Wages – an essential payout that you receive to compensate you for the time you put in for your work. Yet even though you know the drill, you finish your work on time, you never have enough to pay the bills. Do you make the move or try to increase your wage by increasing your knowledge? One of the ways is by getting a diploma in retail management or having one. You could get a retail management diploma from a private institute in Singapore.
Other than the standard annual raise and the occasional bonus or profit-sharing check you may receive, asking for a wage raise is the only way to seek a higher amount of pay.
So what do you need to plan and prepare? How do you convince your employer that it’s time to look at you? Planning and preparation are key when you ask for a pay raise. When you ask for a raise, you need to convince your employer that your contribution to the work of the company is worth above and beyond the usual annual pay raise of, on average, 2-4%.
However before you actually move with the decision of an increase in wages, you have to take steps to upgrade your skills or knowledge.
You can go for ad hoc courses in your area of expertise. Or you can offer to mentor or take a few other employees and train them in your area of expertise.
Steps in Asking for a Pay Raise: Research an Appropriate Pay Raise
1) Show that you are taking active steps to upgrade yourself. For example. If you have a higher NITEC cert in retail management, then you will try to upgrade to obtain a diploma in retail management. With the Skills future Credits claimable; Flexible training hours and 90% subsidy off total course fee, it’s worth the upgrade. With the new set skills, you now have increased competency and employability, enhanced overall confidence and wellbeing.
2) Do market research to see the range of appropriate pay rates. This will avoid making you look unprofessional when you do your pay raise pitch.
3) Familiarize yourself with your employer’s pay practices. If the standard practice is to offer salary increases once a year after an annual review, you are unlikely to receive a raise at any other time. If your company offers more frequent increases, you will have a better chance asking for a pay raise. Listen to what your employer says about pay raises. For example, if the employer announces that the pay raises will be 2% across the board, you are unlikely to negotiate more money.
4) Read the employee contract and see if you are eligible for one off raises aside from the annual wage raise.
You will be effective in requesting a pay increase if you understand these factors and approach the pay raise from the perspective of how your job adds value to your employer’s company. Look at all these ideas to help you get the pay you deserve.
Wage Increase Raise – Meeting Day
The D-Day has arrived. You have done your pay research in the above steps, and you should have a good idea of how competitive your pay is in your industry. Next, you need to look at your work contributions to determine how you will present the request for a pay raise to your boss.
You have confirmed that your pay is competitive. Ask yourself why you deserve a pay raise because you will need good data to support your request for a pay raise. Determining the date and time of the meeting you schedule is to ask for a pay raise. You want to ensure that the boss is not struggling to make other important financial decisions for the company or is in the middle of preparing for a negotiation for the business. It is always good to know when your boss is in his best moods. Timing is essential, usually after lunch, before the midday slump hits your boss.
1) Make a list of the goals you have accomplished for the company. Determine how their accomplishment has helped the company. Document costs savings, productivity improvement, superior staff development, important projects achieved, above-the-call customer service, and ways in which you have contributed more than your job required.
2) Make a list of any additional responsibilities you have added to your job. An increase in responsibility, more employees, managed on your team, or special projects are often grounds for an increase if you ask.
3) Set a specific pay, in your mind, that will fairly reward the contributions and additional responsibilities you have documented. Ensure that all your earlier research is presented when you are asking for a pay raise that is reasonable for your job and performance and justly deserved. Do not ask for far-fetched amounts. A good estimate is 10% more of your current wage.
4) Have a small support group and read articles or blogs of successful people who have negotiated a successful wage increase.
5) Finally on the day of the meeting, dress your best, look composed. Do not expect to hear a resounding yes on the day itself. Your boss may also need to put your suggestion up to the Human Resource Department.
A fruitful pay rise agreement is often focused on the merit and achievements. The reason you need more money is never a factor in a good negotiation. Although your employer will care for you, it is not their duty to provide additional funds to support your preferred lifestyle.
Make your offer for a raise to your boss as clear as possible. Tell the boss you’re requesting a raise now because of your achievements and sacrifices, as well as the extra duties you’ve taken on. Prepare the documents ahead of time.
Tell the manager how much you’d like to be paid more. Prepare a presentation of your study to back up your appeal. It provides information about your industry, wage levels, and evidence of your observable contributions.
If your employer decides he can’t give you a pay increase right now, find out what you need to do to be eligible for one when it becomes available. Bear in mind that there is a distinction between an employee who is doing the job as required of a superior performer and an employee who is delivering superior results to the employer. The second determines pay raises. Another way would be increasing your knowledge and taking courses such as a diploma in retail management.