I know, I know. I get it. You’re sick of your measly pay rates. You’ve long outstripped the mere perimeters of the grandiose job scope your boss implemented, and you’ve naturally grown to feel that you should warrant more for your services. Trust me, I get it. Not that I can empathise with your situation, but I certainly get it. In short, you want a pay raise. A hefty one if possible.
Hit the nail on the head? Well, what can I say, my seventh sense is so keen it should be criminal.
But here’s the thing. You’re desperate for a pay raise. You’re desperate to ask. But you want it to be fail-safe because any other way could get you the exact opposite result:
Retirement before 35.
Life’s tough, huh? But not to worry folks, because…
Goody Feed’s here to help.
Things To Do Before You Ask Your Boss For A Pay Raise To Increase Your Chances Of Success
According to TODAYonline (find them if it doesn’t work alright?), the key to securing a hefty pay raise is pretty self-explanatory:
The acronym RA, which one would naturally assume to be Rancid Uranus.
Alright just pulling your leg, it really just stands for Research & Application.
Pretty standard stuff if I may say so.
Research
First and foremost, you’ll need to poke around for the market rates in the industry. Snoop for the latest industry rates. Uncover whether your salary, like you suspect, is genuinely too low for your skillset.
Before you scream “how” at the top of your lungs at your twice removed cousin’s 13th birthday party, I implore you to stay calm because researching’s actually fairly easy with all the salary guides recruitment firms devoutly prepare every year.
For example, recruitment firm Kelly Services has a Singapore Salary Guide which explores the trends for positions across industries in Singapore. One instance would be that of the salary for a lead design engineer, with three to five years of experience entailing a pay of $4,000 to $6,300. On the other hand, a retail specialist with one to seven years of experience would earn between $1,400 and $1,650.
And then we have recruitment firm Robert Half‘s 2019 Salary Guide, which discloses salaries from the 25th percentile to the 95th percentile. Lest you’re unaware, people at the 25th percentile would have less acquired experience and are generally at the lower end of the salary range. People at the 95th percentile would tend to be high-flyers, with extensive job experience and a salary range to match.
For instance, a payroll manager averages $100,000 at the 25th percentile and $130,000 at the 95th percentile. A software developer’s salary would range from $90,000 at the 25th percentile to $180,000 at the 95th percentile.
Though To Be Fair…
Salary guides also have their limitations. After all, they’re often based on simple factors such as job titles or years of experience, so skills and experience for particular roles might not be fully factored in.
For example, what a customer service manager or finance director does actually varies greatly depending on factors such as:
- Whether they work for a small company or a multinational one
- The industry they’re operating in
- The number of employees they supervise
“THEN HOW,” you scream. “HOW?!”
Worry not, because there are ways to get around this minor salary block. For instance, you can talk with people at industry or association events to get a better estimate. And if the salary rates aren’t disclosed within the perimeters of your company, you can always approach counterparts at other companies.
JobsCentral and LinkedIn, as well as the respective company websites, will also display job listings.
And to get a better assessment of where you stand, salary review and job sites such as Salary.sg and Glassdoor will come in handy. Lest you’re unaware, such sites enable you to input more information, and also consider the reviews and input that prior users have left behind.
Note: According to the Talent in Asia Survey by recruitment firm RGF, 83% of Singaporeans expect a salary increase when they switch jobs. Apparently, they also expect a whopping 17% more.
Application
You’ve endeavored for days. You’ve slogged for months. You’ve brainstormed for years. And at long last, you’re ready.
You’re ready to put all that research to good use.
But before you apply all your knowledge, there’re a few nifty tricks that might raise your rates of success.
Firstly, be tactical about it. Once you’re done with deciding how much you should really earn, assemble details about the value you add, the revenue you generate for the company, how much you saved as well as other factors that support your claim.
According to researchers, negotiators who incorporate a reason why they deserve something are more than 20% more effective than those who don’t, Mr Lewis Lin, chief executive officer (CEO) of interview preparation website Impact Interview, told Glassdoor.
Advertisements
Also, be specific about what you ask. Give a precise dollar amount. According to research led by Columbia University Business School’s professors, requesting a specific dollar amount will give you an edge during negotiations, as compared to a rounded-off figure.
Apparently, this is due to an illusion effect, that purportedly showcases how the person has done their homework, which corners the negotiator into believing that there’s less room to negotiate.
Also, demand should be taken into account, as companies would naturally give more for positions that are considerably “high in demand, low in supply”. For instance, you might have more room to negotiate if you’re a tech expert, compared to if you’re in financial services operations. So if you’re switching jobs, take that notion into account. Negotiate the hell out of it, because employers would probably give a low-end starting wage anyway, in expectancy of your imminent “bargaining”.
And So… With That In Mind…
Excelling at your job isn’t easy.
Getting a pay raise deserving of that merit certainly isn’t easy.
Advertisements
But even so, I believe in your tactical traits. And the kindness of your employer’s heart. So as long as you observe the following regulations:
- Uncovering how much you should truly earn
- Showcase the value you bring to the table
- Be willing to negotiate, rather than just accepting what you’re offered
I’m sure you can do it.
For more info, you might want to check the following articles here, here and here.