Get a Salary Rise: Six Tips

[Badshah Mamun]

Get a Salary Rise: Six Tips

Every day you go to work and you sell your products or services with passion and belief in their abilities. But how well can you sell 'Me Ltd'? If you feel that you are underpaid for the work that you do, would you know how to approach your employer to ask for a raise? Probably not, and most employers are wise to this.

According to the Chartered Institute of Personnel and Development, only a quarter of workers will get a pay rise this year which means that most of us will not get a rise at all.

So, how can you successfully negotiate a salary increase from your employer?

1. Ask for a meeting
Simply ask for a review meeting to discuss your performance but don't mention the main purpose because your boss is more likely to say 'No' there and then. You need to take control of the situation and arrange a meeting which will enable you to make your case and sell your argument.

2. Do your homework
You wouldn't walk into a client meeting unprepared would you? The same rule applies to asking for a pay rise.

Get up to speed with the average salaries in your industry for the role that you do -- look on the Internet, many Web sites have salary checkers that you can use, and look at job adverts to determine your actual worth. This will help you to make a strong argument for the figure you are asking for.

3. Get your timing right
Nobody owes you a job and no boss has to give you a pay rise simply because you want one. So, before you walk into you boss's office demanding that you get a pay increase, take a step back and ask yourself a few things first.

Was your last increase within the last nine months? If yes, ask yourself why you warrant another increase so soon. Has your performance justified asking for more money, have you been consistently achieving your targets? Do you outperform your colleagues?

The best time to negotiate is after a period of consistent performance that makes you the obvious candidate for a pay rise.

And, ask for it on a Friday afternoon because the boss will then have the weekend to worry about whether you are planning to leave the company or not.

4. Negotiate from a position of power
Put yourself in your boss's shoes, see your boss as your client -- he pays you to do a job for him and, if you want to increase your sales [salary], you need to justify the reasons why he should invest more of his annual personnel budget in you.

So, be prepared to sell your strengths and evidence of success. Demonstrate your contribution to revenue, cost-savings, increased revenues for your territory or quality of customer service for the last and next six months.

It is probable that your boss is not the final decision maker so you need to make your argument clear and concise to help get buy-in from the chain of command. Therefore, document it in a presentation format -- your boss may not remember what you have done and facts and figures are more effective when presented than when spoken.

Remember, pay raises are not about being fair; they are a business decision like all other business decisions and your boss will want to know what he will get in return from this extra investment.

5. Have a back-up plan if the answer is 'No'
Sometimes there are genuine reasons why you may not get a pay rise, such as economic conditions in the industry. But, it's not all about the money. Just because your boss has said 'No' to a pay rise doesn't mean that you cannot ask for non-financial benefits as an alternative.

You could ask for more paid time-off, a higher car-allowance or subsidised gym membership to help burn off all the extra calories gained during the festive period.

Perhaps you could ask for training and development that will enhance your skills and, ultimately, marketability - the company are more inclined to pay for this. After all, employees are the companies' biggest assets.

6. Finally, don't burn your bridges
If despite your best efforts you have not been able to successfully negotiate the pay rise that you want, you may decide that you feel undervalued by the organisation. But, at the very least, you should leave the door open for approaching the subject again in six months' time.

Even if you decide to look for another job don't do it with a bitter attitude. Who knows when your paths may cross again in the future.

Source: http://www.careerbuilder.co.in/Article/CB-22-Workplace-Issues-Get-a-Salary-Rise-Six-Tips/