Demand for a salary increase is a usual practice by every individual in these economic conditions.
People can’t meet the standard living conditions with the old salary.
Some people ask for the increase because they consider themselves deserving of the salary rise or see their peers getting a more handsome income than them.
If you are looking for conditions in which you can increase your salary, take a look at those tactical ways listed below, which might be helpful for you.
Getting a salary that is worth for your skill is the most crucial factor to be satisfied by the job or company.
Mostly, people get disheartened or fail at their jobs because they are unsatisfied with their current salary.
They feel no hope for their future, and their skills vanish with time.
A deserving salary helps people be more productive and valuable for their company, and more financially secure for their future.
Some people find it difficult to demand a salary increase for fear of losing jobs, but here are some of the strategic ways that will be helpful in getting your deserved salary.
1. Find Your Competitive Worth:
Mostly, people are doing the jobs without finding their actual worth for their designated position; they are working on.
Before taking any step, you have to find the salary worth your designation from magazines, trends, and online sites like Glassdoor or PayScale.
You can see the competitive companies’ wages for the same position.
If you are getting less than the required or the actual salary other companies offer, here is your kicking point to start your negotiations.
2. Evaluate the Surrounding Environment;
If you are gearing up for the negotiations with the company, give a look at the company environment and evaluate the current situation of the company.
For this, you can assess the economic conditions of the company, whether the company has been a good revenue generator from the past few months or towards its downfall.
Consider the other’s company environment and try to find out if they are on a hiring spree these days.
These factors are enough to get the know-how of the company and its condition. If you still consider your demand fair, the stage is yours.
3. Choose the Right Timing:
Here is the crucial factor: make sure to put your demand on the right time.
There are high chances you will be listened at this time.
For example, if you have just accomplished a big project that helped the company generate high revenue, or you have done something extraordinary.
It is the time to keep your boss intact and make him consider your demand, as he will already be inclined to your skills and expertise.
4. Prepare a Solid Case:
To present your demand fairly, try to make a documentation report of all the projects, additional tasks, and responsibilities you have taken on.
It is your time to remind the company about your contribution and the value you have added.
Some people ignore this factor, but make sure to convince the boss by assuring him of taking on new project responsibilities with the same commitment to the company’s goals and objectives.
For a more solid articulation of your salary case, try to suggest a plan for the company’s success.
5. Research the Company’s Allowance:
People ignore the company’s perks or benefits that come along with the salary.
You have to consider these factors for better negotiation.
For this, you have to research the company’s policies and packages they are offering to their employees.
For example, If you want health insurance or other benefits, you can negotiate about this rather than a salary increase.
There is a high possibility that people prefer extra perks such as more holidays and health or educational insurance over a mere increase in salary.
6. Set A Meeting Time:
Employees make one mistake: they just directly go to the boss for negotiation.
This is not a formal way to take things head-on.
Write a proper email to your boss or manager asking for their time.
A well-structured and brief E-mail will be a lot of help to you.
If you get the reply about the timing, reach on time.
If you don’t get a response, wait for a day and ask directly from the boss about his free time.
Hence, your time is set now.
7. Rehearse Your Script:
Most employees get confused or nervous before putting their demands before the boss.
To avoid this, try to write down all the points and rehearse them.
You have to practice it, or you can say it out loud two or three times before going in front of the boss; it will help you calm your nerves.
Often, people make the mistake of memorizing the script and reading it like a robot in the boss’s office, which leaves a wrong impression.
8. Be Mindful of Objections:
There is no confirmation that the boss will accept your request for a salary increase.
You have to prepare yourself for the worst situation.
For this, consider all those crucial reasons your boss might not think your demand.
For example, if your boss excuses due to the company’s economic situation.
You have to come up with a proper response and argument.
There is a tip: you mustn’t go high at the beginning; try to increase your arguments gradually.
9. Get A Written Offer:
If by the end of all negotiations, your boss agrees to it, don’t forget to get a written informal confirmation.
An official email letter can come later on.
In most cases, bosses deny any kind of raise, and those verbal arguments go to waste.
Employees can’t do anything in this case because of no proof.
To avoid any of these conditions, you must have a proof in your hand to get your fair due.
10. Send Gratitude:
After getting the salary increase, employees forget to pay gratitude to their boss, which shows a lack of professionalism.
You can select any medium to offer your gratitude or thank you.
The best medium is Email, in a well-organized way, showing appreciation.
Assure your boss that this increase will not impact your performance negatively and show interest in the company’s success.
That was the complete guide on the practical ways to increase your salary.
Make sure to be respectful and elegant during the whole negotiation process.
You reasonably need an increased salary, but you must listen to other’s perspectives, too, before putting up a serious negotiation.
Try to be gentle and confident; hopefully, the increase will come your way!