HOME-WORK BEFORE A RAISE.
IT'S that time of the year again - filling out appraisal forms, tackling performance management tools and the nagging thought of a raise. If you want a bigger performance bonus or a fat pay hike, now is the time to start working on it. Here are five simple steps to help you break out of the 5% increment rut:
TIMING
Most companies start making performance decisions months before they dole out raises, which means you better start self-promotion right away. You might hate to brag, but the boss should know you have been working all year long. Take advantage of opportunities to highlight your accomplishments. If you receive a complimentary letter from a client or a co-worker, forward it to key decision makers with a note saying you wanted to share the good news.
BUILD YOUR CASE
Many firms settle on a set range of pay raises beforehand. Start by knowing what the market is paying for your position. Work out how much to ask and then build a solid case for yourself. You must prove to your boss that you are worth the money. As raises become tied to performance, be sure to promote yourself. Keep a diary of accomplishments and talk up the most impressive ones. Focus on the value of the contributions you have made in your position. Speak about the impact you have had on the organisation. Emphasize on your proven commitment, enthusiasm and future contributions. Think strategically - how much money have you saved for the company, or how much revenue have you generated?
OFFER-COUNTEROFFER
One of the quickest ways to try to get a hike is to get a competing job offer. But playing that card, of course, means you had better be willing to jump ship. Recruiters caution against doing this without thinking about consequences first. Don't say you're thinking about leaving unless you mean it, because your boss might call your bluff and the whole thing might backfire on you!
TIMING ONCE AGAIN
Don't ask for a pay hike when your company is financially hurt. This is easier if you work for a publicly-held company but for a private company; rely on your network and investigative skills. If the boss says budgets are tight and money isn't available, you might want to try some creative repartees like: "Would you like me to work fewer hours until the company's financial situation improves? Will you give me the raise next quarter?"
ALTERNATIVES
If you can't negotiate a better pay, experts suggest proposing non-cash benefits to puff up your pay package. Things like working flexi-time; working from home, increased vacation or ending your Friday a few hours earlier are all chips to bargain over. Consider creative options, phased salary hike and other benefits to improve the case. Before talking to your boss, know what your back-up plan is so that you can approach negotiation with confidence and not back yourself into a corner.
IT'S that time of the year again - filling out appraisal forms, tackling performance management tools and the nagging thought of a raise. If you want a bigger performance bonus or a fat pay hike, now is the time to start working on it. Here are five simple steps to help you break out of the 5% increment rut:
TIMING
Most companies start making performance decisions months before they dole out raises, which means you better start self-promotion right away. You might hate to brag, but the boss should know you have been working all year long. Take advantage of opportunities to highlight your accomplishments. If you receive a complimentary letter from a client or a co-worker, forward it to key decision makers with a note saying you wanted to share the good news.
BUILD YOUR CASE
Many firms settle on a set range of pay raises beforehand. Start by knowing what the market is paying for your position. Work out how much to ask and then build a solid case for yourself. You must prove to your boss that you are worth the money. As raises become tied to performance, be sure to promote yourself. Keep a diary of accomplishments and talk up the most impressive ones. Focus on the value of the contributions you have made in your position. Speak about the impact you have had on the organisation. Emphasize on your proven commitment, enthusiasm and future contributions. Think strategically - how much money have you saved for the company, or how much revenue have you generated?
OFFER-COUNTEROFFER
One of the quickest ways to try to get a hike is to get a competing job offer. But playing that card, of course, means you had better be willing to jump ship. Recruiters caution against doing this without thinking about consequences first. Don't say you're thinking about leaving unless you mean it, because your boss might call your bluff and the whole thing might backfire on you!
TIMING ONCE AGAIN
Don't ask for a pay hike when your company is financially hurt. This is easier if you work for a publicly-held company but for a private company; rely on your network and investigative skills. If the boss says budgets are tight and money isn't available, you might want to try some creative repartees like: "Would you like me to work fewer hours until the company's financial situation improves? Will you give me the raise next quarter?"
ALTERNATIVES
If you can't negotiate a better pay, experts suggest proposing non-cash benefits to puff up your pay package. Things like working flexi-time; working from home, increased vacation or ending your Friday a few hours earlier are all chips to bargain over. Consider creative options, phased salary hike and other benefits to improve the case. Before talking to your boss, know what your back-up plan is so that you can approach negotiation with confidence and not back yourself into a corner.
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