? It is not a great idea to wait for the annual review which rewards with small hikes on an average. Based on your good performance, you may also plan to talk to your boss well ahead of the performance review cycle. Usually an off-cycle discussion can result in a salary adjustment. Ideally, you must take the plunge once you have achieved some great heights or your performance has directly contributed to the company’s record-breaking sales numbers.
- There is no alternative to hard work. So just focus on your work, your role as a team member and note down all performance indicators. During negotiation, you will have to discuss more about these positive factors. How much hike you will get is directly proportional to your performance.
- Some basic homework is essential. Find out how much a person with your degrees, skill sets and experience earns and the percentage of pay hikes in other companies across the industry. Also do some research about the salary hikes patterns in your company for the past 3- 4 years. The result of these two studies will make you get an idea of the approximate hike you can ask for.
- In many cases, employers agree to give you a hike if they view you as a candidate who is doing the work of an employee of the next higher level. So understand the roles and responsibilities of the higher level and show your capability of accomplishing the next level tasks.
- All bosses or managers are busy individuals. An employee going to them for a salary hike is no more a serious matter for them. Thus you need to strike the right chord by knowing what mode works best for your manager or boss. He might like to have direct talk with you or prefer you to send a neat and detailed data-based email before conducting the one-on-one conversation.
- You must wait for the other person to give you the offer. Don’t push yourself to make the offer first because you might underestimate yourself thereby asking for less.
- Lack of confidence during the important meeting can land you in trouble. An informal preparation like practising with a tape recorder or a friend will ease out your nervousness. Use professional phrases and sentence. Also prepare for different situations. For example, your manager might not be satisfied from your points; then what you can add further, how you will convince him. This will certainly boost your confidence and career in the long run.
Asking for more money should not become an awkward experience for either the employee or the employer. Some behaviour is not expected from you as an employee. Besides following the above-mentioned golden rules, you must avoid these ‘no-nos’:
- While talking during a negotiation, many employees say that they haven’t had a salary rise since a certain period of time. Not having a rise isn’t any excuse and this does not hold any value in this recession hit economy. Endless number of people works without getting any hike for years. Suffering from the fear of being fired by the company, they remain happy with their current salary. Besides your manager will show you many reasons for not paying you more. So it is better to concentrate on your own strengths and ask for a raise for being a valuable employee to the company.
- Don’t say that you have completed one year, worked really hard and thus deserve a hike. Once your manager or team lead reviews your performance and gives you really good points, you have a chance to ask for a review. But simply because you have completed one year does not mean that you will have an increase in salary.
- Don’t ask for a pay rise if you think you have done what you were supposed to do. Remember your boss will want you to go some extra miles and prove yourself as a brilliant asset. This means you might have to do many works that your juniors are seniors are doing, although these are not mentioned in your offer letter. Thus, saying ‘I am doing what I am supposed to do’ will not impress your boss. You must prove that you can do much more than what you are expected to do and your company is reaping the benefits from your work.
- When not to ask for a hike is a vital point. For example, if the company is facing poor times and its annual turnover is not at all satisfactory, you must not think about negotiation. In situations where some of your colleagues are already fired, some are serving the notice period and yet many like you are retained, you must not act unprofessionally.
Thus negotiation can turn into a good experience for the employee. Restrain yourself from negative emotions like anger, frustration warnings or any foul game planning. Instead create an atmosphere characterised by faith and professionalism. Now don’t shy away; face it and ask, at least for once, so that you don’t have any regrets later. Try to get paid for what you deserve.