Sunday, December 15, 2019

How To Buck the Slowdown and Get a Pay Raise?

Can you defy the gravity and buck the slowdown and get a pay raise, yes you may be able to do it, if you play your cards well.

There are some years when in spite of hitting your goals and targets, you don’t seem to be getting the desired raise. That’s because there’s a global economic slowdown or your company could be cutting back on costs or even downsizing. If you have got a standard or very minimal raise despite good performance, you may not be the only one. However, there are some things you could do to ensure that you get a favourable raise.

Start with researching

To buck the slowdown and get a pay raise, the first thing you should do here is to ask around and try to get an estimate of the average pay raise across your workplace. Even if everyone has been given a meagre raise doesn’t imply that you would also be in the same boat. Alongside, do compare your salary to the standard market pay. Is it higher or lower? If it is higher then your company is trying to balance out your average pay scale at par with the market. If it’s lower, then you have a good reason to speak to your manager/ supervisor. Other aspects that you should consider or add to your research list are-

• Were you promoted to a higher-level position but not given a raise?
• Have you taken on substantial responsibilities but not more work? In this scenario of layoffs and negative decisions, having taken on a little extra doesn’t really give you a case to ask for a higher raise.
• If the number of employees reporting to you or under your supervision has increased drastically or beyond your areas of responsibility, then that’s another thumbs up to ask for a hike.
• And most importantly, set yourself a realistic salary expectation or hike that would likely be approved — and save you a lot of disappointment.

Now that you have your homework and research work sorted, it’s time to take the next step.

Put together a case for a raise

You should put together documents, charts or prepare a list of your accomplishments, targets and goals through the year. This would include the extra tasks you have undertaken through the financial year along with any extra holidays or days worked on, late hours and extra efforts. Once your case is set, you should set a time with your manager.

Talking to your manager

Make sure that you pick a convenient time to talk to your manager. It could be after a successful business meet or when you have just closed an important deal. The wrong timing could wreck your case even before you approach them. Be calm and composed; you are just putting forward your point. You have to sound confident and validate your point instead of stumbling and simply giving in.

You should start the conversation with three pieces of critical information — your targeted salary, accomplishments and also accolades. Start off on a polite note by thanking them for the increase, but that you were hoping for a little more considering your achievements in the past year. Then go and explain your point of view with the homework you have put together.

There’s a good chance that while the manager appreciates your efforts and your frankness, the budget for the year is already spent, or this matter is not in his/ her hands. In such cases, ask them on what you can do to boost your productivity and what kind of a timeline you can expect for a raise. And thank them for their time and assure them of doing better.

Though such financial lull periods are a part of every workspace, be hopeful that it will soon pass.

Jappreet Sethi

Jappreet Sethihttp://humanresourcesblog.in/
I am a HR & Business Strategy professional with experience of leading HR & People Consulting practice of multinational professional services firms. I specialize in designing & delivering dynamic learning experiences in service of human development. I have over a decade of experience across various facets of HR and Process Consulting. I am a Six-Sigma Black Belt along with a certification in using Lean for process improvement. I am also a certified user for psychometric instruments like MBTI, FIRO, CPI & Saville Consulting Suite; I am among the few in India who specialize in using Art and Drama for Leadership Development and Personal Counseling. I have been rated twice as one of the Top 100 employee engagement experts in the world by a New York Times bestselling author.

Related posts

HR Interview Questions and Answers on Being Proactive at Work

Being proactive or action oriented at work is one of the most appreciated skills by...

HR Interview Questions and Answers on Drive for Results

Having a drive for results means that you have the traits and attributes to be...

You Have Been Given Three Months To Improve, What To Do?

First of all, be glad that you have been given a chance to improve. Most...

100 Plus HR Interview Questions & Answers For Top MNC

Are you attending a job interview and  you are worried on how to give a...

Share this post

Most popular

Do You Have Healthy Work-Life Balance?

Are you married to your job? Have your family, personal hobbies and social life taken...

The Top 35 Online MBA Programs

The ?2011 GMAC Application Trends Survey reports overall MBA applications are still on the decline,...

What?s your next gig?

Whilst the numbers move northwards, the resources are at best constant or get shaved off by a few percentage points. The front line managers are expected to identify areas of improvement and get the plan delivered. Here are few pointers, which will guide you in selecting action projects.

Human Resources Jobs: Skills And Qualities

Human Resource professionals are important personnel in an organization. This is because they contribute to...

How To Switch Jobs In A Market Slowdown

All things considered, this is not the best of times for switching jobs . This...