According to a 2023 survey conducted by the Vietnam General Confederation of Labour, a significant 76.2% of workers choose to engage in voluntary overtime to augment their income. While a company’s overtime pay policy may offer immediate financial gains, it’s essential to recognize the enduring effects it can have on overall job performance.
Securing a salary raise necessitates more than just personal development, hard work, and impressing your supervisor. Similar to a captain navigating a ship, one can steer their team, yet factors beyond their control, such as the weather or wind direction, play a role. Being adept at discerning when to exert maximum effort at work and when to navigate judiciously with the current can alleviate stress.
It’s crucial to note that this article specifically addresses salary increases, excluding discussions on overall income augmentation
Factors affecting your salary growth that you can influence
1. Enhancing Professional Skills and Personal Capabilities
Continuous learning and skill improvement directly correlate with elevating your value in the workplace, ultimately contributing to the salary you merit. Striking a balance between showcasing proficiency in your current role and presenting your authentic self is crucial for long-term recognition and sustainable performance.
2. Embracing New Responsibilities
Those deserving of a salary raise often distinguish themselves by willingly taking on responsibilities that others shy away from or by shouldering tasks that significantly impact the company’s success.
3. Refining Negotiation Skills
Efficiently compiling your achievements as tangible evidence and skillfully employing negotiation tactics can significantly bolster your ability to persuade your boss to consider a salary increase.
4. Building and Nurturing Relationships
Cultivating connections within the company is vital, but extending your reach through seminars and platforms like LinkedIn can broaden your external network. This not only enhances your self-recognition but also presents opportunities for continuous learning.
5. Market Awareness and Adaptability
Understanding the industry’s prevailing wage standards empowers you to negotiate a salary that aligns with your skills and experience. Simultaneously, being aware of a company’s policies regarding allowances and salary increments positions you strategically.
Also, remain open to exploring opportunities in companies that offer competitive benefits when making career decisions.
Factors beyond your control
1. Economic Situation
The broader economic climate, marked by events like economic recessions, inflation, or financial crises, can significantly influence a company’s financial well-being. These macro-level factors have a cascading effect on various aspects of the business, including budgetary allocations for employee benefits and salary increments.
2. Industry Standards and Trends
Industry standards, including the baseline salaries for specific positions, are subject to change based on industry needs and trends. Staying informed through salary lookup applications and advisors like Bamboo Careers provides a comprehensive understanding of labor market dynamics, allowing you to navigate fluctuations within your industry and the broader market.
3. Business Situation
The overall performance of a company is a collective effort influenced by both individual contributions and external factors, such as the economic climate. Fluctuations in profits directly impact the budget allocated for employee benefits and salary adjustments, irrespective of individual performance.
4. Company’s Salary Policy
Some companies may implement policies that impose limits on maximum salaries or allowances, thereby constraining the financial rewards employees can receive.
5. Automation and Scientific Advancements
In Vietnam, 70% of jobs in certain industries are at risk of automation, according to Vneconomy. This is causing worries for workers in less specialized roles, indirectly impacting the overall pay structure and wages for everyone, even if not directly.
Understanding factors beyond your control: Why it matters?
It’s crucial to recognize factors beyond your control, especially when you’re already putting in your best effort. Securing a salary increase goes beyond identifying personal shortcomings and continuously improving oneself.
Early awareness of industry standards during job hunting sets the stage for realistic salary expectations and cultivates better negotiation skills. Furthermore, grasping external factors like company pay policies enables you to shape your future career strategically. You can assess whether seeking a promotion or exploring new opportunities aligns with your values.
During economic downturns or when a company’s profits dip, being aware of external circumstances guides decisions about when to request a raise. Adapting to changes and leveraging your knowledge brings you closer to achieving a salary milestone, even though the ultimate decision lies with those in authority. Effective application of your insights is crucial in convincing decision-makers.
Salary discussions at work can be challenging, but preparation enhances confidence. Bamboo Careers is here to support you throughout this journey.