Fresher or experienced- we are always thinking ahead for how much hike should we ask or how to negotiate the salary. Staying or Switching jobs and getting a promotion is everyone's confusion, especially during the appraisal period. We all work hard to do more and get more as the salary increment. As an employer, it is also important to give the employees the appraisal they deserve for their hard work and time devoted to the organization. Employees themselves try to contribute more and more and manage among their colleagues/ contestants to get better. But sometimes, over a period of time, the process gets off balance despite healthy competition. Doesn’t it?
Remember, there is a delicate way to ask for the hike. Don't be in too much hurry- your work must have spoken for yourself and you need to have proper support/ evidence of your contributions.
Salary Hike Pattern:
Simply putting down papers and waiting for the current company to retain you with better pay;
Switching to a new company with a raise and/ or promotion.
Resignation in both cases needs negotiation as the next step to get the desired amount of pay. The trend of opportunism in corporates is common and a two-way road.
A resignation may also have any intention of asking for a hike.
Interesting Fact- More than 70 percent of job change leads to salary raise!!!
The Salary Hike Discussion
No two people on the Earth are the same, and nor do their skill sets. People keep using their skill sets to the best use and minimize the effect of their shortcomings on the final output. But, when the final decisions related to salary hikes and promotions come, there is qualitative assessment; and so various differences in everyone’s perceptions about the best performances prop up. The major reason for this difference lies in different perspectives while understanding the most important skill sets to succeed in a task.
As individuals, we always give minimum weightage to the traits that are actually our shortcomings and more weightage to the traits that are our strengths. As a result, we generally consider ourselves to be more eligible for a certain benefit - be it hike or promotion.
In the end, this difference in perception leads to dissatisfaction in the appraisals and salary hikes given in any company; which is further dragged down towards jealousy for those promoted. The effective the feedback is, the better it is to take such decisions, which need to be more coherent and as quantitative as possible.
Moreover, the company needs to take the necessary steps to keep employees in the healthy competition mode, which helps everyone work in a positive spirit, while working on their shortcomings and avoiding a situation such as burnout at work.
Plan B Discussion
This is always a better option, in case you have a chance of failing the discussion from your end. So, whenever you are in such a dilemma, one can, and this is also a common pattern to be ready with another offer. This is a safe option for candidates looking for a great hike and/ or promotion. Plan B also works well when a candidate wants to assess his value based on his skills and experience.
Close the Deal
One should be clear of what all he/ she wants after the end of this discussion. If you want benefits as well as salary, keep all the points side by side. Do not keep focusing on one point. Justify what you deserve while explaining your contributions to get the perks, designation, or bonus. Just see you are not crossing the line towards bragging.
Now the steps you have to go through as in the appraisal process are:
Self Appraisal
Supervisor Rating & Review
One on one meeting with the reviewer and/ or HR
Briefly, calmness, rationality, firmness!
During the Salary Hike Negotiation, these traits should be reflected in your words and tone for your salary hike negotiation:
Know your worth properly
Talking on the basis of what you deserve is always going to work in your favor. Just see that you are not mixing your desires and what you actually deserve. So, you need to be thorough with your self-assessment. If needed, take notes after submitting.
Be Clear of what you want
Know what should be your salary range and express the increase and the whys of it. Also, get the information about the compensation as per the policies. Your justification should be logical for what you are asking.
Talk about your performance constructively
It is like feedback to yourself. Talk about your areas of development and where you are already working. Give examples or instances to support your arguments and statements.
Don't Compare, Ever!
This answers your how much hike to ask, precisely. Knowing the company standard, most likely you will end up getting that only with an exception of exceptional performances that might accompany promotion. And in case, you already know the salary of your colleagues, you should never bring up them in such a discussion. And comparing will always hurt and distract you.
Be a bit rigid and flexible at places
You have to be rigid in your rationality while talking about your performance and hence justifying your worth. Be a bit flexible while leveraging a few things here and there, say, a 40 or a 45 percent raise.
Keep your Goals clear
You need to say your goals or your plans of taking your responsibilities forward. This justifies your seriousness towards the job to let the Manager and HR know that you are only benefiting them.
Can you think of any other suggestions? Drop a comment!!
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