{"id":53464,"date":"2022-07-21T16:01:38","date_gmt":"2022-07-21T08:01:38","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=53464"},"modified":"2022-07-28T17:59:26","modified_gmt":"2022-07-28T09:59:26","slug":"job-promotion-salary-increase","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/job-promotion-salary-increase","title":{"rendered":"Here’s Our Helpful Guide On How To Get A Job Promotion"},"content":{"rendered":"
Getting promoted in your job usually means getting paid more and this will surely bring a positive impact to your finances. So, it makes good financial sense to lead your career towards getting a promotion.<\/p>\n
But first, you have to walk the talk and show that you are worthy of a promotion or raise.<\/p>\n
Before you start eyeing that new role or income, the first thing to do is to make your intentions known. Don\u2019t assume that everyone will notice that you are ready to advance in your job unless you make it visible to your bosses.<\/span><\/p>\n Here are the steps you can take to start building a case to ask for a promotion.<\/span><\/p>\n Besides positioning yourself for a promotion, you can also broaden your career prospects by <\/span>upskilling or reskilling<\/span><\/a> which may give you the leverage you need when you asking for a promotion<\/span><\/p>\n Once you have set the plan in motion, don\u2019t expect to get promoted immediately. Be prepared to demonstrate you can sustain your performance for the longer term to be in the running for a promotion when the next performance review comes around.<\/span><\/p>\n Below are ways you can make your intentions known once you know you are ready.<\/span><\/p>\n Even if your first attempt may not result in success, at least you have put it in motion to ensure your boss will keep you in mind when the next opportunity for promotion comes around.\u00a0<\/span><\/p>\n If a job promotion is not available, another option you may consider is to ask for a salary increase if your workload has increased beyond the scope of your original contract.\u00a0<\/span><\/p>\n It is never easy to start this conversation, no matter how much work experience you have under your belt. These tips can help you approach this sensitive subject matter appropriately.<\/span><\/p>\n Once you make your intention known that you are keen to put in the effort needed to advance and be worthy of a salary increase, the next step is to figure out how much increment you should ask for.<\/p>\n As with every other step to advance your career and increase your income, this step needs careful planning and preparation. Be guided by these tips to get prepped before making your move<\/span><\/p>\n Do the research<\/strong> Estimate the range and percentage of salary raise<\/strong> Prepare an exact number<\/strong> New salary = Current salary (RM5000) + [current salary(RM5000)\u00a0 x percentage of raise in decimal form (0.05)].<\/div><\/div>\n While you may have put in the time and effort to prepare yourself to ask for a promotion or salary increase, don\u2019t get discouraged if the answer you get is \u2018no\u2019.\u00a0 As the saying goes, \u2018nothing worth having comes easy\u201d.<\/span><\/p>\n Making the effort to upgrade your skills and pushing yourself to excel in handling new responsibilities and tasks can only serve to advance your career further.<\/span><\/p>\n\n
<\/span>When to ask for a promotion<\/span><\/h2>\n
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<\/span>Asking for a salary increase<\/span><\/h2>\n
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\nDo your research on job search sites and benchmark against similar roles<\/a> in other companies\u00a0 as well as salary trends in your industry and prepare ahead to show why you should be paid more.<\/li>\n
\nThe most common timing is usually the end of the company\u2019s financial year or reaching your employment annual anniversary. It may also hinge on whether the company\u2019s goals or revenue targets have been achieved.<\/li>\n
\nJustify your request with performance results like greater efficiency or increased contribution to generating revenue.<\/li>\n<\/ul>\n<\/span>Tips on salary negotiation<\/span><\/h2>\n
\nThis is important to make sure you have the right data to make an informed decision when putting forward the amount of salary increase you want.<\/p>\n
\nGather market intelligence on the salary range<\/a> you are qualified for and know how much salary increase you should ask for based on the current average percentage of salary increments is in Malaysia.<\/p>\n
\nGive a precise number when negotiating for a raise. State RM5500 instead of providing a range like RM5000 to RM6000. This helps focus the discussion and show that you are serious about your suggestion and have done the homework before asking.<\/p>\n
\nFor example, let\u2019s say your current salary is RM5000 and you have done your research that the average salary increase for this year is forecast at 5%. You can also use a pay raise calculator<\/a> but here\u2019s how the basic calculation works:<\/p>\n