5 Tips To Get A Salary Increase Fast

June 2, 2014

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Written by imoney

In the Philippines, it is not common to ask for a salary increase from your employer. The act of asking for a salary increase usually connotes that your employer is not giving you what you deserve; an act misunderstood by many. However, the need for a better life and inflation dictates that a pay increment is necessary.

Here are some foolproof ways of getting your desired salary.

1. Be Realistic

The only way you can get what you need is to make sure you and your boss can mutually benefit from each other. Having essential information like the company’s revenue stream, client standings and what is your direct contribution to the business are key to haggling your salary increase easier.

Break down your current salary by the hour to get a rough estimate of how much you are making, it’s better to assess your value by the hour so that you can get an idea of how much you can make. Make sure that you are valuable to the company before consulting your boss.

2. Your Personal Brand Goes A Long Way

Just imagine a scenario that your boss is asking you to create reports that he needs for a meeting as opposed to not being asked to do it. Provided, this job is not your Job Description. In this scenario, the former is more favored. Or rather than being called, the admin guy from the first floor.

You are your own brand and it matters no matter which position you are in. If you’re looking to install WiFi at your new home, would you Google for an internet provider or do you already have an operator in mind?

3. Is Your Performance Documented?

At least once a year, you and your manager will review your performance for the year. This is the perfect opportunity for you to bring up an increment! Don’t fret, it’s not a contest of who can give the best answer, unlike the beauty pageants when asked of your worth in the company. Just be clear about what you have contributed and what can more can you bring to the table to increase your company’s performance.

Of course, this works if you have fantastic achievements recognized by not only your department, but others as well.

4. Be Indispensable

Everyone working for a salary is replaceable. Competition is high in the market, in any day, someone can take your job, and you know it. So it is best to not overestimate your talent when talking to your employer when asking for a salary increase.

While it is true that every salary earner is replaceable, there is a way to be indispensable. Your bosses know that you can be replaces but remind them gently that with all the training and experience you have, a replacement is substandard. It takes time and money to train neophytes at your level.

An example is Anne Curtis, it’s undeniable that she is everywhere, she’s doing fashion, TV, movies, commercials and even singing. She basically has the direct control of her career. If you are that original and unique, you can demand attention.

5. It’s All About Timing

As expressed in #1, you must know whether your company is earning and performing well to know if you can demand more. Bringing up the subject of a raise during your company’s financial turmoil is not the best timing and this would most likely jeopardize your career.

Asking for a salary increase must be done at the most effective timing. If you can’t wait for the next performance review, pick your time strategically.