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Myths About Raise In Salary

Myths About Raise In Salary

Raise in salary can be asked for

Many a times, a lot of employees get demotivated because they feel that they are getting paid less than what they deserve but are afraid to ask for a raise in salary. There are many myths associated with salary negotiation after joining a company. This article in an attempt to dissect those myths and get a clarity if asking for raise in salary is justified.

Raise in Salary Myth #1

Money will not make me happy. It is therefore pointless to seek a raise in salary. It is best to focus on other values.

This is just an excuse for under-achievement. While it is true that money itself may not make you happy, it will make make your life much easier. It’s OK to allow yourself to make more money. Go for it. You work the same 50 hours a week as everybody else. You might as well get paid more for it, right? Of course, you need to ask for a raise in salary, tactfully.





Raise in Salary Myth #2

The best way to get a raise in salary is to list the reasons why I need more money.

Absolutely not true. It’s not “why I need more money” it’s “here are the reasons why I deserve more.” It’s not about you. Your rationale should be employer-centered rather than self-centered. Your employer could care less about your financial needs. You need to stress your present and future performance while seeking a raise in salary. Don’t talk about your personal problems with money – that will just make you look financially irresponsible.

When you think about how to get a raise in salary, think about “what have you done for me lately?” … this is what they are thinking.

However, AFTER you have given very good professional reasons why you deserve a raise in salary based on your contribution and performance, you should consider using emotional appeals to get what you want!

Raise in Salary Myth #3

My salary is determined by my company. There is nothing I can do to influence what they pay me.

While your company does have final say over what you make, every company functions in a competitive environment – a marketplace that determines what they need to pay to their employees. As an employee, you should know what other companies pay people in your same position. Armed with documented knowledge of average salaries for your industry, you are in a very good position to negotiate for more money. If you are doing exceptional work, or if you have taken on new responsibilities, you are are in an even better position to seek a raise in salary.

Raise in Salary Myth #4

Once I accept a job, I am locked in to the salary that I agreed on when I was hired. I cannot ask for a raise in salary.

This is not true. Once you get hired in and become established, you usually have some leverage that you can use to ask for a raise in salary.. Studies show it costs employers $10,000 to $15,000 to hire and make a new employee productive. It is then more cost effective for companies to keep the people they have, rather than hiring new people. Think about this when you think about how to get a raise in salary.

Raise in Salary Myth #5

Employers will always try to pay the least amount possible.

If they are smart, they won’t. If you are a good employee, you probably make the company many times more than what they pay you. A good employee is hard to find. This is no reason not to ask for a raise in salary.

Raise in Salary Myth #6

Company policy dictates what I get, and my boss can’t do anything about that and won’t be able to push for a raise in salary for me.

It depends on the company. If your boss values you, and likes you, he or she will likely come to your aid to help you get what you deserve. Also, as you advance to higher positions, employers are more likely to negotiate with you. They will work to incentivize good people to stay.

Performance is the best tool to use for getting a raise in salary.

Raise in Salary Myth #7

My current pay reflects what I am worth.

What you are paid right now does not necessarily reflect your value. It relates more to salary comaparables, your negotiation skills, and your ability to frame and communicate your performance to your employer. How many times have you yourself negotiated and brought down the value of something that you wanted to buy. If you can do that to someone, why can this not be done to you?

Raise in Salary Myth #8

Raise in salary and promotions are two separate things that should be dealt with separately.

Not true. You can and should bring up both at the same time. In fact, inquiring about “what it takes to be promoted” is a good strategy for getting a raise in salary. Many times, a higher salary is contingent on a promotion to a new title and new responsibilities.

Also, often times your job will change over the course of months or years and have little resemblance to the job description you were hired into. If you do your research, you may discover you are doing the work of an entirely different position. When you decide to go for a raise in salary, decide whether it is better to ask for a promotion (with new responsibilities and compensation) or a salary increase within your same position.

People in sales and marketing positions that have more of a direct impact on revenue have an easier time justifying an increase in compensation.

Yes, people is these types of positions that are able to more easily say “I earned an extra 125k for the company in the 3rd quarter.”

Raise in salary templatesHowever, even if you are in a support or administrative position, you can identify ways that you cut costs, saved your co-workers time or effort, or took on extra responsibilities that saved the company the expense of having to hire another person. Try to develop specific, measurable indicators that demonstrate your achievement. It is your responsibility to identify these indicators. Do that, and you will get the raise. I promise you.

Your turn now to give your ideas on how to ask for raise in salary, specifically:

  1. What are your views on the above mentioned myths about raise in salary?
  2. Should employees ask for raise in salary?
  3. Have you ever sought raise in salary from your employers? How did you go about it?
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8 Comments

  1. These are some good advice. I have been talking to my company that I need more salary because my expenses are high. My boss said reduce your expenses.
    I think I’ll now show how much I have done sales and they should give me increment.
    Thanks for the tips.

  2. This is indeed interesting. Good ideas why one can ask for increase in salary. But I wonder if this really helps in getting more money.

  3. Performance is the best tool to use for getting a raise in salary. I felt this is a key point to ask for hike in salary in any industry .. Your blog was very infomative and note to learn the skills
    Regards,
    Bharathi

  4. Hi Rajiv, thanks for your comments. And I would say, yes the ideas do work. It is like marketing – customer buys a product or service not because of the cost but the fact that it provides value. And therefore is willing to pay a price which has nothing to do with the cost. If he sees value then will pay a price which could n times the cost and if he sees no value then he will not buy even if you sold at half the input cost.

  5. Dear Vijay,
    I am glad that you liked the article. And yes, as we said you have to show your value to the organisation to be able to command a raise in salary. If you take the plea that your expenses have gone up and hence your salary should be increased then the reply will always be what your boss gave you.
    Over time and with rising cost of living expenses for EVERYONE in the company increase. So if a company gives hike to an employee for this reason, then they’ll have to do that with everyone and where would that leave the company?
    So it has to be about them and not about you.

  6. Hi Bharati, thanks for your encouraging feedback. You are absolutely right, performance is the best tool for getting a raise in salary. I hope to see you here more often!

  7. Refreshing to see an honest business article, where reality is not something that needs to be glossed over in favour of spinning a positive story. You say it like it is.
    I write a blog on “business reality” and am enclosing links to a couple of posts. Hope you will like them.
    http://darkofficehumour.wordpress.com/2012/09/11/selection-rites/
    http://darkofficehumour.wordpress.com/2012/07/22/cliches-for-success/
    http://darkofficehumour.wordpress.com/2012/06/07/bachche/
    Ankur Mithal recently posted..Affirmative actionMy Profile

  8. Dear Ankur,

    I am glad you liked the article. Your blog seems interesting and liked what I saw.

    best regards

    Sanjeev

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