Saturday, 16 February 2008

How to Get A Pay Rise

In my previous post on Ways to Get Rich - Part 2, I mentioned that work alone won't make you a millionaire anytime soon, unless you are really ambitious and well on your way to the top.

But getting a good pay rise every year will certainly help you build up more capital faster, which you can then use to make even more money from various business ventures, and investments in the shares or property markets.

I have been lucky enough to work for a good company that offers good pay for good performance. Over the last 3 years my salary have increased by an average of 20% per year; not to mention that I also get handy performance incentive payments on top of that. The annual pay increase of 20% is not set in my contract but I have had to negotiate and work for it.

It is not hard to get a good pay rise every year, here is a few tips:
  • Make sure that you become good at what you do - the quality of your work must be as high-a-standard as possible, this is a great way to grab your manager's attention and boost your chance of a good pay rise each year.

  • Make sure you are worth more than what the company is paying you - that is, do more than you are required to do, show initiatives, and be willing to help around the company at all times.

  • Continually develop yourself to become multi-skilled and take on more responsibilities.

  • Don't be afraid to negotiate your salary increase. You can subtly do this during individual performance reviews by marketing and selling yourself at every opportunity. Otherwise you can be direct; however, make sure that you can justify your request for an increase.

  • Keep a look out for better offers from other companies. If you have the right skills and experience, you will be highly sought after and highly paid.
We tend to work most of our lives, so may as well become good at it and get rewarded!