How To Get The Raise You Deserve

Praveen Kodur

With the improving economy and job market, people have more options in 2006. So the good news is that Corporate India is handing out handsome hikes in pay packets this year to gain and retain the best employees. The modest escalations predominantly, across most platforms, will be in the range of 15 pct and, if you're at a senior level you could make much, much more as much, in fact, as 200 pct. And still, the good times have only just got rolling, according to some analysts, even at base levels, salaries are rising in the 20-40 pct bracket. In the light of this, it may be the perfect time to ask for the raise you deserve. But hang on! Nobody is going to give you a raise "just because", we have an improving job market. First you need to explain 'Why Yeh Employee Maange More?'. You need evidence to show your boss that you deserve a raise. No one is paying closer attention to your work than you are. What have you done for the company lately? The company would like to know. Before we get down answering this question one thing critical to your success is understanding the basis upon which such increments lie. Although there are no step-by-step instructions for asking for a "Raise", the following guidelines below might at least increase your chances.

Why do people get raises?

Raises are typically based on a combination of merit and experience. They may also reflect external influences on the corporate infrastructure (i.e., a merger) or an increase in profitability. Although you don't have control of external factors, they can and do play a role in the company's bottom line budget. The more familiar you are with your employer's economic profile, the more likely you can gauge whether a salary increase is consistent with current or projected revenues. This involves looking at annual reports, paying attention to consumer trends pertinent to your line of work, and honing your observation skills regarding new hires and lay-offs.

Do you deserve a raise?

The areas over which you do have control are your length of service and the quality of your job performance. Presumably you've produced results, and demonstrated that you're an asset to the company during the time you've been around. If you've only been on the job for a short while say 3-4 months, it's too early to start asking for more money. Most companies expect their employees to learn the rudiments of a new job during a probationary period. This not only gives the employee a chance to see whether he or she likes the environment and responsibilities but also gives the hiring authority the chance to observe aptitude, attitude and potential for future growth with the organisation. The feedback can either be in the form of formal, written evaluations or a one on one verbal consultation. Be sure to keep record of all of your performance reviews. These will serve as back up in the presentation you make for a raise.

How often can you ask for a raise or a promotion?

You probably get a performance review once a year or once every six months. Companies often schedule salary reviews to coincide with these performance reviews or appraisals. How do you develop a strategy?

The most important thing you can do is develop a plan to discuss your increments or performance. Schedule an appointment rather than just walking in and asking for a raise. Have a strategy, even develop a script you want to follow. Remember a raise is a reward, not a right.

How much should you ask for?

As with any negotiation, you should know what you're worth before you ask for more. Examine all aspects of your job and then do a little research to determine your worth both inside and outside the company. Talk to your human resources department and see if you can get pay scales for jobs that are similar to yours.

Be realistic

Even if you are a star performer, and even if you were hired at the very lowest starting salary, most employers will not give you a raise that pushes you to the top of the salary bracket at one go. Most employers look at raises in terms of percentage increases.

But what if the boss says no?

If the company's stance is that it simply can't afford to make any increases, there's not a lot you can do to contest it. And if money is tight, consider other options that you may able to negotiate for in the short-term to compensate for the lack of the raise. Under no circumstances should you make a scene or fling a resignation letter. Even if you've already started looking around, your exit should be based on leaving for an opportunity that is better, not leaving just because you didn't get your way. The best thing you can do is graciously thank your boss for listening and considering your request. Your maturity and ability to recognise these gestures will subsequently be remembered at such time as extra money does become available.

Focus on the future

The road to getting a raise is not traveled in a day. Getting a raise is not a short term process but it is one that can pay off if you are prepared and focused. On that note, go get your raise! Avneet K.Chhatwal http://www.naukri.com

Source: http://www.naukri.com/ch/ch_detail_article.php?chid=31

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