Most employees think that if they know what their job is and do it well, hitting all their goals on time and within budget, then they’re doing a good job and deserve to have raises. That would be true in a pure meritocracy. But in the real world, the politics of compensation are not that simple. Here are five tips to increasing your pay:

1. The boss’s priorities rule

From the boss’s point of view, the biggest raises go to the people he values the most and doesn’t want to lose. These are the people who help him to get things done, meet his goals, and generally look good. In short, your performance and the raise it garners are less about you and all about him.

2. You are as good as you say you are

Once you’ve got your priorities straight, make sure your boss, and anyone else who matters, knows about the great work you’re doing for the company. And don’t wait for those annual performance reviews to let them know. It’s the informal interaction that the boss takes in all year long that creates an impression of who you are and how you fit into his work.

3. Know what you want

Compensation is more than just salary. So when the time comes for that 1-on-1 meeting, know what you want and have the data to support it. Know what others in your field receive in terms of pay and other perks, and what the salary range is for your job at your company. Then think about what is important to you.

4. Have a plan B

If the raise you want simply isn’t going to happen, don’t go away empty-handed. Instead, ask for something else that has value for you, like more training or a chance to go on a business trip. Zero in on why the boss is handing you that “No.” If it’s not in the budget, let him know what you would like your salary to be when he sets a new budget. If he wants to see you hit a certain milestone before bumping up your pay, then agree to a plan and time frame for getting there.

5. Know when to walk away

Fourteen percent of people who are thinking of leaving their company this year say the desire for better pay is the reason, according to a survey from human resources consulting firm Blessing White. That’s twice the number of people who say they are staying because they expect a good raise or bonus. Sticking by a company through a short financial squeeze or a few rounds of salary freezes doesn’t make you a pushover if other aspects of the job work for you. But the time can come where you just need more money. When that happens, it’s not only OK to seek better opportunity; it’s the savvy thing to do.

Source: USNews

Tags: Salary, Singapore