The nature and amount of payment of salary for the employees has kept changing over the past several years.
With the expansion of corporations and high rise in profits, most of the employees have always expected a raise in their salary.
A salary plus incentives is generally decided by the management of the organization and it largely depends upon ones’ skill and experience. Factors such as the economy prospects largely affect the salary raises.
A report on thebalacecareers.com puts things into perspective and gives us a worthy statistic that high performing, superior employees can expect to receive as much as 4.5 percent to 5 percent in their salary and, in some cases, up to 10 percent based on their performance. Companies tend to forecast a 3% increase for each year. A 10% rise is huge, right?
Generally, a 10% raise is unimaginable and close to impossible. Companies are always reluctant to raise this bar as they have a variety of factors to pay to! Every employee in this generation always has a dream of achieving the best raise in their respective salary. A simple raise can boost your salary in a substantial manner. Of course, it creates an aura of respect around you and invokes a sense of achievement.
Achieving a raise creates a great feeling in you and makes the company conscious about your dedication and persistence as well! Let us all agree on this, apart from respect and stuff the main reason to expect a salary raise is to have some extra cash in hand after paying some dreadful EMI’s.
Before you begin expecting some great revitalization in your current salary status, you need to do some simple homework. Ready? I’ll help you with the homework. First things first, companies always schedule some definite rise for you annually. They usually budget some 4-5% raise or it may even be lower depending upon your commitment and tenacity to the company or corporation.
I’m sorry to break this to you but once you have got this point right, you should start being realistic regarding a definite raise in the salary.
Requesting a huge rise could seem very unprofessional and indecorous. You should be practical and begin requesting some small chunks of raise. Once we have done with the homework, we need to pace up with the entire agenda. For convenience, I have articulated the entire strategy with pragmatic steps.
What makes you fit for this?
Begin studying the current trend of salary raises and make a report.
Identify the people who have received raises and jot down the factors that you think made them achieve this goal. If they are familiar to you, you can ask the process that they followed which led them to the path of a more than ordinary employee to receive a raise.
Try writing your plans to achieve these goals. For example, make a goal of completing a task before a deadline. That is how you will be able to make some great impression!
Let us begin by asking ourselves.
How are we as an employee?
Are we just an employee to this organization or are we like an indispensable part to it?
How is our relation with our colleagues and most importantly with our executive board?
Am I working diligently to bring the best to this corporation?
Hear this out loud and clear,a salary rise is not your right. Yes, this is the ethical thumb rule of the industry. Most employees live in a pretty bad notion that a salary rise is their birth right. It is important but is not a right.
If you are trying your best to bring profits to your company, putting in your 100% and driving the company out of a crisis, you definitely deserve a raise. You need to make a request.
Corporations closely monitor your work as well as your progress. If you are on track of the required projects and deadlines, the committee will think about your request. They cannot afford to keep an awesome employee hanging in between the thoughts of a boost in his salary. You are like a valuable asset to them. If you think you are not up to the mark, you can try and begin working even more!
Make a ‘Request’
If you were planning to demand your raise, trust me this is would not work at all! Demanding a salary rise turns the situation against your favor.
The company would then have the complete right to reject your demand no matter how genuine it is.
Demanding things seems to be unprofessional and also rude at times. Go with a softer version of a demand that is, a request. Be polite and respectful. Let the corporation understand that this is a genuine case of a salary raise. Being courteous helps!
Why do you need a raise?
Once you request about the raise, the board is bound to ask this one question. Why do you need a raise? Though they know answers to it, they would want to hear your opinions about it.
Be straightforward and gentle while you answer. Tell them about the responsibilities and tasks you have handled over the period of time. Showcase the improvement in your skills.
Try highlighting the amount of efforts and dedication you are trying to put in for the best of the company’s interest.
Once you complete explaining the current situation and progress, let the executive board know that you are ready to learn some more skills and responsibilities to handle. They’ll consider agreeing to your request.
Use Data and statistics as a tool
‘What gets measured gets managed’! Start measuring all your efforts for some allotted time interval. Analyze if you are doing things right and get it on paper. Stop calculating the time of your job and start focusing on the hard work that is put in.
