Getting a good hike is as much about your skill and determination as the tact you put in to form the relationship with the boss, the current or the new one.
The pandemic-induced recession across the globe has led to chaos at workplaces. While some workplaces are cutting jobs, a few others are cutting hikes. With price hikes on everything, it is only fair to expect good pay hike to stay afloat. Taking over multiple roles, upskilling, taking up coaching classes where necessary are a few ways of managing in the current scenario. Thanks to the pandemic, millennials are spending every waking moment at work. While there are some tried and tested tips to ensure that you get a well-deserved pay hike, the first step would be to be informed as to what kind of pay scale you actually deserve.
It is only fair to check the market standards when it comes to the pay scale 2021. Glassdoor, PayScale, and Salary.com are a few websites where millennials can check the market standards and start gauging the individual scenarios to ensure they are paid as per the standards if not extremely well. A few ways to ensure good salary hike would be:
9 Sure-Shot Tips & Tricks to Land A 30-Percent Pay Hike Or Even More.
Tally up Contributions
List out your roles and responsibilities and try to take over more and prove yourself. Additional responsibilities help not only to improve your existing skills but also enable the management to notice your ability to be a self-starter and a more reliable employee. When the time comes for the annual review and sit down, knowing you took on more that what was expected will give you confidence when demanding a good pay hike in 2021.
Research the Market
The next time you want to go for that interview, spend a little time on the industry trend on the pay scale for the said job role. Talking to your network, check online, consider the job responsibilities, calculate, and lastly, know your worth, all being good tips for shortlisting new jobs when you’re looking for one with a good pay hike.
There are multiple cases where employees shop for an offer and go back to their employers to check for a better pay hike. While this tip may yield a good salary hike, sometimes it is not a great idea for a long-term stay in the company. Because once they learn from the experience, you will soon become untrustworthy and will not be considered for key roles.
Be Careful with the Next Offer
We all make mistakes when making crucial decisions in our careers like ensuring how the company views our pay hike expectations. But remember rule #1 – never consider an offer based on compensation, location, and job title. Making decisions based on short-term comfort will always have a long-term effect on your career trajectory and eventual paygrade.
Timing is Everything for Pay Hike Talks
Another good tip to ensure you are not overlooked when the best pay hikes are given out, is knowing when to say and what. For example, having a career conversation with your boss at a time when there is an issue at the company level, like a bad quarter. Do not schedule the meeting when the boss is having a bad day or facing challenges with the team/ project. Choose the right time and practice the points you want to speak. Make a sticky note of the points to be discussed if it is a video call and rehearse before the meeting/call.
Branding Yourself for the Pay Hike
You may be a great performer but there’s always the threat that your exploits would go into oblivion. While being humble is the way to build a good rapport, talking about your achievements is equally important. Whether you achieved the sales target or completed a project, ahead of time, it is important to ensure the management is aware of your achievements. A good tip is to create slides and talk numbers when you discuss that well-deserved pay hike with your manager.
Schedule the “Career conversation”
No matter how close you are with the manager, be serious about your career conversation. Schedule a meeting/ call at the right time and ensure you are ready with points and counterpoints when required to prove your achievements. Start the conversation by thanking your manager for all the opportunities at work and how they have supported you. Provide supporting data and put your thoughts across clearly.
Alternative Benefits to Pay Hikes
The employer may not be able to meet your expectations. Non-monetary benefits like training, additional benefits, change in role/ team, any other benefits that are helpful to your career are all great choices because you have carved an opinion with the management and it will benefit you sooner or later. At times the employer may not be ready for what you asked but may offer a lesser amount. Staying open to discussion and not getting into an argument will let you look good in the long term.
An Employer that Suits your Ambition
The pandemic has increased the workload and posed tons of challenges to the workforce. While a job change is a great idea, it is crucial to understand the reason behind your decision to look for another job. Listing out the challenges you are facing in the current job, scheduling a conversation with the employer about your hike expectations by offering supporting documents, staying open to discussion, and finding workable options in the existing organization are all helpful to land a hike. When there are no solutions to any of the issues then finding a new employer that suits your career aspirations the best may be a good idea.