When the employees are underpaid, whenever a problem occurs, they tend to make errors in their strategy. In case an employee needs to ask for a salary increment then here are some helpful tips:
1. Know the worth of the job
If a product has a price then it implies that it has a market value. In order to find the market price of an employee, the employee must network with their peers and check out salary comparison websites. Titles can be misleading. However, employees need to focus on their responsibilities.
2. Research on the pay practices of the company
In case an employee is unaware of internal and external pay practices then ask for an explanation from the head. Employees must talk with the HR manager regarding the salary policies, increment practices, and salary ranges.
3. Being realistic
A company will not pay the salary of a lawyer to the receptionist. In case the employee has reached the maximum salary for the job then the raise may occur only if the market value increases.
4. Confidence counts a lot
If the employee does not believe that he is worth more money then he/she can not convince the boss. So one needs to arm oneself about their own responsibilities, pay comparisons and accomplishments.
5. Focus on sales not begging
The company does not care if the employee is in debt or has five kids. People get hikes only because they add value. Hence the employee must convince the boss about why the employee needs the increment and why he/she deserves it.
6. The employee must not wait until the performance review
It seems like the performance review day is the right day to ask for a salary hike. But it is not the case. In most of the companies, the salaries are discussed with the employees before the performance review, and hence employees must talk with the bosses early.
7. The timing must be efficient
The right time when the employee can ask for an increment is when a major problem is
solved, when a new responsibility is taken, or a challenging project is solved. In case you missed the opportunity or did not complete the task then forget about asking the hike. And if the company recently had laid off or had a sales slump, then it is definitely a bad time.
8. Considering the personality of the boss
Some bosses are convinced with sales pitches while others are convinced with data-driven pitches. Hence an employee must make sure which concept works well.
9. Just do it like that
Asking for money makes most of the employees anxious. However, most of the managers might get offended or surprised by the request. As a result, they might turn the request down.
10. Don’t stop if the manager says no
If the boss says no, then the employee must question him what the employee could do for merit.
If the boss says it’s a bad time, then the employee must question him whether it is reasonable to renew the request.
If the boys say salary increment is an issue, then the employee must question him if a bonus would be fine.