Five tips to get a good salary hike this year
Since the appraisal season is approaching amid a bleak job situation, here's a look at how you can ask for and get a good salary hike from your current employer.
With a report stating that employees in India are expected to get an average salary hike of just 9.5 per cent this year, the appraisal scenario this year looks a bit dark. IT companies and e-commerce firms are too cutting costs by asking employees to leave or shifting them to other processes to raise competence levels. Since the appraisal season is approaching amid a bleak job situation, here's a look at how you can ask for and get a good salary hike from your current employer.
Know the process
To get a good salary hike, you should know how the appraisal system in the organisation works. You should ask your boss what flexibilities exist and what is the rationale for setting and raising pay levels. This way you would know how to plan the salary appraisal interview in advance.
Talk to your boss
You should remember that a salary hike would be awarded in lieu of achieving agreed objectives or standards. There should be proper communication in this regard with your boss. You should ask for a face to face interaction with the boss instead of presenting your case in a document.
Seek extra work and responsibilitiesYou should always seek extra work and responsibilities from your boss which you can link to your appraisal interview. This approach is likely to put you in a better position to ask for a pay hike.
You should do some research to check what kind of salary are people getting with the same amount of experience, education and responsibilities. After comparison if you find that you are underpaid, then show this to your employer with data. In order to show your worth, point out inefficiencies and drawbacks that your work/ideas have reduced or new clients you've brought in.Reinvent your skills
You should go for a constant upgrade of your skill according to a change in market conditions. This way you will have an edge over others and the company will be keen to retain you.