It is that time of the year when plenty of employees think of changing their jobs in the hope of getting a big raise. However, sadly, not many of them focus on finding growth in their current place of work. The fact is having an open mind and seeking opportunities to prove one’s worth, one can always make an effort to get a good hike without job-hopping. Here we are taking a look at a few steps that could help you manage a good salary hike even in your current organisation:
This is the first task in order to understand what the market offers to others in the same position. This will ensure you understand your own market value. You should, therefore, keep a record of the compensation provided by the competitor firms. You can do this by looking at trade magazines, job portals and salary surveys in newspapers.
2. Prove your worth
Make your case strong and prove to your boss that you are worth the monetary investment. “Assess your performance prior to the appraisal by gathering all the facts and figures. Keep a habit of maintaining all your accomplishments and highlight the most impressive points. Make sure to point out the impact it has had to the entity as a whole. Finally, don’t forget to emphasize your enthusiasm and future plans for the company,” says Suchita Dutta, Executive Director, Indian Staffing Federation.
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3. Highlight your strengths
Highlight your strengths and mention how they have contributed to the growth of the organisation. Psychometric assessments, aptitude test can be used as a supplement to evaluate your performance This will help the management to evaluate your professional strengths and weaknesses and your personality as a whole. It is also useful as the record will demonstrate your value to the organisation.
4. Look for fresh challenges
Playing to your strength is smart, but at the same time it is essential to conquer fresh challenges and try new things to give you an upper edge. “Keep a track of bygone tasks which were outside your purview and what the result turned out to be. Conquering new challenges may open up new horizons making one realise what one is capable of,” says Dutta.
5. Invest in your career
There is no harm in brushing up your skills by attaining professional certificates to make yourself equipped with the market’s requirement. Not only will you get self satisfaction, but also build your reputation in the eyes of your employer. Employers always appreciate candidates who are focused on their career growth rather than just depending on organizational support.
6. Look for alternatives
An increase in salary is not the only way for an employee to benefit from an appraisal. “Always look out for non-cash benefits like work from home, time flexibility, private medical facility, life insurance schemes, bonuses, etc. It is possible for an employer to refuse a hike, but may offer the previously-stated bonuses. Always keep an open mind while negotiating on these lines so as to progress better on overall employment terms,” says Dutta.
7. Be in the good books of your boss
You might be a constant performer, however if your boss does not like your performance for some reasons, the chances of getting a good raise are very less. Therefore, always try to be in the good books of your boss. This doesn’t mean that you need to become a sycophant for getting promoted. But making a good rapport with your boss always helps – at least in case of getting a raise or promotion.
8. Change in the department
If you are working under a boss who is not supportive, you can try to switch to a department which has a liberal boss. However, this might have a downside of a change in the work profile as two different departments may rarely have similar profile and work culture.
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9. Stick than switch
If you have been in the same company for a good few years, salary increases will be more consistent and, overall, larger over that period. “If you switch after that, you can negotiate from a much higher base salary for your new role. Those who change jobs every 2 years in the hope of getting a salary raise are less likely to get a good raise than those who stick to a company for longer,” informs Dutta.
10. Switch to another job
If nothing of the above seems to work, look for another job and negotiate your salary well. Read some books on salary negotiations or speak to a career counsellor. Once you are confident of yourself, make your next move. There is no denying the fact that sometimes switching a job is an effective way of getting a big raise.