According to the 2017/2018 Mercer US Compensation Planning Survey, the average salary increase budget is expected to be 2.9% in 2018, remaining flat from 2017. So how can you be perceived as a top performer in 2018? Here are some tips.
Document your accomplishments regularly throughout the year
Keep track of all the projects you manage. Upon completion of each assignment, write a note to yourself detailing your contribution and how your efforts helped the company make money, save money, save time, grow the business, or retain customers. Quantify your accomplishments with dollars, percentages, and other appropriate metrics. Actively seek out opportunities to improve efficiencies and profits regardless of the task at hand. By showing and quantifying your specific value add, you build a better business case to support the requested salary increase.
Become hard to replace
Create opportunities to diversify your experience by offering to learn how to perform tasks that support your main role and make you more efficient at what you do. An alternative strategy is to become a subject matter expert in one specific aspect of the job so you are seen as the “go-to-guy” for a particular type of information. No want wants to lose the “go-to-guy” because then they have to do it themselves.
Take on tasks that no one else wants to do
This does not mean taking on grunt work. It might just mean mastering a new technology that no one else feels comfortable with or taking on an assignment that is outside of the traditional scope of the job. Employees who demonstrate this level of flexibility tend to get more flexibility from their bosses on other issues, including compensation.
Accept high profile assignments close to review time
Since it is easier for people to remember what has happened most recently, why not take on an important assignment to coincide with an upcoming review? The project is bound to become a focal point of the performance review discussion and the boss can quickly remember and document the achievements relevant to the project.
Your success negotiating a salary increase or promotion hinges on your ability to discuss the increase in terms of what is fair and reasonable. By including some of these ideas into your career management strategy, you can keep the conversation focused on measurable achievements and build a compelling business case for the requested pay raise.