How to negotiate your next raise successfully
HOLISTIC An appraisal negotiation is not just about the salary negotiation but also includes discussing about the various perks that come with your job such as vacation time and job title
Negotiation is basically a conversation between two parties aimed at reaching an agreement or a conclusion. This negotiation can occur for various aspects with various different individuals or parties.
However, when an employee negotiates with the boss for a hike in the salary, he/she must be well-prepared to focus on his/ her contribution towards the organisation. However, there is always a slight hint of fear of losing out on a job due to negotiation, so the question arises how exactly one can avoid the associated risks while asking for a raise.
Here are a few points that one should always keep in mind before the decisive dialogues: • Listing accomplishments - Be prepared with a pitch wherein you can easily get your boss to reward you with an appraisal. The pitch must include the best of your work; the pitch may as well include the change in your job description if any, along with the various new responsibilities you have taken up. A pitch that will disable your boss to decline your request.
• Perk Negotiation- An appraisal negotiation does not just include the salary negotiation but also includes negotiating on the various perks that come with it. These negotiations include the vacation time, flexible working hours, reimbursement or a more prestigious job title. These perk negotiations are at times more important than a salary increment.
• Salary Comparisons- If you want an appraisal you must inform your boss, what you expect. But for your expectations to turn into a reality you must provide a valid salary comparison to your boss. This may include a slight research on the pay scale followed by other companies or the pay scale followed by your own company for your colleagues • Track your time- While pitching for appraisal always select a time which is most favorable. If you have worked on an important project or taken up some important responsibilities, it is one of the best times to ask for an appraisal. At this time your boss might have a positive taste due to the success of your project.
• Broach your topic- Being professional is the key to impress your boss, being a part of their good books. While asking for an appraisal you must get your accomplishments printed neatly along with the desired appraisal. This in return would help you approach your boss efficiently for the required appraisal. • Keep Your Pitch Crisp- Talk as little as possible; do not put forward a presentation for an appraisal that would rather decrease your chances to get a hike. A presentation would directly imply you trying to impress your boss. While pitching for an appraisal, ask your employer questions in order to find out the issues, concerns, needs, and objectives of an appraisal. However, you should always be prepared for the worst. If you get a raise, it calls for celebration but if it gets declined you still need to sustain your job.
There might be a wide range of reasons why your boss might decline your request, but the most common reason that comes up is ‘provision of funds’. However, you can always suggest an upgrade in your position. You might as well ask for the requirements necessary for an appraisal and work towards it. Keep a track of your work, ask to reopen negotiations in a few months and then come up with an effective version of your pitch. Talent management in the auto sector requires a far-sighted approach. Here is how this can be achieved.
MAKE SKILLED PEOPLE THE BEDROCK OF PERFORMANCE
Identifying, developing and managing talent is key to sustaining a high-performance culture, day after day. The talent brought on board must be both flexible and relevant to meet the sector’s diverse needs. For example, the auto industry’s pursuit of digitisation across its various aspects has led to heavy demand for engineers – from