Luckily, nearly two-thirds of the nation's employers offer incentive pay for top performers. In this type of program, you will receive extra pay or other benefits whenever you achieve specific performance targets. Your performance review is the key and needs to be highlighted when negotiating a raise and this requires a proper homework.
Get Ready
Always keep a review file that records your performance. It comprises completed projects and any work done that was not in the line of your duty. This serves in two ways. To show what has been accomplished and secondly as a ready reckoner when you prepare for a pay hike review. In case you are without such a file prepare one from past records available from last year summarizing your achievements. But keep any eye on industry salary data and present these stats when you need at the negotiating table. Watch for the grapevine to buzz once word leaks out after the review process has begun. Often employees will come out with their experience in case they feel the treatment meted out to them was unpleasant of below their expectation. This can give you an inkling how the battlefield is going to be. If lower salary increases are expected you should know it before you present your review. Usually workers are notified if salary increases are expected. If higher raise expected keep in touch with your boss before the review.
Be Reasonable
All companies take past year sales performance while calculating raise for their employees. Sometimes layoffs can spoil the show. Be practical when looking at a raise as compared to last year. Normally you could think of a figure while listing off your achievements yet be prepared for noncommittal boss response. Confronting him squarely could help as it can be the right time to hammer your reasons why you are seeking a raise and your meeting him.
If the boss is inclined to go for incentives rather than the raise it can turn into a much bigger take-home pay than conventional raises. Incentive programs in the US usually average about 7% of the budget for base compensation (that is, salaries). It means incentives provide more than twice as raises.
What if boss is still dodgy saying, "how can I discriminate with a raise(or incentive) alone to you? My job is to take care of everyone." You must stick to your guns and he may give you a special raise especially if you had gone beyond your normal call of duty. Don't spoil your relations with him in case your boss still expresses his inability to give the raise. An opportunity could arise in near future. But see to that your annual review is not overshadowed by extra review you may prepare. Meantime you could take it easy charting a flexible work schedule to spend more time with your family in vacation mode.