Use your facts and thoughts as they’ll do the best to convince the board for a raise. On the same side of the spectrum do not be too diplomatic about your salary. Show some of your best accomplishments as an employee.
Give the board some time to think about the request that was put forward.
You also need to refrain from expecting very huge raises. Let us be realistic. A great salary boost hardly happens. If you are currently paid Rs. 50,000 and you start expecting your salary to touch a bar of Rs. 60,000, that won’t be happening.
Timing as well as the mood matters!
Do you know your boss or your manager well? Is he a short tempered guy or a chilled out person? There are times when the timing turns out to be wrong and the entire game is spoiled.
Instead of guessing his mood you should prefer observing him on the day you wish to meet him. You may casually ask his assistant about his state of mind and judge his temper that day.
You may even begin by sending him a formal invite over his email or desk and ask him if he can be available for a short meeting. Once he agrees to meet you, be courteous and do not be late!
Being vague about the raise
“How much raise do you expect, Sam”?, “Umm! I’m not very clear about it, Sir.”
As I mentioned earlier, you should stop expecting any great raise. If you blurt out some number and that proves to be a wrong one, things may take a wrong turn and your raise might get postponed!
Ask what the company thinks about it.
I would suggest you that let the board make the first move. Let them create a baseline of the entire salary boost. Once they clear out the air about the percentage of raise, you can begin with a gradual negotiation in an ethical manner.
Contemplating about the company
Here comes the most important part! There are times when the company is earning profits as small as peanuts. They cannot risk their financial base by raising your salary.
Instead of being extremely adamant about the raise, take a bigger stand over the situation. Let the corporation know that you are in favor of them.
Convey your message to them but on the same hand let them understand that you know the company is not in a position of giving you a raise. Make them feel comfortable about you and make sure you tell them that it would be alright if the salary raise was not possible at the moment.
Make sure you take some solid assurance from the organization that when it’ll begin reaping some great cash they’ll think of promoting you at the earliest. You need to get this fix that your financial value to the company is far better than the current pay which you receive.
This is the professionalism that I’m talking about which in turn ensures two great things for you.
- You make some pretty great relations with the board and the company as a whole.
- You have a higher chance of getting promoted over your colleagues in the next financial year.
Having a lion’s heart
Many companies cannot compromise on the current pay and hence are very reluctant to raise your salary. What do you do during this situation?
Of course in the beginning you should request for it. If the company has ‘No’ as the answer, ask them if they can make some other arrangements like changing your title or responsibility.
Companies may agree on this at least. You should start thinking about every tiny perspective that the company perceives. Once you get set here, you may soon outshine others as well as the probability of getting a raise the next time you approach them increases.
Being fluidic with your approach will help a lot to you in the coming years of your career at the respective company.
The sooner you understand this point the better it is!. To be precise, comparing your salary with someone else never helps!
It is rather viewed as a child like behavior which will never be accepted by the industry! Decipher this as soon as possible that your skills, efforts are different from your colleagues and so will your salary be.
The more you compare, the more you’ll feel unsatisfied with your job and the entire process of getting a raise will take some long time!
I have also seen a lot of people criticizing others just because the other party has got some raise. This degrades your image that you keep trying to keep the best. It is in our best interests to refrain from such kind of doings!
Being patient and polite
Great deals take some time to occur. You can’t always expect everything in your favor. During this entire scenario, you should learn to have some patience.
There may be times that your request might get rejected just to check how you react in the situation. No matter what the verdict is, you must stay polite to your seniors.
Being patient and polite is one of the best strategies to win any losing argument!
There are people who run down deep in their emotions and threaten to leave the company if their salary isn’t increased.
Do you know how the company would react to this weird action of yours? No matter how great employee you are, they’ll hand you your resignation form and ask you to actually leave! This behavior does not fit in any corporate etiquette.
Never commit this mistake in your entire life!
As the market was haunted by the dreadful recession during the past few years, many companies have to think twice before raising your salary.
Corporations do care for their employees are they are their greatest assets. As we expect raises in our respective salary even the company expects us to put in some real persistence and dedication.
There are times when many performers have to settle with average salary raise. You are not alone. Some extra efforts would be enough for a satisfactory raise. Best wishes to you!