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How To Finally Get A Raise This 2016!

Since the new year is about starting afresh and realizing one’s potentials, evaluating your salary is one of the top priorities. If you are seeking for a higher salary, do not open a discussion with your boss unless you are fully prepared.

Consider these 6 things to help you prepare:

1. SHOW THAT YOU DESERVE IT

Say that an important project is due in a couple of days. Send your boss an email of your progress to avoid constant request for project updates. The simple act of anticipating what is needed before it is asked can show that you are capable of working independently. You not only sent a positive reflection of your working etiquette but also made your boss’ life job easier.

2. DO YOUR RESEARCH

Negotiating your salary is a game with all of its players attempting to dominate each other. Dominate the game by researching all the needed information. Go in-depth about the complete aspects of the job and the company. Also, collect data about the average pay and accurate salary opportunities in your position.

3. DEVELOP A BACK-UP PLAN

If the company’s current situation cannot afford to give you the raise you deserve, consider suggesting alternative options such as commission-based pay (if appropriate) or performance-based bonus.

Image Credits: pixabay.com (License: CC0 Public Domain)

4. MAKE A GOOD IMPRESSION

During the discussion, greet your boss in a friendly and light manner by smiling and shaking hands. Say your gratitude as he or she spared some time to arrange a meeting for you. Your boss’ mood can change depending on how you approached the room.

5. ASK FOR MORE THAN YOU ACTUALLY WANT

Your first offer must be slightly higher than what you want to avoid remorse and to give you a room to bargain. It uses the door-in-the-face technique wherein the employee starts with a huge and unreasonable request in order for the employer to settle with a smaller request.

6. COMPETE

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Use persuasion and assertion if necessary as scientific research showed that competition is a successful negotiation strategy!

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

4 Ways To Speak Up And Save More S$

As awkward as this may seem in the context of our Asian culture, if you asked for a good deal…there is a higher possibility of receiving it.

Confidently, politely, and effectively asserting yourself towards the seller, the owner, or the company itself can help you increase both your knowledge and your savings. Apply this notion in these situations:

1. NEW FEES OR CHARGES

New fees or charges can exist if your cable, telecommunications, or other services provider changed their terms. Perhaps you received a lengthy letter, which you ignored, but it is your right to know what these new charges are for. Some companies are open to suggestions and negotiations. So, do not hesitate to ask them for an informative explanation.

2. FLEA MARKETS, SALE FAIR, OR THRIFT SHOPS BARGAIN

Say you are at a flea market, sale fair, or thrift shop and you found a book trilogy but the prices seem high. Instead of challenging the seller in a negative tone (e.g., Why is the price tag so high? or The books are not even in good condition!), you must show your adoration in a positive tone.

For instance, you may tell the seller that you admire the author very much and that you are willing to take home all of it for a discounted price of S$10 (i.e., getting the third book for 50% off). The seller would most likely agree since your approach was respectful.

3. DISCOUNTS FOR GROUPS

I worked previously at a yoga studio that offered cheaper prices if you went for their group classes. It goes the same for other fitness centers or beauty salons especially if they had recently opened. Group discounts can be availed by family members or friends. All you have to do is to ask the counter if they offer it because some of the special rates maybe unadvertised.

4. DISCOUNT FOR MINOR PRODUCT ISSUES

Smart shoppers use minor product issues such as slightly bruised home decorations or missing buttons as bargaining tokens to get at least 5% discount. For example, you noticed that the milk at your local mart is expiring soon, you may ask for a reasonable discount at the counter.

Image Credits: pixabay.com (License: CC0 Public Domain)

They are most likely to agree to this because they are able to keep you as a loyal customer at no significant price loss. 🙂

Sources: 1 & 2

Shopping Intervention: 7 Things You’re Doing Wrong

1. GETTING TEMPTED WITH THE EXTRAS

You may go shopping during a huge Laptop sale and save big time on what you need but find yourself purchasing its costly accessories. Extras for laptop, computer, Smartphone, and so on can be purchased at a bargain price online on Ebay or Carousell rather than from the shop itself. Shop for the necessary, weight your options when buying extras, and look at the bigger picture.

