If there is one day which excites a salaried person the most it won’t be his birthday or wedding anniversary. The most eagerly awaited day would be the appraisal day. This is the day which is the best fruit of years worth of hard work.
That one page letter given by your manager is a report card of your performance for the past year. This one sheet of paper will either motivate you or disappoint you for the next few days.
For most, salary is the biggest source of revenue and an increase in salary can increase savings rates.
Let’s look at ways you can raise your primary income.
See if you are in the right career path-
Not all career paths are equal when it comes to monetary rewards.
I remember when I started out Call Centres jobs were very lucrative when it comes to pay. International call centres paid up to 50,000 rupees per month in 2005. It was a substantial amount then.
Similarly later Technology jobs took this place and years later it is machine learning, Data Analytics.
Just like goods and services, the job market is a function of demand and supply. You have to look at a career path that pays well.
For example, if you are working for a bank as a cashier, you cannot expect significant growth in your salaries. You should then look for or other internal job openings which can give you more lucrative salaries.
Speak to your manager and ask what can I do to justify a raise
If you think you are not paid well you should speak to your manager. Discuss on why you should think you deserve higher pay. Bring it to his notice that you are not happy with your pay and are ready to work with him on what needs to be done.
You should also keep a record of all the achievements of past years that would justify a raise.
For eg Asking for a raise when you have saved significant cost or brought big sales is difficult to say no to.
Be ready with a figure which is fair for both employee and employer.
These few steps will ensure that next appraisal cycle your request will be considered and you actually could get a good one.
Be a top performer and add significant value to the work that you do.
This is really simple, if you work hard and are a top performer the monetary rewards should follow.
You will say that there is politics and favoritism but any firm wouldn’t want to their best talent leave organisation.
If you can show your worth to the company you can also demand worth from your company.
Observe and learn from the best
Learn from the person who always seems to get the fastest promotions, recognition or possibly best pay.
Instead of being jealous and saying that he or she gets advantage of favoritism. Try to observe and learn from them.
Reach out to people of different skills and learn from them. Most people are happy to help.
Study what are the initiatives and projects that they undertake. What are the steps they took to progress in their career?
You have to set yourself against a benchmark and with that you should get a path that will lead to progress in your professional career.
Upskill yourself
In the fast paced Technology environment you have to continuously upskill yourself.
If you don’t learn you’ll not earn
Do not restrict to just the task that you have been given. Learn to improve or automate them.
The ability to learn and adapt quickly is the biggest advantage in the current fast changing environment. If you have the latest skill set you will be rewarded.
Keep your CV updated
Don’t be complacent in your current job. Instead of complaining about lower salaries, do something about it.
You also have to take initiative and update your CV.
Having a updated CV gives you two advantages.
- It gives you a clear view of skills you have.
- You also see gaps in yourself skill set.
You can apply and give interviews even though you do not have any intention to change your company. You can give interview to see if your skills are still relevant and in demand. .
Basically you can find your market value. If you think you are undervalued in your firm, your can initiate a discussion with your manager.
Search similar roles that offer higher pay
This is a very neat trick. Check for the role that you work in on any of the job portals or LinkedIn. Many job offers put the salary offered in their job openings. Search for the ones which are in your domain but offer higher pay.
See what are the kind of skills demanded of that role. If it is just some upskilling or certain certification that is required – Do It.
For example python programming skill is in high demand so get yourself verified on it. This will give you a leverage of demanding higher pay.
This is a very smart way of getting yourself in a position so that you can demand higher salaries.
Change your firm/Switch jobs
If nothing works within the firm, you should always try to switch companies which offer you a better pay package. Please note that just making money is not the only motive. New position should also be motivating enough so that you can continue for a long time.
You should look for ways to negotiate higher salaries by highlighting your skills and ensure that you understand the salary structure before accepting the offer.
Rather than finding ways to increase returns on your financial investments like stocks. You should focus on increasing your salaries in your first 5 to 10 years of professional lives. It will have a cascading effect on your future savings and set up a very strong financial and professional foundation.
