Many Singaporeans avoid negotiating salary to avoid unpleasant situations such as rejection and embarrassment. What you don’t realise is that negotiating for a fair pay is your right as an employee. When you’ve put in the time and effort to help your company make a profit, you have to the right to partake of it.
What are the roadblocks standing in your way to getting a raise?
1. Fear of looking unappreciative
“The company is not doing well, and I should be glad that I still have a job.” There is a tendency to believe that any raise in pay or appreciation is an honour bestowed upon you by your employer. The truth is, you’re being paid for contributing to the company’s productivity.
Any extra effort on your part to increase the bottom line of the company has to be appreciated by the employer to boost employee morale. Don’t sell yourself short by undervaluing your skills or efforts.
It’s good to be grateful to your employer for giving you a job but that doesn’t mean your employer doesn’t get anything in return. You’re hired and retained for what you bring to the table, your skill set, work experience and work ethic.
Related: 10 Money Tips You Need to Know to Get the Most out of Your Salary
2. Fear of looking like an idiot
You may be ready to ask for more but think that if your offer is refused then you will probably have to accept what the company had offered to begin with. While you may agree to it, you’ll feel like an idiot for having negotiated when there was no chance of succeeding.
“If you don’t ask for it, you aren’t likely to get it.”
Well here’s the truth. The first thing is that you didn’t know if they would accept of reject a higher package. The only way to find out was to ask. They could have just as easily accepted the hike as they rejected it. You have to ask to find out.
The second thing is that if you are really worth that hike and that salary and your current company cannot afford it, maybe it’s time to look out for something else.
Related: 5 Reasons You Shouldn’t Be Afraid to Negotiate Your Salary
3. Fear of getting fired
Another roadblock for not demanding a pay raise is the fear of rejection. There is an unfounded fear that demanding for a bigger paycheck during your performance review may lead to firing.
Rest assured, that’s not the case. If you’ve more than met all your targets and believe that you deserve a raise, then proudly present your performance for the past year and demand a hike in pay.
Demand for pay raise is definitely not a basis for firing. Depending on the discussion with your employer, you get to determine when it is time to move on.
Related: 7 Careers Where You Can Earn More Money Than Your Regular Job
4. Fear of negotiating and losing
Negotiation is a skill that very few can boast about mastering. Unless you’re a salesperson or a skilled politician, it’s understandable if you find negotiations involving money hard to stomach. Fear of losing keeps most of us from trying.
If you don’t ask for it, you aren’t likely to get it. Practise makes perfect. Do your research and perform roleplays to master the art of salary negotiation.
Related: [10 Salary Negotiation Tips] How to Negotiate for a Higher Salary at Your Next Job Interview
5. Fear of looking clueless
The thought that it’s our employer’s job to pay us what we’re worth can sometimes make us lazy to do our research. But as nice as your boss is, the request needs to come from you.
And if you’ve reached the negotiation table and are all geared up to start negotiating but have no clue about what the right amount for your role/job is then… not good. You need to do your research before you start negotiating for more.
Do market research on how much money your job skills and experience are worth. Begin your negotiation with hard facts such as your performance, productivity, company profits, industry standard pay grade for your job profile, etc.
Rather than experiencing dissatisfaction every time you receive your paycheck, be bold and negotiate your salary at your next performance appraisal or job interview.
Related: 8 Mistakes to Avoid in Salary Negotiations
The post 5 Fears That Hold You Back from Getting a Raise in Pay appeared first on BankBazaar.sg.
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