Article: How to master the art of salary increase negotiations


How to master the art of salary increase negotiations

Companies are bumping up their salaries to retain employees. But how can you negotiate for a higher pay?
How to master the art of salary increase negotiations

Salary increases are happening in Southeast Asia in 2023, but more than paying more money might be needed to keep staff.

According to the international financial services company Aon, incomes are rising globally, with Vietnam leading the way with a 7.9% median salary increase, followed by Indonesia (6.8%), the Philippines (6.0%), Malaysia (5.1%), Thailand (5.1%), and Singapore (4.7%).

High attrition rates make it difficult for businesses to address hiring and retention concerns because of inflation and the competitive labour market.

In contrast to Asia, where average incomes are much lower, Europe and North America provide significantly higher average salaries.

Read: Cost of Living Crisis: How employers can support workers amid inflation

Three main advantages of outsourcing to Asia

Cost-effectiveness: Businesses wishing to save costs will find Asia to be a desirable option thanks to cheaper living and labor costs.

Competency: Access to competent workers is assured by Asia's diversity of expertise, with certain nations like China excelling in a range of fields while others specialise in technology.

Workflow that never stops: By outsourcing to Asia, organizations may function around the clock, increasing productivity.

Read: Happy with your employee benefits? These workers are not

But in such a setting, how can employees get a pay raise? Here are a few pieces of advice.

1. Assess your worth

Make an evaluation of your contributions to the company before asking for a pay raise from your boss. Highlight your duties, accomplishments, and any new abilities you have gained. Clearly state why you are deserving of more.

2. Industry standards research

Find out the going rate for your position in your field and area. Information can be found on sites like Glassdoor, Payscale, and LinkedIn Salary Insights. You have negotiating power if you are aware of the going pay for your position.

3. Time is important

Think about the best moment to request a raise. The right moment is essential; speak with your manager after a noteworthy success or during performance evaluations, when wage negotiations are most likely to take place.

4. Display your successes

Place an emphasis on your accomplishments while asking for a raise. Show concrete examples of your work's value to the firm. When possible, be explicit and quantify your accomplishments.

5. Create a viable case

Create a persuasive argument for your pay raise. Describe your accomplishments, research, and the value you add to the organization. Prepare counterarguments in advance and be prepared for probable objections.

6. Develop your negotiating skills.

Practice before your next negotiation because it can be daunting. Invite a friend or coworker to join you in the role-playing. You may improve your talking points and get more confidence by doing this.

7. Be assertive

Be aggressive and professional in your approach to the conversation. Clearly and firmly state that you want a raise. Keep your composure and remain calm during the exchange.

8. Think about the non-monetary benefits

If a pay raise isn't right away possible, look into non-financial perks. These can include more vacation time, flexible work schedules, or chances for professional growth. These benefits may improve the total salary you receive.

9. Be receptive to criticism

Be receptive to suggestions and other courses of action during the discussion. To support a raise, your employer can propose a plan for improving your performance or giving you new responsibilities. If these choices fit with your career objectives, take them into consideration.

10. Future growth plan

Discuss how the company can help you grow. Manifest your dedication to long-term success and your eagerness to support the objectives of the company. This indicates your commitment and may favorably affect the choice.

11. Take action

Follow up after the predetermined time period if your employer needs more time to examine your request. This shows how committed and interested you still are.

12. Be professional

No matter what happens, maintain your professionalism. Be professional whether or not your request is granted. Ask for advice on how to increase your chances in the future if your request is rejected.

In the realm of salary negotiations, there are no certainties. While your potential contributions to the company play a crucial role, numerous factors come into play from the employer's perspective, including HR considerations and constraints such as limited budgets and fierce competition.

Nevertheless, refraining from engaging in salary negotiations could be detrimental to your long-term prospects. Therefore, it is imperative to conduct thorough research, initiate negotiations, and navigate the discussion from that point onward.

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Topics: Culture, Life @ Work

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