2. COMPARING PRICES BY SHOPPING

Compare prices online or through magazines and newspapers instead for buying the items yourself. Also, when comparing prices, give yourself a time limit (e.g., 20-30 minutes). This is because people who can’t stop looking for the next best deal are never satisfied.

3. LETTING IMPULSE TAKE OVER

When impulse takes over your shopping, you regret purchasing an item the minute it arrives. To know if you really need and want something, walk away from it and you will save money. As most heard: “if you love something, set it free”. And, if you find yourself thinking about it after 24 hours then go back and buy it.

4. OVERSPENDING DUE TO AN ATTRACTIVE DEAL

Online shoppers are found to spend over 1/3 more when the shipping is offered for free. This is because the attractive deal catches you. Avoid overspending by writing down the things you need to buy and sticking to it.

5. NOT NEGOTIATING

Most goods are negotiable these days. You would not know if there is a sweeter deal if you do not ask. You do not have to say: “Can you give me a discount?” directly if you are shy…use “Can you work with the price with me?” instead. Before negotiating, be sure that you did your homework about the competitors’ prices first.

6. TRYING IT ON

If you are not prepared to buy an item for its price, do not try it on. Psychology suggests that physically touching a product makes you desire to buy it more. Touching a product can lead to lingering and prolonged feelings of ownership. This is why clothing stores have an abundance of changing rooms or why more expensive grocery items are just within your reach.

7. GOING FOR RETAIL THERAPY

People often know that you must not shop hungry in a grocery store because you would end up buying everything that satisfies your hunger.

Image Credits: Pedro Ribeiro Simões via Flickr

Same goes for other aspects of shopping, it is best not to shop angry or sad. Shopping while you are angry makes you more likely to take risks. While, shopping while your sad may fill up the void in your heart but empty your wallet along the way. Making retail therapy a habit can turn in an unhealthy and costly addiction.

4 Ways to Negotiate Salary Increase Efficiently

Many are afraid or shy to ask for more money and better working conditions.

You may be afraid of the negative reactions you are expecting to get such as dismay, shock, embarrassment or being fired from the job.

But, whatever the reason may be, you are letting your long-term opportunities to be flushed away.

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Everyone with the right Psychological strategy and conversation tools can sway the opinion of another through a pleasant negotiation.

Here are 4 Ways to help you Negotiate Salary Increase Efficiently…

1. ASK AND YOU SHALL RECEIVE

There are many people who hardly negotiate at interview, and during employment, they fail to negotiate a pay raise. If you do not ask then you won’t get it.

Realize that your bargaining strength is all in your head. If you act as though you are prepared to walk away from a deal unless you achieve your desired goal, your bargaining partner will be far more eager to meet your requirements.

2. BE AWARE OF YOUR CAPABILITIES AND BOUNDARIES

As I said, your bargaining strength is all in your head, so are your assumptions about yourself and your job. Negative assumptions (e.g., I am inexperienced, I shall not ask because of the bad economy, and I am not capable of doing all the job requirements) hinder the person to negotiate for a pay rise.

Evaluate these assumptions because you may fail to realize that the company needs you as much as you need them.

Believe that you are worth it. Throughout the negotiation interview, you shall highlight how much of an asset you are to the company and prove how you are the best candidate for the job.

3. ASK FOR MORE THAN YOU ACTUALLY WANT

Image Credits: Roy Blumenthal via Flickr

4. COMPETE

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Negotiating your salary is also a game with all of its players attempting to dominate each other. Dominate the game by researching all the needed information.

Go in-depth about the complete aspects of the job and the company. Also, collect data about the average pay and accurate salary opportunities in your position.

Use persuasion and assertion if necessary because research show that competition is a successful negotiation strategy (Marks & Harold, 2011).

Sources: Spring and Wealth Informatics

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