Talk to Your Boss about these 4 Aspects and Watch that Pay Hike Come Walking to You!

How often have you felt that someone else got the pay hike/promotion that you deserved? Ever felt sidelined by your boss for a critical assignment? Or being assigned tasks much below your pay grade, jeopardizing your chances of growth? The doubts, reasons and excuses are endless when it comes to promotion reviews.

While it is natural to feel that you work at least a tad harder than others, how often is it true? Think about it. You may have missed a thing or two in communicating with your boss, and that is why you’re probably not getting the best deal.

You must start by researching the prevailing salary of the profession you are in. As of April 2018, data scientists working for major companies earn around 6.5 lakhs per annum and the national average salary of a product manager is close to 15.77 Lakhs per annum*. As per a report by Livemint, the average salary hike for Indian employees is expected to be 9.4%.

So, if you’re a product manager or a big data scientist eyeing a hike, here are four conversations you must have with your boss!

1. Explain how you envision your growth

Your boss should understand your career expectations, as well the growth you envision, or the position and hike you aspire. As per the McKinsey Global Report of 2017, India is in a position to become the largest growth engines in the world, and it is vital that you express your willingness to be a part of this growth through your company. Expressing your vision makes you look confident, self-aware and ambitious.

However, be realistic as nothing dampens the corporate spirit of a boss more than an employee with unrealistic growth expectations. For example, if you’re a marketing executive who is great at creating digital marketing strategies, you could tell your boss that you envision to be a senior marketing strategy executive someday.

2. State that you want to contribute further

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It is no surprise that engaged employees are twice as likely to be top performers, are more supportive of organizational change, and have low turnover rates. 75% of the organizations, as per the TimesJobs 2017 survey, say that with an increase in engagement levels, their productivity has risen 50%, and job applications have increased 30-50%.

So start with your purpose for being a part of the organization and the team. Focus on your qualities of being a team player, diligent task-master and a selfless mentor to other team members. Once you've established your capabilities, you can go on about future contributions: maybe work on that challenging assignment, lead a team and share your knowledge with others.

3. Your strategy for improvement

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Constant learning and evolving is vital for sustaining in the competitive corporate environment. In an edX survey, it was revealed that almost 65% learners above 25 years were studying with the aim of improving their career**. Draw a plan with a persistent objective of upgrading your skill set as only 2% workforce in India is skilled, as per Economic Times. It could be an online course related to Excel training or even a big data Hadoop certification. Share your aim of getting better every day. Ask for help. With their experience, bosses can help you identify the essential skills required for the future. This will also make him/her feel responsible for your career growth.

4. What you would like to work on

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No one understands your strengths and weaknesses better than you. An honest evaluation can help you understand where you excel and verticals where you can contribute the most. For example, according to Forbes, India has the second largest online population in the world, with more than 462 million internet users. That’s a lot of data if you are working as a data scientist. Identify such assignments and express your interest to your boss about working on them. The fact that you ‘want’ to work on such an assignment is irrelevant to the company. People get assigned because they add value, so instead of pleading that you want it, explain why the assignment needs you.

These conversations with your boss can surely go a long way in helping you achieve your corporate dreams. Keep improving yourself via certification courses, exude an air of confidence and be ambitious! Good luck for your promotion review!

References:

• https://www.glassdoor.co.in/Salaries/india-data-scientist-salary-SRCH_IL.0,5_IN115_KO6,20.htm
• https://www.glassdoor.co.in/Salaries/india-product-manager-salary-SRCH_IL.0,5_IN115_KO6,21.htm
• https://www.class-central.com/report/edx-2017-review/