5 Tips To Getting A Pay Raise
Asking for a raise can be quite a taboo in Malaysia; it’s akin to being rude to your elders. However, no thanks to rising inflation and escalating need for a better lifestyle, we all need a pay raise now and then to cope with everyday life.
Here are a few ways you can start working on getting the raise you think you deserve!
1. Empathise and be realistic
Before approaching your employers, it is always best to know what the financial situation of the company is. Find out more about your company’s revenue stream to see where the company stands. Identify your direct contribution to the bottom line.
Break down your current salary to the days and hours to get a rough idea of what you are getting as opposed to what you are supposed to get. It’s good to be sure that you’re of value before knocking on your boss’s door.
2. Establish a strong personal brand
You are your own brand and it matters no matter which position you are in. If you’re looking to install a broadband service at your new home, would you Google for an internet provider or do you already have an operator in mind?
This exact situation occurs at work every day. Imagine your boss saying, “Get that person, who, err…, does the admin stuff to see me later,” as opposed to “Can you ask (your name) to see me later?” If it’s the latter, it clearly means that you’ve established yourself as the go-to-person for a specific task.
3. Use your performance review
Once or twice a year, you and your supervisor will sit together to review your performance. This is the perfect opportunity for you to bring up an increment!
Of course, you don’t have to thump your chest too hard to show your worth, but your self-confidence in informing why you deserve a raise will go a long way. Justify why your contributions has helped and will continue to help boost the company’s profits.
This works if you have fantastic achievements recognised by not only your department, but others as well.
4. Be original, raise the bet
There is a saying, “nobody is indispensible”, and it applies to all salary earning individuals. Check out online job search portals regularly to find out the market rate for someone of your qualification and experience.
It is advisable to not overestimate your talent when talking to your employer on possible pay raise. The bosses know that you can be replaced, but remind them indirectly that a replacement can never substitute the original and that it’ll take them a long time to train them up.
Sean Connery was paid millions (during a time when such pay was unheard of for an actor) as James Bond in the series of the same name. There have been replacements for James Bond, but the original actors are the ones most deeply engraved in people’s minds.
5. Timing is everything
Bringing up the subject of a raise must be done at the most opportune time. If you can’t wait for the next performance review, pick your time carefully.
By choosing to bring up the subject when your office is going through financial turmoil can most definitely result in a negative response from your boss. Be alert of the company’s financial standing and (probably more importantly) your boss’ mood before approaching.
Timing really is everything when it comes to something like this! All the best!
Did you successfully negotiate a pay raise? Tell us how below!