Work in the Private Sector? This could be a bad year for you. Yes, you can expect a single digit salary hike this year. Bad news indeed….A survey conducted by a reputed firm says, salary hikes in this year, could fall down by 1%. So why are Companies offering employees only a single digit salary hike?
Brexit….(A potential exit of the UK from the European Union), is affecting businesses in India. The new US President Donald Trump, is just setting up office. Demonetization has many benefits in the long term, but in the short term, there are some difficulties. Companies want to play safe and may offer only single digit salary hikes this year.
What should you do in these tough times? Is there a way out? Just read this article and find out. Want to learn more on investment planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets
Get Salary Raise More Than You Expect
“Career is the engine of your growth.” Your career is in your own hands? What does this mean? Simple….You are the architect of your growth. So how do you invest in your career? Understand your strengths and invest in them.
Let’s say you are a very good speaker/negotiator, which helps you thrive in your work. This is your strength. You must invest in it. Never assume that you are the best speaker/negotiator. There’s always room for improvement. If you get an opportunity to improve your skills, (say a great speaker is willing to train you), grab this opportunity. What’s the benefit? Companies reward employees with top talent, even if they have a tight budget. You got talent and skill? Your Company will give you a salary hike, just to retain you.
Remember: Salary hikes in 2017 are projected to be at an eight year low. Invest in yourself.
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You need to learn a skill which is in high demand, to survive in today’s hectic work environment. Just take a look at the Indian IT Sector. Donald Trump is now the US President and he wants to make America Great Again, by giving jobs back to Americans. Donald Trump has chosen to attack Indian IT Companies, who he believes are stealing American jobs.
He has introduced a legislation in the US House of representatives, which is going to have a major impact on the H1B visa program. This is a non-immigrant visa, which allows US Companies, to temporarily employ foreign workers in specialized fields which require technical expertise.With IT Companies and firms facing tough times, you and other employees working in IT Firms, could face some difficulties. Then there’s automation. Many low skilled IT jobs are being swallowed by automation. You have to stay relevant, or you will be cast aside.
Jobs in software have very high demand, but only if you have the right skills. Invest in skills which give you the edge in robotics, artificial intelligence and Big Data. If you have talent and unique skills, you’re always in demand. All you got to do….Invest in skills which have high demand and stay relevant for the future.
Want a good salary hike? Learn to work in a team. Companies today want employees who are great team players. To be a great team player, you need to adapt to the work environment very fast. These skills can make you a great team player. Great communication skills (You need to communicate your knowledge to teammates in an effective manner), Be a good listener (When you speak, you are only saying what you know, when you listen, you learn something new).
Be open to sharing your knowledge and skills. Help a teammate who may be slow in learning. To be a great team player, you need to care about your work, the team and the work of the team. Work in the team as a problem solver. Have an open discussion with teammates, form an action plan and find a solution to the problem. You are a great team player? You don’t need to chase rewards….They will follow you.
So how do you get a good salary hike in difficult conditions? Just invest in yourself. Learn a skill which is in high demand. Learn to work in a team. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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