A survey conducted by Payscale found that only 43% of the survey respondents asked for a salary raise in their field, and the majority of them lay between the ages of 18 to 34 years. Also, as stereotypical as it sounds, employees with a higher annual salary received their requested raise, which wasn't the case with the marginally employed individuals.
While salary isn't the only influencing factor in your job satisfaction rate, it does play a vital role in overall motivation and engagement. The process to handling the salary negotiation process is to understand your company's culture, performance, and market conditions.
A slight misstep can end up costing you a bad reputation in front of your seniors, not to mention that it doesn't reflect well on your salary rise. To help swerve those issues, we have shortlisted some effective tricks to help you negotiate your subsequent salary rise.
Familiarize yourself with the appraisal system of the company
Like every company's work ethics are different, their appraisal system will be different as well. Some companies offer an annual appraisal system, while others provide a bi-annual one. So, before you approach your HR or Manager asking about the salary rise, collate all the information involved in the appraisal system of your organization.
Some appraisal meetings are to discuss the efficiency of the employees, while a few others offer an increase in pay and other additional increments. You might have to fill out a form before the meeting to discuss your contribution to the company, and the salary raise the authorities see fit for your performance throughout the year.
Track your accomplishments
No one would know your achievements better than you. So, the next time you consider asking about a salary raise, keep track of all your accomplishments in the company. You can maintain a spreadsheet noting down the contributions in the projects, the kind of innovative ideas you have put forth on the table, and anything that expresses your goodwill in the company.
Over time, the tracker will keep a log for your salary rise meetings where you can present your seniors with the necessary evidence of the value you have provided till now.
Keeping metrics and proper documentation of your evidence makes it easier for you to put forth your expectations and have something back you up with the claims. When you push and challenge yourself to do better, the efforts quantify into value, ensuring that you are compensated well.
Research the job market value
Not every position in a company is going to come with a substantial pay rise. And that's completely normal. However, it would help if you did your research about the same. Start by looking at the annual pay scale of your job role along with the kind of demand it has. Knowing these two metrics will help you decide the worth of the job you are doing.
If you think you are being underpaid according to industry standards, there is nothing wrong with voicing those opinions and asking for a raise.
While gathering such information might have been difficult back in the day, the innovative analytical tools make the process a lot easier. You can go on platforms like Glassdoor to get an idea about the job market value of your position and even the annual pay scale.
Consider your company's context
Not every company has the good fortune to offer quarterly or bi-annual appraisals to their employees every year. A sudden financial struggle or recent layoff can often end up being a barrier to the smooth sailing of the company. In such cases, you need to be empathetic with your employer instead of being too pushy.
With any salary negotiation process, you need to help your employer identify you as an asset to the company's growth. You need to put forth your best value in front of the employer while considering that your expectations might not be fulfilled every time concerning the finances.
Consider bonuses and increments
Aside from the strict increase to your pay scale, there are other ways you can negotiate a salary raise. It can be in the alternate forms of getting stocks, executive benefits, bonuses, or extra vacation time. Focusing on just the salary can make you lose on a lot of profits and benefits that you would have otherwise gotten.
Bonus incentives are highly lucrative, especially in managing the checks and balances. It helps the employee push more to achieve more goals while benefitting the company's growth by the end of the year.
Avoid stilling your focus solely on the "money" side of things. Sometimes, additional bonuses and company benefits fare a lot better over the slight increase in the salary every month.
Avoid emotions overruling your senses
Despite the path the negotiation meeting goes, the last thing you want is to let your emotions override you during the meeting. Instead, keep your cool and be professional with your approach to the conversation. You need to avoid bringing personal grievances or stories into your salary negotiation. Not only is it unprofessional, your boss likely doesn't want to hear them too.
Instead, build the conversation surrounding your values and achievements in the company. Showcase what you are good at and why you deserve the raise. Opting for emotional appeal might gain you sympathy but won't get you the desired results of your salary negotiation.