03 – How to increase your salary?

A CEO Teacher

What is more difficult — Writing a cheque or receiving one? Of course, writing one.  And it become even more difficult when we ought to pay the electricity bill or the most difficult one – the school bus fees!

Money – a vital need

Money is an important parameter in everyone’s life. Money is necessary not only a luxury. We earn, spend, save, demand. Demand? Is it the salary time? How much can be expect the hike? What would the bonus be? There are innumerable questions that we seeks as salary is expected around the year end performance appraisal time. In-fact one institution I am aware of, has its annual performance appraisal in August, which is the beginning of the year. How mean, I thought to myself. This must be to ensure that the teachers can’t leave or seek another job, as the academic year has begun!

So, what is the best time to ask a pay hike? A CEO replied, best time is DON’T ASK. Well, we won’t take that for an answer. We will think of a strategy. I honestly agree that asking for a pay hike is an art. If we demand too soon, it might be counter-productive. It’s like overloading a Washing Machine. We all are overloaded, burdened by our own expectations. So remember the three P of money:

  • Pocket
  • Position
  • Power

3 P Questions

Ask yourself, what is it you are seeking. Are you in a ‘position’ to seek the hike? Do the one you seek have the ‘power’ to grant your request? Does the current ‘pocket’ or ‘purse’ has such budgets to approve your salary? Equipped with these answers, now arm yourself with some key pointers. When a salary is given to you, do not negotiate. Accept it at the moment. Also plan your hike like a shareholder. Think of the current situation of the institution and the timing of your ask. Like JKF said, “Don’t ask what your country did you for, ask what you did for your country.” List down your achievements over the past year and then move ahead confidently for the ask.

And yes, if you the desired hike, count me in for the party!

Three Lessons

  • Acknowledge the salary [never negotiate – accept and thank]
  • Think like a shareholder [you don’t ask Google when buying the share – you think long term]
  • Make a to do list [what have you achieved over the past year; be clear]

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