If your employer is willing to offer a pay increase or an alternative, ensure it is in writing. Getty Images
If your employer is willing to offer a pay increase or an alternative, ensure it is in writing. Getty Images
If your employer is willing to offer a pay increase or an alternative, ensure it is in writing. Getty Images
If your employer is willing to offer a pay increase or an alternative, ensure it is in writing. Getty Images

5 tips to ask for a pay rise in an uncertain market


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The coronavirus-induced recession has altered many job descriptions. For Michigan resident Haley Jones, 24, the coronavirus changed the needs of her company, and as she adapted to meet them, her responsibilities were no longer confined to her marketing specialist role.

“I graduated with a marketing degree, no medical experience at all, and I ended up having to scrub in at our surgery centre and help patients get prepped for anaesthesia,” says Ms Jones.

After adding those kinds of new hats, Ms Jones felt that her responsibilities had outgrown her entry-level salary and position, so she requested more compensation.

Your role may also merit a salary discussion, even in uncertain times. Here are some strategies to help you achieve the ideal salary.

Research the market

Understanding the market for your job is critical, according to Lindsey Pollak, author of the upcoming book Recalculating: Navigate Your Career Through the Changing World of Work.

“You can look at websites like Glassdoor, Salary.com and PayScale and see what’s standard,” she says.

These websites offer a minimum and maximum salary range that you can reference to give your boss a realistic request.

Ms Pollak also suggests networking with professional associations in your industry and asking about the appropriate salary range for the job in your particular city.

Tally up your contributions

If you are working remotely, Ms Pollak suggests being more self-promotional about big wins. With many distractions in the pandemic, your boss may not know the extent of your contributions.

Ms Jones created a slideshow presentation with links to her work, a list of tasks completed and her overall impact on the company. Her boss shared the presentation with others considering her salary request.

“If you want someone to do something for you, make it as easy as you can for them to say yes,” Ms Jones says.

Dive as far back into your contributions as is necessary or gather evidence up to the last annual or mid-year review. And be as specific as possible.

Lay the groundwork for the conversation

Be strategic as you plan the conversation. Gauge your level of confidence at every step.

  • Put it on your supervisor's radar: give your boss a general but serious reason for the meeting. Ms Pollak suggests saying that you want to have a "career conversation" about your role and future at the company.
  • Time it right: Don't plan such a conversation after the company announces a terrible quarter or when your boss is in a bad mood, says Joel Garfinkle, executive coach and author of the book Get Paid What You're Worth.
  • Practise until you're confident: Ms Jones built confidence by rehearsing in front of her mirror and loved ones.

Maintain control of the conversation

Don’t allow emotions or nerves to steer the conversation away from your goal. Remember three key points for your discussion:

  • Lead with gratitude: Ms Jones began by thanking her employer for many learning opportunities, then pivoted to her excitement about the company's future and her role in it.
  • Know when to stop talking: be comfortable with silence. "Say the amount you want and then stop talking," Ms Pollak says. Don't negotiate against yourself by saying that you'd like a $15,000 increase, but you're willing to settle for $8,000.
  • Focus on the value for your employer: do not phrase your request around reasons why you need a raise or promotion. Be aware of your contribution to the company and its priorities, and keep the focus on how you are saving the company money or contributing to its fortunes.

Be prepared for the response

If your employer cannot meet your request this time, all is not lost. You have promoted your work and carved out the path for the next conversation, according to Mr Garfinkle. You can also consider negotiating for non-monetary benefits.

You can also consider negotiating for non-monetary benefits

“Maybe it is a title change, or they will provide some training or additional benefits or retirement contributions,” says Mr Garfinkle. “There are other things you can get that might be beneficial for you.”

If your employer is willing to offer a pay increase or an alternative, make sure it is in writing. Send a thankful email to your boss summarising the conversation and alert them that you will be following up on the next steps.

In the case of a firm “no” or “not right now”, let your boss know that you would greatly appreciate the chance to revisit the conversation in the future.

Following up is key with any response. Ms Jones followed up twice in a month, once via email and another time in person. Eventually, she was promoted to marketing director and received $5,000 more than the maximum amount she requested.

Associated Press

ICC men's cricketer of the year

2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi

Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.

Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.

"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."

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How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

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