Career
Need a pay rise? Well, you are not alone as almost every employee expects a pay raise after a certain period of time.
in 2021 the cost of living and inflation is increasing day by day, and a small raise in your pay can really lend your finances a hand. So, here are some tips on how to get to the top when it comes to a pay increase.
There are three factors that are most commonly used by the companies to set pay rates: market rates, ability to pay and inflation. However, pay progression in an organization is normally calculated on the basis of individual performance and proficiency level.
Only one third of the organizations have a remuneration strategy in place. This suggests that there is a possibility for the discussion. Majority of the employees never ask for a pay raise and for this reason, they never get it. Remember that if you do not ask, you will never get. Men are likely to be more confident in asking for a pay raise as compared to women which adds to their earning more.
Even if the salary rise is emaciated on the ground, there is no harm asking for it. Just be prepared and choose the correct moment.
Five Tips to Ask for a Pay Raise:
#1 Discover when your organization will have discussions regarding pay rises and who will be involved in the decision.
#2 Keep an eye on your accomplishments and initiatives; and enumerate them as much as possible.
#3 Keep pace with market rates for your position – look at employment advertisings and source data from headhunters and the relationship for your profession or industry.
#4 Ensure that during the year you focus on the performance targets and growth goals that were set in your annual assessment, rather than putting the document to one side. Monitor your progress as well as other positive initiatives on a regular basis.
#5 justify the value you bring to the organization by preparing a business case and illustrate how you have served your team and organization achieving its targets.
