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Know how to correctly get your salary raised

Know how to correctly get your salary raised

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Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.

“I don’t need a salary raise right now,” said no one ever.  But not everyone is well-versed in the art of salary negotiations. Approaching your employer without the necessary skills can lead to a poor negotiation — one where you may not get what you wanted. 

Learning good negotiation skills can come in handy no matter what part of the career journey you are on. For instance, whether it is negotiating a salary increase after the probation period or asking for a raise after a particularly successful year at your job, this skill can be extremely useful. 

Here are 5 tips that can help you get the salary you think you deserve. 

1. Identify the standard pay in your industry 

More often than not, people have no idea how the figure they expect compares with the industry standard. If you ask for a hike that is exorbitant, you will undoubtedly be turned down. However, asking for a raise that is less than the industry average means you end up selling yourself short. 

To strike the right balance, you need to first know what other people in similar roles typically earn. You can then use that as a benchmark to ask for a salary raise. Apart from inquiring through your network, there are many online resources that you can look at to gauge what the industry standards are in your field of work. 

2. Upskill yourself 

Before you go ahead and ask for a pay raise, you need to show your employer that you have made improvements. To do this, you can consider upgrading your qualifications or upskilling yourself. Take online courses after work or during your days off to gain skills that are relevant to your job. 

These skills can help you take on additional responsibilities, which then serves as a reasonable ground for your employer to give you a pay raise. Similarly, studying further to improve your academic qualifications also makes you a more valuable resource.

3. Back your request up with solid reasons

In case you are unable to upskill yourself, you can still make a request for a salary increase, as long as you have one or more solid reasons for the same. For instance, you may have performed exceptionally well in the past year. Or you may have spearheaded a project that put your company on the map. 

Achievements such as these can also act as cornerstones for your request for a pay hike. Make sure you have numbers to back up your claims. You can rely on your performance reviews and your targets to substantiate your claim. 

4. Practice your request

It also helps if you practice the your request beforehand to be prepared for any unexpected developments. Take the help of a colleague or a senior to practice your request and finetune your negotiation skills. You can also simply use a mirror to check your stance and your posture.

Alternatively, if you are placing your request via email, ensure that you do not write the letter on a whim. Take a look at samples online and re-read your email before you send it. Also, ensure it is concise and clear in order to make the salary raise request more effective. 

5. Have a number in mind

Asking for a pay hike in a vague or unsure manner can do you more harm than good. To truly be effective at getting a raise, you need to have a specific number in mind. This makes the negotiation much easier. It also acts as a reference point for your employer, so they can assess whether or not the required amount of raise is sustainable for the company.

Make sure the number you quote is reasonable and within the general industry standards. That said, have some wiggle room in place, because you may have to settle for a pay raise that is +/- 5% to 10% of the hike you expected. 

Regularly increasing your income is the fastest way to reach your financial goals. The better you are at asking for a pay raise or salary increase after your probation period, or at any point in your professional journey, the easier it will get to achieve these goals. 

Frequently Asked Questions

1. Is a 5% raise decent?

That depends on the company you work in and the industry to which you belong. On average, a raise of 5% to 10% is considered decent in most industries. Nevertheless, make sure you check the industry standard and ask for a salary raise accordingly. 

2. Is salary increased after the probation period?

At the end of the probation period, the employer decides whether or not you will continue to remain employed with the company. In some cases, your salary may increase after the completion of the probationary period, if your employment is confirmed. 

3. What happens after completing the probation period?

Once you have successfully completed your probationary period, your employer will review your performance and make a decision about whether or not you can continue in full-time employment with the company. 

4. Can I ask for an increment after probation?

Yes, if your probationary period leads to a full-time employment opportunity with the company, you can always ask for an increment or a pay raise from your employer. 

Want to know more? Read on

How to negotiate your salary or appraisal like a pro

How to negotiate your salary: Tips and Examples

Here’s why you should invest your first salary in Mutual Funds 

Your take home salary breakup explained in memes

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