Getting paid fairly
Factors considered in a job evaluation tool or information from salary guides can give you some evidence as to whether you are getting paid fairly or not.
If you have solid evidence that you are not fairly paid, then find an appropriate time to approach your manager.
Be respectful. Timing is the key to getting the manager on your side.
You may want to list down all the achievements that you have done for the organisation. Include all the extra work you have done, beyond your job description. List all major projects you have handled by yourself.
The discussion with your manager should centre on your performance – what’s good, what’s bad, and what improvements you need to make.
The feedback information received from your discussion is so vital for you to secure a higher pay in the future.
Always seek to understand your employers’ side of the story first. Find out their perceptions of your performance. Uncover any performance limitations or deficiencies.
There may be performance issues holding back your progression within the organisation that you may not be aware of.
If poor performance issues are brought to your attention during the conversation with your manager, then you are not in the position to talk about a pay rise or promotion.
Do not be argumentative.
It does not matter whether you think your manager is wrong about your performance. He or she needs to sign off on any recommendations for higher pay or giving you a promotion.
Always fix up your mess first!
With any form of sub-optimal performance, real or perceived, you need to work hard over the coming months to close any performance gap identified with your manager. You really need to regain the performance trust of your manager again.
When you are capable of creating more value for your employer, you are then in the position to maximise your income.
Always strategically position yourself for long-term success.
Think big picture.
Getting paid more for adding more value
Seek confirmation that your manager is happy and satisfied with your performance. Determine that there are no logical reasons as to why you should not be paid more.
If there are no performance issues on your part, the conversation with your manager can now be about getting paid more.
You can increase your income by getting a job promotion or just getting paid more within the same salary range but at a higher level or grade. It’s a progression up your current salary band.
This can only happen if there are company policies to facilitate this.
Some companies do promotions twice yearly. You need to have the conversation with your manager well before the cut-off date for the recommendation of promotions.
Be aware that some industries and businesses are struggling to survive in today’s competitive environment.
Whether you and your manager think that pay rise or promotion is due, the organisation may not be in a financial position to pay you more. Cash flow may be tight for your employer.
Some companies increase their pay yearly or half-yearly. Understanding the pay increase cycle will help you time your request.
The reality is that you really have to sell yourself when you are asking for more money.
It’s like going for another job interview.
You have to ‘convince’ your manager (and his or her boss) that you can continue to bring in much more value to the business.
Remember that people only pay for the extra value created.
Help your manager build a solid case on your behalf. Your manager needs to convince his or her manager that your contribution to the organisation will be more valuable to justify a pay increase, promotion, or progression.
Anticipating future skills needed to earn more money
You may decide to take on more responsibilities to earn more money.
You may also want to get promoted within the same organisation or resign and move on to another organisation.
Either way, this will require you to enhance your existing skills and experience.
Do ask your manager what’s needed for you to get to the next pay grade. Then develop a career plan to get there. By the next review time, or when you do ask for the raise, both of your expectations are on the same page.
It is important for you to anticipate what skills and experience you need to earn more money in the future so that you can create or add more value.
Perform a skills gap analysis of your current and future skills.
Thereafter, close any skills gap by retraining or educating yourself.
You may need to attend online or offline courses or master-classes. You may need to hire an industry coach.
It is important to note that contemporary educational approach has shifted to in-demand, just-in-time education and coaching. The traditional just-in-case education is dead.
We have to become life-long learners in order to succeed in the future of work.
Having a destination is vital to guide our actions
The motivation to succeed is driven by your destination, your personal goals.
Why do you want more income?
What does success looks like for you, if you have more money?
What’s your purpose in life?
What’s your passion that will fuel your commitment to succeed?
A ship without a destination will drift aimlessly.
When you know your destination, you will do everything possible to get there.
When you know your destination or your personal goals, you are motivated to succeed by investing in yourself.
You are also motivated to succeed by acquiring new skills and experience to progress up the corporate ladder.
If your personal goal is to support charitable works, then you really need money and resources to do so.
You need to earn more income for yourself.
Alternatively, you need to save more money off your existing income.
Here’s the thing.
When you are already comfortable with a particular lifestyle, cutting back on expenses is really hard to do. That’s why doing up a budget and sticking to it is so hard for many people.
Therefore, it’s easier and more motivating to ask for a pay increase, making more money, or going after a promotion than saving money. It could also include working a second job, doing over-time, freelancing, or just back-filling for someone at a higher position.
Generally, people like to increase things rather than decreasing things.
It is just a different perspective – making more money versus saving more money.