The subject of salary is a top concern for potential hires and employers. As a business owner or facilitator of salaries, having a payment scale to reference when determining an employee’s compensation allows for smoother fiscal transactions as well as clear communication within an organization. Being able to explain how salaries are determined in relation to a potential hire can make for a desirable employer, which in turn attracts the best talent. The question then becomes, what are the best ways to determine a salary scale for employees?
- Ask yourself why you deserve a rise
You are unlikely to convince anyone you’re worth more unless you can find concrete arguments to back up your request. Firstly, reread your job description. If you can show your boss you’ve gone beyond the call of duty by taking on extra work and responsibilities then you stand a much better chance of winning him or her over.
If your contribution doesn’t so easily translate to pounds and pence, think about what else you have done to improve the business. Have you helped with the smooth running of the department or introduced any new ideas or working practices?
- Know your worth
Do some research to establish exactly what you ought to be getting paid. Check job sites on the internet and newspaper ads for comparable rates of pay for your position. Trade magazines frequently carry out salary surveys.
A word of warning: if you’re going to compare your wage against that of someone else at your own firm make sure you check the company policy on pay confidentiality.
“Many firms have strict rules on revealing staff pay,” says Ungless. “So before you begin telling your boss you ought to be on the same wage as one of your colleagues who you happen to know is earning more, first of all ensure that information is not privileged.”
- Become indispensable
Keep upskilling and learning. In today’s work world getting the right talent is tough for organisations and they will happily give you a raise if you are indispensable to them.
- Be visible ‘business-wise’
Network around among your peers and make sure you are visible to your bosses too. It helps to be visible in your industry and in your specialisation. Participate in domain centric competitions or debates like hackathons, codathons, cross-industry dialogues etc.
- Set your sights high
If you aspire to get a raise you need to first convince yourself before convincing others that you deserve it. When you raise your own price then you’re guaranteed to achieve a better result, say experts. www.iibmindia.in