How to secure a substantial pay rise
Preparation and evidence are key steps in securing a significant pay rise this year, writes Emma Charnock, regional director of recruiting experts Hays.
Asia’s job market is very active with healthy levels of movement. However, a shallow pool of talent in many specialist areas is the biggest threat to growth, and is also the catalyst for salary pressure as well as other issues like the growth of counter-offers and recruiting from overseas.
This means you are in a much stronger position than you have been in the past three years to ask for a salary review.
To do this, we suggest you firstly prepare a list of your recent achievements that exceed your objectives; you may need to look back at your original job description. Also, list any changed or rising work volumes or duties you’re now undertaking, and consider projects you’ve been involved in.
Then list the resulting benefit to the company of your results. The aim here is to provide strong evidence to support the value you provide, so focus on outcomes.
Then research the salary you feel your performance and results are worth by reviewing a recent salary index. This enables you to back up your request with evidence and demonstrate that the salary you are asking for is in line with current market rates.
Ask your manager for a meeting to review your salary. When it comes time for this meeting, keep it professional. Stay calm and focused. Do not become emotional and do not talk of how much money you need, such as rising bills or mortgage repayments. Keep your review purely professional.
Have a fall-back position. If your employer cannot afford to increase your salary, can you agree on a date for another pay review in three or six months? What about additional annual leave, study or other benefits? These are other options which you can discuss in order to increase your total remuneration package.
Above all, use your accomplishments and the value you add to the organisation as the basis of your negotiation. In this way, you’ll clearly demonstrate your worth and will be in a stronger position to secure the maximum of the salary increase on offer.
Article contributed by Hays, the world’s leading recruiting experts in qualified, professional and skilled people.