Malaysian employees can expect increases of 2.5% in 2022, up from 2.0% this year, according to the survey by Jobstore.com, which was conducted between Jun and August 2021. A total of 2,200 companies across various sectors participated.
The pandemic caused businesses to cut back on compensation, but now companies are planning to boost raises to levels not seen in several years.
Employers project average annual salary increases of 2.6% for executives, management, professional employees and support staff in 2022. That’s up from 2.2% in 2021 and the average 2.5% boosts that were seen for a number of years before the pandemic.
So what you need to do before going to your boss and asking for a raise:
1. Get the timing right
Employees are in the driver’s seat and more confident than ever, thanks to the shortage of available talents right now, said Blair Heitmann, career expert at LinkedIn.
That said, asking for a raise is always about timing, so look into how the company is doing financially and where you are in your job, such as whether you are close to getting promoted or have recently taken on more responsibility.
2. Do your homework
Research the job market, and look up salaries on sites like Glassdoor or on LinkedIn Salary to get a better understanding of your worth.
You’ll have to demonstrate your accomplishments, so make sure you have them at your fingertips. Once you know what you want to say, practice with friends, family or past colleagues. Talking about your accomplishments can feel awkward, but being able to speak to them effectively is essential to negotiating a higher salary.
You are suggested setting up a meeting with your supervisor to ask what you need to deliver to become a top performer. Then, set about accomplishing them before scheduling a meeting for a raise.
3. Approach your boss the right way
Don’t just walk into your boss’s office and demand a raise — that will have the opposite effect.
Instead, set up a meeting to reconnect with your supervisor on your long-term goals. If it is safe and possible, schedule an in-person conversation, Heitmann suggests. If not, meet over video in a quiet area, free of distractions.
4. Build your case
When you meet with your manager, start with the reasons you love working for the company and explain your long-term goals. You shall always focus on why you deserve a raise, not why you need or want one.
Don’t be afraid to self-advocate. Share examples of your successes and any positive feedback you’ve received. It is not about bragging, It is about clearly and objectively articulating the contribution you’ve made over the past years.
In fact, many people underestimate how strong a negotiating position they have.
Meanwhile, if you were also looking for work outside your company and received a competing offer, don’t mention it. If your boss feels cornered or coerced into giving you a raise, it could impact your working relationship moving forward — and result in fewer opportunities for raises and promotions down the line.
5. Be prepared for ‘no’
A “no” doesn’t have to be the end of your negotiation. Instead, treat it like a performance review. Find ways to actionably achieve goals outlined by your boss to set yourself up for success in the future.
Remember, compensation is more than just money. If your company can’t come up with more cash, consider asking for more paid time off or a flexible work schedule.