CAREER EXPERT feat Chris Mead | Issue 99 of HEADHUNT
I feel I have made a valuable contribution to my employer
over the last two years, including taking on higher duties within my team, but
it has not been reflected in my current salary. I would like to stay with the
company rather than moving on to a new role just for a salary increase. How do
I go about negotiating a pay rise with my current employer instead?
Almost one quarter of Singapore’s workforce can expect a
salary increase above six per cent this year, including accountant jobs and other executive jobs, according to our 2012 Hays Salary
Guide. We found that 50 per cent of employers in Singapore intend to increase
salaries between three and six per cent when they next review. A further 23 per
cent will increase above six per cent.
While Asia remains a bright spot in the global economy
that doesn’t mean salary increases will be automatic. You still need to
research and prepare to ensure you gain the maximum increase of the available salary pool this year.
The most important thing is to make sure you are as
prepared as possible for your next salary review meeting by compiling a list of
your recent achievements that exceed your objectives. You may need to look back
at your original job description. Also list any changed or rising work volumes
or duties you’re now undertaking and consider projects you’ve been involved in.
You should then list the resulting benefit to the company of your results. The
aim here is to provide strong evidence to support the value you provide, so
focus on outcomes and results.
Then research the salary you feel your performance and
results are worth by reviewing a recent Salary Guide. This enables you to back
up your request with evidence and demonstrate that the salary you are asking
for is in line with current market rates.
Once you have gathered this information ask your manager
for a meeting to review your salary. When it comes time for this meeting, keep
it professional. Stay calm and focused. Do not become emotional and do not talk of how much money you need, such as
rising bills or mortgage repayments. Keep your review purely professional.
In most cases it is important to have a fall-back
position. If your employer cannot afford to increase your salary, can you agree
a date for another pay review in three or six months? What about additional benefits?
Above all, use your accomplishments and the value you add
to the organisation as the basis of your negotiation. In this way, you’ll
clearly demonstrate your worth and will be in a stronger position to secure the
maximum of the available salary pool this year.