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For some, asking for more pay comes naturally, but for others, it can be daunting. The fact is that we all work for a monetary return. If you think you deserve more than your current pay and your request is within the relevant salary range, you should consider letting your boss know.
As the saying goes, if you do not ask, you do not get. Here are some tips to help you succeed in asking for higher pay while keeping your current job scope.
Related: Singapore Salary Guide [2024 Update]
Avoid surprising your manager with an impromptu salary discussion. They likely are not thinking about your salary on a daily basis, so scheduling a meeting without context can appear unprofessional.
Instead, follow these steps:
Following this approach, you’ll set the stage for a productive discussion and increase your chances of a positive outcome. Remember, preparation and professionalism are key when discussing salary matters.
Related: The top 10 highest paying jobs in Singapore
When you ask for a rise in your basic salary and perhaps an improved benefits package, identify the right time for a one-on-one, face-to-face meeting. Mind your timing and do not plan it after a project has failed, or during a peak season.
You should only consider asking for a pay increase when you feel underpaid or if you have been working hard enough to justify a salary increase.
If you are new to the company, you should wait at least six months before requesting an increase. This allows you the minimum amount of time to prove yourself as an asset to your current employer.
For the best chance of success when asking for a rise, waiting for more than a year may be a better timeframe to ask for more money.
To ensure your request can be processed, two or three months before the end of the fiscal year is ideal. During this crucial period, many department heads are making budget plans for the upcoming year – so if you time it just right, your request could be considered during that time.
Asking the human resources manager about when salary increases are approved is also a smart move – they will be able to tell you if there’s an optimal time for submitting your request.
Also, make sure you are asking for a rise during business hours. Do not ask for a salary rise after work hours because you will likely get turned down. You could also consider bringing up the topic during your mid-year review.
It may be helpful to schedule a meeting with your manager outside of performance review periods, so you can discuss your salary without it being conflated with your overall performance evaluation.
Related: Why do I need to tell recruiters and employers my last-drawn salary?
When the company’s financial health is poor, employees should avoid asking for salary increases and wait for an annual review. There could be a hiring freeze.
You should check the news for stories about the company or industry. Collecting salary data about the company’s finances is also a good idea. Even if the company is doing well, you should check out key factors before starting a salary negotiation.
Demonstrate that you have met your key performance indicators or that of the organisation. Be sure to mention any additional responsibilities that you have taken on as well.
Be sure to identify what is within your job scope and what you had gone above and beyond for. This is crucial because companies are not there to give you pay rises just because you completed a project well – that is essentially your job, and it does not justify a pay increase.
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A higher salary is based on merit, not on your number of years at a company, or whether you have taken on a new mortgage, or are getting married.
No employer will give you a pay increase unless you have done something that merits it. Exercise common sense before asking for a salary rise.
Keeping a ‘success journal’ is a powerful way to track your accomplishments over time, laying the groundwork for a compelling salary request. Here’s how to approach this:
Remember, negotiating is an essential skill when asking for more pay. Be prepared, set clear goals, demonstrate how your pay rate compares to industry standards, and know exactly what you want from the negotiation.
Regularly updating your success journal is not just a preparation for salary discussions, but also a valuable asset during performance reviews and when updating your resume. By systematically documenting and presenting your achievements, you’ll be well-equipped to make a strong case for a pay rise.
It is not enough for employees to be good at their jobs. Employees’ value lies in their ability to work together. You need to be a team player and someone who demonstrates empathy and care in a genuine matter.
Be sure to demonstrate your value by sharing conflict-resolution stories or showing how you help out colleagues. The way you conduct yourself professionally contributes to your value as an employee too.
On top of your main reporting line, if you have a dotted reporting line to a few managers and collaborate with other team managers or senior stakeholders, you should use that opportunity to gather feedback from them.
This can help you understand how you can further add value to the company, and also help you find out if your actions have been aligned with the company’s goals.
You can use the positive feedback from these stakeholders to add to your glowing portfolio too.
Related: How leaders can gain better engagement with their teams
You must include the correct information when asking for a salary increase. If you can, find out the salary information of other employees and across the industry, how much they make on their annual salary, and then use information about competitive salaries as a basis for your request.
Your boss may not know anything about the market value of similar jobs. Make sure you back up your request with more and more data.
To gauge the appropriate salary for your role, it’s crucial to consult multiple sources. Websites like Glassdoor offer valuable insights based on employee-reported data, while annual salary guides published by recruitment firms, including our comprehensive salary guide, provide industry-specific benchmarks.
For a quick, customised estimate, try our salary comparison tool, which factors in your role. By cross-referencing these resources, you’ll gain a well-rounded understanding of your market value, empowering you to negotiate with confidence.
These sources usually take the average salary numbers that recruiters come across over the past year for various jobs, and are a reliable source of salary data for you to get a good estimation of the salary for your role.
Related: How to handle counter-offers
Speaking up and advocating for yourself is the first part of the negotiation. If you were rejected, ask for clarity on what would be needed for a future rise, and set a time for checking in again.
You need to have an idea of the amount of salary increase that would keep you contented. That will help you decide if you want to stay in the role or start looking for a new job.
Approach the conversation with a collaborative mindset and be prepared to have a constructive discussion with your manager about your goals and expectations.
Remember, a ‘no’ now doesn’t mean ‘no’ forever. Use this as an opportunity to demonstrate your commitment to growth and excellence in your role.
Get a comprehensive view of salaries across various industries and roles with our 2024 Page Insights Salary Guide, which features the average salary of roles in Singapore’s dynamic job market, or use our Salary Comparison Tool to see how your compensation compares to industry standards.
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