How to manage a good salary hike?

If you believe Robin Ryan, America’s most popular career counselor and the author of five best-selling books, the largest raises you’ll likely ever get in your career are a result of your quitting your current job and going to work for another employer.

“You have the most power to improve your salary when you move on to a new position in a new company. Numerous surveys have been published supporting the fact that changing jobs can indeed make you richer,” she says.

Today, however, there are numerous people around who’re managing good salary hikes without leaving their current job. But yes, you need to be salary-smart and a bit careful of your surroundings. Here’re some tips for long-term pay increases as well as breaking out of the low increment rut:
1). Go for self appraisal

If things are not going the way you want, you should first go for self appraisal. Are you able to execute your work well?

Does your employer values your work but does not let it get reflected in your pay hike? Or are there some areas where you need improvement? If this is the case, first work on your shortcomings and then seek results.

2). Remain focused to your work and organization

Whatever be the case, you would do well to remember that good performance never goes unnoticed. Therefore work hard, remain focused to your work and organization, and always show your willingness to take new responsibilities.

These things will help you advance in your career and also pay in the long run, if not immediately.

3). Make the boss aware of your performance

You might be working hard and even harder than most of your co-workers. But are your seniors, especially your boss, also aware of your performance and all that you’ve been doing in connection with your job?

You might hate to brag, but the boss should know what you have been doing day in and day out. After all, in today’s world and in many organizations, self-promotion seems to work more than the actual performance!

4). Get feedback from your boss

Keep getting the feedback from your boss as well as other colleagues regarding your performance and the way you handle a job. For instance, if your boss is not happy with a job executed by you, ask him/her how you could have done better on that assignment. This will help increase your boss’ confidence in you and you will be able to know what your boss expects from you. You will also be able to identify both your week and strong points, and then work out your strategies accordingly.

5). Mention your accomplishments at the time of appraisal

You might be slogging all year long, but how much time does it take to do your performance appraisal? Five minutes or maximum half an hour? No wonder, if your boss misses some vital points about your performance.

Keep a list of your accomplishments, therefore, and talk up the most impressive ones. Emphasize on your proven commitment and the value of your contributions. If you can make the trailer impressive, the film might worth be a watch!

6). Changing department may be one option

If you are unluckily working under a boss who thinks that salary hikes are being given from his own pockets (this happens in many cases), try to join some other department in your organization which might have a liberal boss. But then you should also be prepared for the changes in your work profile as two different departments may rarely have a similar work and work culture.

7). Keep an eye on industry norm

If your organization claims to go by the industry norm and current market conditions, try to find out what other people in similar positions are getting in similar organizations and industry.

These days many magazines and associations publish this information. Get yourself equipped with the right information and then build a solid case for yourself.

8). Talk to senior management

Sometimes talking to the senior management or the supreme boss in your organization also helps, if you feel that you are being denied your due. But then support your case with facts and solid examples, otherwise if proved wrong, this may backfire also and you may have to lose your job.

9). Get a competing job offer

One of the quickest and proven ways to get a hike is to get a competing job offer. But if things go wrong, you may have to leave your current job too. Take this route if you are confident of your abilities.

10). Switch to another job

If nothing seems to work, look for another job and negotiate your salary well. Mastering the proven techniques of salary negotiations also helps. For that read some good books on salary negotiations or consult a career counselor.

Once you are confident of yourselves, make your next move. After all, switching to a new job is the most proven way of getting a big raise!

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