News Business 5 tips for a good salary hike

5 tips for a good salary hike

Salary negotiations are tough under any circumstances. We really need that extra amount of money but we aren't sure how to get it without being sounded as self-interested jerk. But one thing is sure: “You

5. Create a ‘win-win' situation


Salary negotiation is not an easy task. If you're about to emerge from your bargaining session without a firm offer of a raise, then strive for a conditional agreement. Be prepared to present a yes-able alternative. For example, you might negotiate an increase (or bonus) that is tied to the accomplishment of a specific goal.  
 
"If my plan for decreasing production costs succeeds (say 10 per cent July 31) then, it's fair to receive a bonus equivalent to 10 per cent of that overall savings.”
 
Further, “if I exceed my target by 10 per cent, I get a 5 per cent bonus, and if I exceed my target by 20 per cent, I get a 10 per cent  bonus."

Put together a list of projects you would like to undertake, along with profit or cost-saving projections, and present them when you negotiate salary again.

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