Talked to your boss about a raise but got rejected? You must be wondering if you should just throw letter and seek greener pastures.
“No, you should first try to understand the reasons for not giving you the raise” says Serena Fernando – Consultant for Financial Services, Operations at Robert Walters Singapore. “You need to be able to justify why you deserve a raise, and if you have contributed accordingly to deserve it.”
“If you’ve contributed a lot to the business and taken on a lot more responsibilities, you may consider if the business values your contributions. If they do, but just aren’t in a good position to give you the raise, you should ask if this can be negotiated according to a timeline,” she adds.
“For example, you can ask that when business improves, you be the first in line to be considered for a raise.”
It’s also crucial that you consider what you risk losing if you were to leave your job. And we don’t just mean a stable income.
“If you quit because you’re not given a raise, you could be taking a risk on key factors that make a job satisfying. This includes a good boss, a positive and encouraging environment, solid teamwork, learning opportunities and good work-life balance,” says Serena.
“Also, it isn’t guaranteed that you’ll get a raise at a new job.”
If anything, it helps to have open discussions about expectations with your boss on a regular basis. You should also do some homework on your own.
“It’s good to understand what the market rate is across the industry, and to find out if your organisation has a different remuneration structure from their competitors,” she notes.
Just make sure that you don’t send the wrong message — Serena cautions against giving the impression that you’re purely driven by money, and that the other aspects of the job aren’t as important.
Want to better negotiate a raise? Scroll the gallery for Serena’s tips. You can also download the Robert Walters Salary Survey Guide 2018 here.