Think – Why Your Boss Would Want To Give You More Money
Nothing has been so easy in this world. You have to ask for everything and surprisingly even for rewards. So if you’re wondering your boss or the top level management will themselves recognize your accomplishments and reward you with a raise, then you are completely wrong.
You need to be extra-conscious of the appraisal cycles in your office and should know when to hit the hammer on the nail i.e make your boss appreciate your worth and reward you for it. There’s a famous saying by Carrie Fisher – “Everything is negotiable. Whether or not, the negotiation is easy is another thing.”
Though the conversation can be really stressful like when should you ask, how much is appropriate, should you ask for a specific amount or rely on your boss to arrive at a right number, but you can keep the following points in your mind before you knock at the manager’s door. You must chalk down these points in your head and exactly know which point should be kept forward during the conversation.
#1. Share your Future Vision:
Share your hopes and aspirations for the organization with your boss. Tell him that where do you see yourself in that organization in the coming year. Share your vision in such a way that your boss instils the confidence in you so that he himself drives you towards your goal. Tell him about the ideas, benefits and challenges that you foresee. Ask for your boss’ input to create the direction of your vision. This way you can directly place yourself in the long term plans of the organization.
#2. List Your Accomplishments:
Set down a timer for five minutes and start jotting down your accomplishments for your current role. Communicate your boss with facts and figures how you have been a resource and an asset to the company. We often believe in not showing off our achievements and staying modest, however, stating them openly can prove to be a masterstroke. Undoubtedly your boss knows what has been served to your plate in last year, but it is your obligation to communicate that how effectively you have done all the task.
#3. Make Yourself More Accountable:
You must have heard– The harder you work, the more money you will earn. So be the dependable teammate. Try to grab all the best opportunities that come your way and learn along the way. It is quite obvious that being on your boss’ good side can be an added advantage in your career, so make sure that you put an extra effort into everything you do. Not just because you want to be your boss’ favourite. But because it is the right thing to do. Professional integrity goes a long way. And undoubtedly helps you in getting better at your craft.
#4. Do Not Just Wish For It Rather Earn It:
Tell your boss why you’re a deserving candidate and how hard you have worked on the critical backgrounds at your workspace. You deserve a raise because you have been responsible for increasing the company's revenue, launching new products, getting into markets and making new customers. It is not relevant if you talk about your increased expenditures or desires, because the company will assess you only on the basis of your performance. So directly hitting the target would help you to address your point.
#5. Rehearse A Little Before The Final Show:
Practicing a little about the final conversation will allow you to give an effective presentation. Before making others believe that you owe it, you yourself should be sure about it. So lock yourself in a room, sit on a chair, sip a cup of coffee and pretend to have an extremely normal and casual conversation with your boss on the table. This will give you the strength to go to the distance.
#6. Be prepared to hear – NO:
After all, you cannot guarantee, what you seek is seeking you. Be prepared to hear a straight NO from your boss. In cases like that try to reason with your boss and understand the reason for being shot down. But don’t let your morale down. Easier said than done. But channelize your energies preparing either for the next cycle or a better opportunity elsewhere. This is not the end and definitely not the only job left. But, watch your steps and understand where you must have missed it, and how you can work on yourself.
No wonder that the appraisal cycle is an ambivalent bag, which brings happiness for some and learnings for others, but we are yet to reveal a secret of Guaranteed Appraisal.
The secret says that if you are looking forward to a good hike in lesser time, then you must switch your job. However, you must be an extremely good negotiator and thorough with the current market situation and industry salaries for a similar role.
You must detail out your worth to the employer and make yourself an essential resource in their eyes. Your direct persuasion must be on your work profile, not on the salary aspect. Do not let the salary discussion come so easily in between and prolong your professional achievements on the table. Wait for the employer’s offer and close the discussion if the offer fits well with your growth curve in terms of salary hikes. If in any case, you are not happy with the offer then never stop the negotiation and ask for a sign-on bonus and an early appraisal for the promised performance.
Talk about other parameters like designation, bonus, perks or reimbursements and keep them in parallel with your basic salary. And do not forget to pen down your discussion. Make sure when you leave the room, you have everything in writing with you.
Once you have stepped into a new organisation, you will be excited about your new role and an increased salary package, but you must remember that the salary bucket is not only about earnings, it has a lot more deductions too.
You should also keep in mind the deductions from your salary in your last company and adhere utmost importance to your PF contribution which has been deducted from your salary every month, since the time you have started working. You must ensure to transfer your PF balance to new PF account while changing jobs. Do not scare yourself with the transfer process. The Employee Provident Fund Organisation (EPFO) has ensured a seamless transfer process, and we've written a detailed article around the same - Transferring Your Pf Account? - Things You Need To Know!
What To Expect After You Have Asked For A Raise
There’s a famous saying that it is better to hope for the best and prepare for the worst. So in the first place, you’re advised to prepare yourself for the worst that the appraisal might not happen as per your expectations. And there could be multiple reasons for it, for instance, the economic growth is facing severe inflation, or your manager may not have the authority to give you the raise even if they want to.
Your manager probably needs approvals from the higher authorities to give you the desired raise. Each company follows some criteria during their appraisal cycle, which might not be flexible and you are not falling under that criteria.
Nevertheless, you, in any case, should not lose hope and put your morale down. Stand strong, firm and rooted like a solid tree. Give some time and figure out what next can be done and how you can again submit the request to your boss. You have to stand out of all odds and hit it back.
Appreciate your worth and keep on moving.
A*****Wow, this is really worth reading. I really believe in #3 (being more accountable) and I guess this is the key.
M*****Nyc n useful
P*****Very nice read.
D*****Yuate just a ladder for them
P*****That's a great article & a much needed one.
O*****As mentioned in the article getting your PF balance transferred to the new organisation is very important as it can add upto a neat amount with it's tax free interest credited every year. Apart from the amount deducted compulsorily from your salary the organization contributes an equal amount which increases your retirement corpus. You can contribute voluntarily more from your salary to PF. This will also earn tax free interest but will not be matched by the organization's contribution. One more thing I would like to mention is while changing a job try to leave after atleast 5 years, because gratuity becomes due only after 5 years and frequent changes before completing 5 years makes you loose this amount. Gratuity is calculated as half months salary for every completed year of service. Those who are not in formal employment can contribute to public provident any amount upto Rs. 1.50 lakhs yearly. This also earns tax free interest.
C*****Pis tell me how I became more successful and coices write career