It has happened to all of us, that the day comes when we do not feel really valued in our work and we believe that we deserve a higher remuneration than what we currently obtain.
Whether it’s because of the long time we’ve been stuck in the same position or amount; or because of the increase in work and achievements that we have had in recent months or even years without seeing it reflected in our salary.
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How can you prove that you are profitable?
The only way a company is going to give in to a raise, or at least the safest and most common way; it is when you are a profitable employee for this company; that is to say that your results are so good and you generate so much for the company that they do not want to get rid of you, and therefore they will give in to your request for a “salary increase”.
How to know if you are really profitable for the company?
Ask yourself the following:
- Have you participated in special projects where your presence has stood out among the team members?
- Have you been involved in projects or tasks that are not within the functions of your position in order to successfully cooperate out of pure proactivity?
- Have you been in the company long enough and have you increased the benefits you bring to it?
- Have you brought “new business” ie; customers or new accounts that represent important profits to the company?
- Have you proposed a new project that will bring extra benefits to the company, which you are going to lead?
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Guide and practical tips for salary increase
It is obvious, that it is a salary increase, perhaps it will not fall from the sky, although sometimes it happens, but normally it is you, who has to work for this situation to occur, or at least you must sow the seed of that idea in the mind of your boss.
But before proposing anything to your boss, you should do certain things to make sure that it is a good decision and that you really are in an advantageous position to ask for it successfully, since this depends on several factors…
You could make a results report where you show that you have reached your goals in a timely manner or even consistently exceeded them. Most companies work under KPI’s or pre-established goals in certain periods of time and each employee must reach those results, at a minimum.
Take into account that these results that you have proposed are the minimum achievements that are expected of you, so if you have only been fulfilling them and have not tried to go further; you may not be as profitable as you seem.
Although, if it is something to be recognized when an employee always reaches his goals and will always be much more desirable for the company than one who has never arrived or constantly fails; You have to understand that they are already paying you a salary to generate those results, so if you wanted a raise; you should also increase your results or efforts.
Constant Learning and Training
You can also invest in your education with diplomas, master’s degrees, or courses in general that align and contribute, those qualities and knowledge that your position requires. This is a way of saying to your company something like: “hey!… I’m investing to give better results, but I want that to be reflected in my reward”.
And they should interpret the fact that you have made the decision to train yourself, to improve in your current position without them asking you
Research and Compare the Labor Market
Make sure that people in the same position earn more in other companies or even within where you work, either in the same department or in other areas or sectors of the same company.
You can also review vacancies for positions similar to yours, to see if they offer approximately the same salary as you.
If you see that all the people with the same position as you earn the same, it may be best to ask for a promotion instead of just a raise.
Sell yourself to the Highest Bidder
A method that can be risky, but at the same time is very effective (if you know how to do it) is to apply the law based on demand, that is, so that your profile is more in demand by companies, also compensation offers should increase, within the labor market, the salary offers you receive could be higher, due to the fact that your profile becomes “more valued”.
When you are a proactive employee who stands out, it is very common for other companies and headhunters to start placing you on the radar (hence the importance of always having your LinkedIn updated and having good personal branding), and this can generate offers of higher salary than the one you currently have with which you could present yourself to ask for a raise in your current company.
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If you do not want to involve third-party companies or you have not yet received a formal offer from another company and you do not want to risk it.
Go back to the report plan where you explain and express, even in slides or in an Excel table, everything you have done for the company. Preferably with numbers, hard data, percentages, figures, money, etc.
Research the current situation of your company
Before submitting this report, make sure you have inquired with the finance or human resources department – in a discreet way, since it is normally confidential information – if the company is in a good economic situation in which this type of transaction can be allowed.
Otherwise, if your company is in a bad economic streak or even in a situation that warranted a cut in personnel; Asking for a raise would be a pretty risky move.
Determine how much raise you are going to ask for
It is necessary that you think about this before requesting the raise and have this answer clear, because on the one hand if you ask very little, it will be easier for them to accept it, but at the same time consider that you will not be able to ask for a raise again in a while, so in a way you would be wasting the opportunity.
Talking in terms of percentages can be much less “aggressive” than talking about amounts of money
Prepare for the Counter Offer
Most likely, they will not accept the full amount you ask for and you will have to renegotiate or even “haggle”, so this is something that you will also have to have studied previously; for example: Is it convenient for you to give up a little in terms of the amount you have ordered, but compensate it by asking for some extra benefits?
Maybe it works for you to raise your salary expectation a little so that when they haggle you have a small margin.
All this will depend on the situation and personality of the company, aspects that, as we mentioned before, you will have to have investigated before launching the request for an increase.
Present It In Person, Confirm It In Writing.
Ideally, you would have the possibility of making an appointment with your boss, totally one-on-one, where you can express your needs and requests just after having presented your report or results report.
Talking in person can give a more fluid communication and with less risk of misunderstanding or misinterpreting your intentions.
Give your request for a salary increase a positive approach from the point of view that you want to continue growing in that same company, where you feel so happy and would love to continue collaborating.
Once you have managed to discuss it with your boss, always try to send a kind of minute with the points that were agreed upon in the meeting, to prevent them from being confused, forgotten, or changed.
Take advantage of the answer you get, no matter what it is
Finally, be patient to receive the answer and in case your request is rejected; try to ask for feedback, as to what it took to make it happen?
In this way, if it is something related to your performance, you will be able to rethink it once you fulfill what was necessary.
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