askST Jobs: I am not satisfied with my salary. How do I ask my boss for a raise?
In this series, workforce correspondent Calvin Yang offers practical answers to candid questions about how to meet workplace challenges and advance in your career.
Q: I am not satisfied with my salary. How do I ask my boss for a raise?
A: Prices of goods and services have increased due to global shocks.
Salaries, however, cannot necessarily keep up.
In times of uncertainty, it’s not uncommon to ask for a pay rise, observers say. Still, the idea of discussing money matters can be uncomfortable.
Before approaching your supervisor, ask yourself a few questions. Did you contribute significantly? What is the salary benchmark for your role in today’s job market? How long has it been since the last salary review? Is your business doing well? Have you recently closed any successful projects? Is it the right time now?
Essentially, ask yourself if you deserve a raise.
Adecco Singapore Country Manager Betul Genc explains that this can include the following: consistently exceeding your targets or having in-demand skills. Factors also include pay cuts or salary freezes during the Covid-19 pandemic.
Then, research and seek the opinions of others in similar fields to assess whether your package falls within an acceptable market range, advises Ms. Genc. “Based on your organization’s assessment requirements, self-assess your key performance indicators, accomplishments, skill level, corporate values, and development.”
In other words, do your homework to support your case.
There are many salary guides and calculators available online to help you figure out the approximate salary range for your position.
With that in mind, you can then have a better idea of how much to ask for.
Depending on your reasons, it would probably be between 3 and 20%. The higher the percentage you want, the better your reasons, observers say.
Mr. David Blasco, managing director of recruitment firm Randstad Singapore, suggests asking for a mentor from the same career and industry. “They’re more likely to give you an accurate number of what other companies are offering to someone with similar experience and skills to yours.”
Next, review your recent accomplishments. Consistently meeting targets, delivering projects ahead of schedule, winning top prizes, or taking on additional responsibilities are often reasons for a raise. Make a list of these, with specific examples.
After that, ask yourself if now is a good time to ask your boss to meet with you.