January 9, 2023
"The price of anything is the amount of life you exchange for it." Henry David Thoreau
Do you still want to be in the same boat as last year?
All we think about is the appraisal our managers have. Isn’t it? As a general phenomenon, we say that a 4-5% hike is what we are going to get. It is important to keep in mind that salary hikes are not guaranteed and can vary significantly depending on the specific circumstances of an individual or a company.
A year-end salary hike is important because it increases motivation to work further. Many of us plan for some bonuses too for the hard work we did. It sounds appealing when it comes to raising salaries, but it has its own considerations. With the end of the year approaching, your employer and business must be in the process of making a decision on how much to give in salary increases.
But are you satisfied with that?
Among selected professionals, a survey found that only 75% are happy with their jobs, but only 21% are satisfied with the pay they are getting. This means that your job responsibilities are increasing, which everyone likes. We all want to step up the ladder of success. But with increasing work, your salary is not getting higher; this will have a negative impact.
"The only way to do great work is to love what you do." Steve Jobs
Why you should always have a year-end hike:
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Inflation: As the prices of goods increase over time cost of living increases. You should seek hikes in order to maintain purchasing power and keep up with the rising expenses.
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Industry demand: If your skills are in demand, it plays a major role in salary hikes. Companies will be more leaned towards to increase the pay as well in order to retain and attract top talent. You can find an upper hand here.
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Growth: It can be both personal and professional. A salary in society is a direct reflection of your status. You will use your salary as a baseline for your professional and personal progress. If you have taken extra hours and responsibilities, you may request an increase in salary.
Generally, we don't have much to compare, so we don't know what hike to expect. Also, most of the time we do want a hike because of market trends or something your colleague is getting and you are not. But we always end up saying nothing, and we don't even negotiate. I know I did the same thing during my early days of professional life.
You might be aware of the fact that many times when you switch jobs, you are actually getting a better offer than your current company. Believe me, you can always do better, and there is nothing like stagnation.
Before you begin focusing on developing skills to earn a well-deserved salary increase, you must first identify market trends. A comparison is a better driver of salary hike, you should check in a glass door or indeed. Talking about your monthly expenditure will not give you a salary hike because your company doesn't care.
"The only person you should try to be better than is the person you were yesterday."
Asking for a raise can be overwhelming, so why not prepare yourself for the raise you want? You not only need to ask for a raise but also become deserving of one. And how are you planning to gain that benefit? Obviously, you need to upgrade yourself. Now, upgrading does not only mean that you keep on gaining knowledge. Here are points that will definitely help you with a salary hike:
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Take Initiative: You must be building a rapport among the colleagues about the work you do. So, when they are suitable, they come to you without any second thought. That is the kind of personal brand you need to create. When people create trust in you then you become their number one priority.
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Become likeable with your attitude: Your colleague or manager does look for a person who is easy to work with. If you are only comparing then you yourself are removing yourself from that appraisal list. You have to make an effort to act with respect to any person higher or lower than you. Your work ethic will play an important role in the rise.
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Scale your Skill: Now, I think you will also consider this as an important point. This means you keep on learning everything and anything. Upskilling means to upgrade yourself with market standards with your current role. This will help you to take more responsibility. Create a mindset of selective learning and get those skills which are going to boost up your confidence in demand too.
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Track your activity: We don't always keep track of our activities and work from the previous year. And when asked, we end up giving vague answers that your manager will not seem fit. This should not be normal; as we are too busy doing the work, we generally only care about the work we are doing first and forget to look at the long-term effects as well.
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Ask: Last but not least you need to ask about your hike. Many times, we don't ask for the hike. It is like leaving the money on the plate. I have seen people not asking because they feel shy to ask. Let me tell you deserve that hike you are leaving on the table.
"If you don't ask, the answer is always no." Nora Roberts
You should be well aware of the fact that additional responsibilities will come along with the increase in pay. So, your employer will weigh all the options carefully before committing to a salary increase. With careful consideration, it can be beneficial for the year-end salary hike process.
Go above and beyond!
Finally, year-end compensation increases are viewed as a chance to both reward good work and invest in the future of an organization. With proper thinking and developing yourself, it is possible to get those benefits. So that a win-win situation can be achieved.
I hope this gives you some assurance that you have and can get that hike at year end which you want.
Are you looking for a way to get ahead in your career?