Wednesday, 15 January 2014

How to get the pay Hike that you want

A brand new year has started.  

There is something about January. Somehow I always feel optimistic, hopeful and unabashedly make new year resolutions. Some of the resolutions happen and some don't, nevertheless that does not deter me from making resolutions the next year.  For me, the new year has a special fragrance .. just like the fragrance of a newly bought book when you open it and put your face inside the book and take a deep breath. It fills me with joyful feelings.  I wish all my readers a very joyful, fruitful and constructive new 2014 !

As the new year sets in , the hope of getting a good Pay hike is there in  everybody's heart.  People who see the glass as half full think that the hike will be good and the folks for who the glass is always half empty pout their lips and think "Hah ! The manager is God !  All my good work will be overlooked and small gaps in my performance will be highlighted ... ". 

But are all of us really prepared for the appraisal discussion and the salary negotiations ? Every year, after the discussion, don't we wish that we had asked for a wee bit more ? The following are 6 tips about how to negotiate pay raises.

Negotiation is all about making a joint decision when the parties involved have different preferences.

  • Prepare, Prepare, Prepare :  Do you have enough data and information about how much people at a similar role make, both inside and outside your organization ? Do you know the perks, incentives, bonus ? Get real information and data to substantiate your arguments.

  • Communicate your worth :  Most of the organizations have forms where the goals are listed and periodically the accomplishments by the employee is documented there. First identify and then communicate your value to the organization. Give concrete proof of how you have saved or made money for the organization or created value in terms of quality, branding etc. Foe this, you have to be very clear about your own strengths and value addition to your employer.

  • Advocate and Ask : In salary negotiations , the golden rule is "Don't Ask, Don't Get" .  many people, including me, make the mistake of thinking that "My work will talk ... why should I ?". But this is a great folly.  We are our best advocates.  But remember,  do not hurry and bring up the topic of salary hike. Let your supervisor bring it up. 

  • Stay focused on the Goal : It is very important to understand what your goal is.  Are you looking at immediate satisfaction or are you positioning yourself for future satisfaction ? Be clear in your mind while you negotiate.

  • Get into your employers shoes : Ask yourself .. Are you being reasonable and fair ? Do you think your boss will be able to explain your hike to his boss ? 

  • Brace yourself for bad news :  Do not over react. In case you do not get what you want, be willing to consider a change of job . Do not create a scene and "quit on the spot". 

Remember, that effective negotiation occurs when issues of substance are resolved and human relationships are maintained, if not improved ,  in the process.   

And yes, managers must be aware of ethical conduct during negotiations. 

So, all the best and go ahead and get the raise that you want !

Again, a  Very Happy New 2014 !



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