How to Write a Salary Increase Letter for One Time Market Adjustment
You can . Market adjustment entails getting a salary relative to what other employees in the same occupation are paid. Companies should hire a consultant to do a market survey and compare what they pay you and what competing institutions do.
It won't be unethical if you write to your company requesting to get a market-adjusted salary. It is also the responsibility of every recruiter to be aware of the market salary rates; otherwise, they risk losing specialty employees from their organization.
Confidently writing a letter that will convince your employer to give you a salary raise is a problem. DoNotPay can write a convincing negotiation letter to your employees to increase your salary.
Learn Why You Should Ask For a Higher Salary
Apart from the obvious benefit of earning more in every paycheck, there are other reasons why you . They include:
- Salary increments are not set in stone
- You are reliable
- You show initiative
Salary Is Not Set In a Stone
Once you secure employment, you won't get the exact amount of salary you wish to get. For instance, a company might not agree to raise your wage by the amount you want but will conform to raise it by a few dollars, thus the essence of asking for a salary increment until you reach your salary goal.
The cost of living increases every new dawn, and you won't be wrong to ask for a salary raise to cope with the challenging economic times. You should convince your employer to make them see the essence of re-evaluating your payment terms.
For the years you have worked for the company, you have acquired more skills, and thus you should take it to your advantage and ask for a salary raise to match your skills.
If you are the kind of employee who works without being micro-managed, the company has trust in you and can't afford to lose you. You should take this opportunity and demand a salary raise.
You Have Initiative
Your employer will not be hesitant to increase your salary to a level of your satisfaction if you are the kind of employee who presents a solution to the management on issues you noticed with the company.
Extra Tips for Negotiating Salary Increase
Here are some bonus tips for a better chance of higher pay:
|Be backed with hard data||Show evidence of what you are worth. Compile past achievements that justify your raise and how much you further help the institution.|
|Timing||Knowing when to ask is critical when asking for a higher salary. For example, don't ask for a raise when the fiscal year is about to end when budgets are already settled.|
|Be confident||If you know you are worth more than they are offering don't be reluctant to negotiate for higher pay. Advocating for yourself is a sign of confidence that can help you get the salary point you wanted.|
How Often Should You Ask For a Salary Increment?
If you have started to work for your current employer recently, you should wait for at least six months and ask for a salary increment. Some employers will automatically give you a salary raise if you have stayed at the company for one year or more. Therefore, if you have been in the company for several years, you can ask for a yearly salary increment.
However, this rule might differ if your employer wants to discuss your salary raise during a performance review. In such a case, you should prepare yourself with talking points before the discussion to gain as much leverage as possible.
Can You Negotiate Salary Increment Over the Phone?
Ideally, it is better to negotiate for salary raise in person, but if you can't stomach the idea of asking for more money, you can opt for email. You should phrase your email correctly and explain why you think you should get a salary raise.
Take note that your employer will receive your email, and it might take some time to have your email responded to. The disadvantage of this method is that you don't know whether your request will be received wrongly, and thus you remain in a state of uncertainty as opposed to in-person negotiation.
Learn How to Write a Salary Increase Letter for One Time Market Adjustment by Yourself
If the salary you receive is less than the market rate in your industry, you can write a letter of negotiation to your employer and require a salary market adjustment. You should highlight why you think you deserve a salary raise. Your tone should be professional and convincing to your employer. Keep in mind to include the following in your letter:
- The recipient of the letter is your employer.
- An appropriate greeting such as Mr/Mrs and more.
- A subject line that shows what your letter is about.
- Sign at the bottom of the letter and include your first name and last name.
Writing a moving negotiation letter is not everybody's business, and thus you might write a wrong one that will deny you the chance to win a salary raise. DoNotPay can draft a negotiation letter through its Negotiate my Salary product on your behalf.
Learn How to Write a Salary Increase Letter for One Time Market Adjustment With the Help of DoNotPay
Here is how it works:
- Search "negotiate my salary" on DoNotPay.
- Enter the name of your company and the industry you work in, so we can find the right wage statistics for your role.
- Answer a series of questions regarding your qualifications and achievements, relocation expenses, and other job offers if applicable.
- Enter the new base salary you would like to request.
What Other Solutions Can DoNotPay Offer
We are not limited to the solutions we provide, and thus we can help you:
- Request for a salary raise
- Request for a salary raise through phone
- Negotiate email company salary raise
- Understand when to ask for salary increment
- Discover the amount you should ask for in salary increment
- Know if it's well to ask for salary raise
- Know how regular you should ask for salary raise
Do you want to write a , but have no idea where to start? Sign up today and engage us to help you in a faster way.