With the growing economic scenario, the pay shall be fair enough to every employee and must serve the monetary interests of the employer. Every employee is entitled to a pay rise after serving the company efficiently. However, negotiating a pay rise can at times seem like a complicated task and daunting for many who are scared on how to proceed. Hence, it is important to go through certain steps before beginning the process of negotiation for a pay rise.
STUDY THE TIMING
The timing plays a primary role in raising certain subjects before the employer. One must consider the time before building a case for a pay rise. If the time of raising a negotiation is not favourable, it might lead to severe consequences and rejection of the subject. One must make sure that they have worked for a considerable amount of time for the company to negotiate a pay rise.
The short span of employment period might not prove to be highly effective in a negotiation that involves a raise in pay. One of the favourable times to begin the negotiation is the time of an employee’s Performance Development Review (PDR). During this period, if the PDR is satisfactory, the negotiation shall fetch effective results.
RESEARCH FOR VALUE ANALYSIS
The pay rise shall majorly depend on one’s value and capacity. Thus, it is important to analyse one’s capacity and worth before deciding the amount he or she would like to raise before the employers. One could conduct functional research on the internet to know his or her market value. Another remarkable method of knowing one’s professional worth is by asking colleagues or acquaintances about their scope of salary. Online surveys also play a vital role in determining one’s fair pay.
PRESENT A CASE
One needs to build a case of significant strength to negotiate on a significant subject like pay rise. The presentation or the file should contain highlights of one’s contribution to the company. A proficient employee shall mention important events, moments, and even accomplishments. Other factors like one’s performance in a team and his or her favourable relationship with the employers and the relevant individuals of the same company. A powerful case can work wonders in fetching the desired results.
A detailed discussion shall be conducted with the management or the employers to put the negotiation forward. The meeting shall involve a hearing from both the parties for generating the best results. The concerned employee or the group of employees shall present the points in a compact and transparent method to convey the demands to the company. Someone with good communication skills would be the perfect choice for the process. One shall be informed about the additional responsibilities and he or she must inform the company about the offerings he or she must make to the company.
Summing up, the negotiation for a pay rise shall be initiated after considering several relevant factors and needs to be carried out through thorough attention and care. Thus, it is important to understand the basics and dynamics of the company one is working for. If, despite your best efforts you are not able to be successful, one can feel undervalued by the employer, but at least this leaves a door for future negotiation.
Even if you decide that you want to try other things since they say the “grass is greener on the other side”, when it comes to your existing employer always remain professional and not burn your bridges as you never know when you might need them as a strong reference for a new job and since the world is like a small knit, you never know how you might be working with them again soon.
Written by: Girish Rohra Chawla
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