How to Get a Salary Increase
Posted in Salaries & Benefits
Asking for a salary increase can be rewarding and successful if you do it correctly. There are no prevailing methods, but there are various approaches on how to get one. The following are some tips on how to get a salary increase:
Negotiate
Whatever approach you use in securing your salary increase, you have to negotiate. If you're expecting a 12% increase, ask for an 18% or 19% increase and negotiate with your boss or employer. You'll have a more bargaining power if your job in the organization is critical, if you would be hard to replace if you left the company, or if you're underpaid.
Arrange a meeting
You must not write your boss/employer a request letter or email regarding the salary increase, unless you really have to. It's best to arrange a meeting instead with your immediate superior and discuss your request in the meeting. Even if he or she is not around at the moment, it will help to wait until you can discuss with him or her your request face to face. On rare cases, you may write a letter to explain why you deserve to receive a salary increase more than your immediate superior's salary.
Evaluate how much you're worthy of the increase
Many companies review the salary of their employees annually. Asking for a salary increase at your annual review is perfectly OK, provided that you really deserve it. You need to evaluate your worth in the marketplace. You can use this as a benchmark for how much the increase should be. Make monthly notes of your contributions to the company and how you've benefited them as well as their clients. Excellent achievements are a great justification for a salary increase.
Ask for a salary increase if you deserve it
If you think you deserve a salary increase, then ask for it. Don't give up if your employer says that the faltering economy is greatly affecting the company and that they're not giving anyone in the company a salary increase. You can be persistent if you think you deserve an increase. However, always be professional and reasonable. Don't push your employer to make a brisk decision.
Timing is important
If negative factors like slumping economy, high unemployment rate in your industry or field, or you're not confident about your performance, then it's better to delay your request or don't be persistent at least until conditions improve. Basically, you can ask for an increase any time, but it's recommended that you ask after your company reports good financial performance, before the following year's budget, or after completing a very important project.
