The pandemic eroded businesses, and those that managed to afloat, cut corners wherever possible. So, professionals preferred to have a job rather than asking for a pay hike amid the pandemic. But that was 2020. With an increase in the cost of essential items, you desperately need to get that raise. In this article at the Enterprisers Project, Kristin Burnham shares five rules to help you get that pay increase amid the pandemic.
A Salary Increase Amid the Pandemic
Everyone across the hierarchy worked harder to give their business a chance to survive the pandemic. You have put in long hours to make up for the time you lost doing household chores. Nonetheless, Corey Adams, regional VP at Robert Half, paints a different picture.
“Retention is a major concern for many organizations, and raises are not out of the question if budgets allow for it,” he says. According to recent studies, 88 percent of managers are even worried about losing high-performers because of salary cuts. Here is how you can ask for a pay hike amid the pandemic:
Point Out Added Tasks
Do not just state the responsibilities. Provide proof wherever applicable. ISACA CTO Simona Rollinson remarks, “Highlight the value of your contributions and projects and build a theoretical ROI.”
Check Industry Pay Level
Go through job websites and compare your current salary with that benchmark. Compensation can vary based on skills, experience, and accountability. Matt Walden, the managing partner at Infinity Consulting Solutions, suggests, “You need to be realistic about what you’re asking for.”
Be Aware of Company Finance
Has your company stopped hiring? Is management considering further layoffs? Or are they cutting down on fun activities? It might not be the right situation to ask for a raise then, especially if you are working for the hospitality and travel sectors. Ask away if it is a profitable tech company.
You might have a good rapport with your manager, but that does not warrant a handsome raise. List the reasons that make you eligible for the pay hike amid the pandemic. Rollinson warns against using phrases like “I deserve this” or “You are underpaying me”.
Perks Are Good Alternatives
If they are willing to give added benefits instead of monetary compensation, go for it. For instance, paid time-offs, more flexible work hours, and stock in the company.
To view the original article in full, visit the following link: https://enterprisersproject.com/article/2021/1/how-ask-raise-2021-5-tips