5 tips for a good salary hike

Salary negotiations are tough under any circumstances. We really need that extra amount of money but we aren't sure how to get it without being sounded as self-interested jerk. But one thing is sure: “You don't get what you don't ask for.” Just like you will never make any sales if you don't make any calls. However, a large number of people aren't prepared to take the leap because they feel uncomfortable and stressed in asking, so they fail to plan and control the situation, which makes achieving anything difficult.Given that the economic status of a lot of companies has been challenging over the past few years, getting a raise may be hard but not impossible. All you need is some constructive approach. Remember, employees are valuable assets that a company does not want to lose. . Hiring, training and overhead costs may make the expense of hiring someone to replace you could be greater than the cost of your improved salary.But before we elaborate more on how to go about it, remember there is no 'proper' or standard way to ask for a raise or salary increase. People are not often trained to do that so is their approach. They discuss informally; discuss with colleagues and hope the boss gets to hear, but it is not the right way to approach.First you to need to recognize the difference between the role that you perform and your value as an individual (or the employee's value). If you are totally frustrated with your pay levels despite trying all the techniques, it could be that your boss or employer has simply reached the limit of the value that they can place on your role, which is different to your value as an individual. Your reward level will be suppressed if your role does not enable you to perform to the fullest. For instance, a doctor who teaches the students gets the salary of teacher not the doctor's.Salary levels are largely dictated by market forces, and the contribution that the employee makes to organisational performance. Acknowledge and take control of your earnings. Here are some tips: 1. Know what you want and whyFirst ask yourself: what salary do you want and why. If you are seeking a raise, you need to articulate the amount you expect and a compelling reason for it (not because the food prices and your flat rent have increased). Do some research to find out what kind of salary are people getting with the same amount of experience, education and responsibilities. If you are underpaid then demonstrate this with data. Demonstrate your worth, by pointing out inefficiencies that your ideas have reduced or new clients you've brought in.Look for voids that you might fill or problems you might alleviate by getting that promotion or a pay hike.2. Ask for extra work and responsibilitiesBefore going to ask for a raise, a more positive approach is to ask for extra work and responsibility, which you can link to a pay rise, if not now then in the future, This is a grown-up approach that employers respond to better than simply asking for more pay for doing the same job.Another good approach is to ask for a performance related bonus or pay increase subject to achieving more, based on standards or output greater than current or expected levels.3. Present your case to your boss in a positive mannerSalary is normally related to performance, which allows the company to increase your grade, or promote you, or to award a bonus. Talk with your boss about how you can improve your performance and contribution to the organization, in a way that will enable promotion and grading and pay improvement. Remember, a pay hike would be given in lieu of achieving agreed objectives or standards and an increased contribution to organizational performance. To make this happen you must also know what process exists in your organization to enable this exchange.Ask for a face to face meeting rather than try to present your case in a letter. Approach it positively and constructively. Ask what flexibilities exist and what the rationale is for setting and increasing pay levels.4. What if the boss says "No"Going in with an ultimatum is unwise; such threats can harm the working relationship. In times of budget crises, it may be difficult for the company to give you a pay hike, but there are other ways to meet your needs for recognition, autonomy, responsibility or even free time. Show your employer that you're reasonable and understand what the company offers you as a whole, and that salary is one consideration.5. Create a ‘win-win' situationSalary negotiation is not an easy task. If you're about to emerge from your bargaining session without a firm offer of a raise, then strive for a conditional agreement. Be prepared to present a yes-able alternative. For example, you might negotiate an increase (or bonus) that is tied to the accomplishment of a specific goal. "If my plan for decreasing production costs succeeds (say 10 per cent July 31) then, it's fair to receive a bonus equivalent to 10 per cent of that overall savings.” Further, “if I exceed my target by 10 per cent, I get a 5 per cent bonus, and if I exceed my target by 20 per cent, I get a 10 per cent bonus."Put together a list of projects you would like to undertake, along with profit or cost-saving projections, and present them when you negotiate salary again.

5 tips for a good salary hike

Salary negotiations are tough under any circumstances. We really need that extra amount of money but we aren't sure how to get it without being sounded as self-interested jerk. But one thing is sure: “You

Top News

PM Modi welcomes world leaders at Bharat Mandapam during India AI Impact Summit | Video

India sets Guinness World Record with 2.5 lakh AI responsibility pledges in 24 hours at AI Summit

Galgotias University apologises over Chinese robodog row at AI Summit: 'Our representative was...'

Vir Das takes a swipe at Galgotias University robot dog controversy, promotes 'indie dog' adoption