I am sure you have experienced firsthand the impact of high inflation on your financial well-being.
With the Consumer Price Index (CPI) soaring to 6.7% in 2022, it's essential to seek a salary increment that corresponds to the rising cost of living and helps maintain your standard of living.
Here are 7 steps to get you ready to adapt and thrive.
1. Understanding inflation and its impact on your salary
- Inflation is the continuous increase in the general price level of goods and services, which causes the purchasing power of money to decline.
- High inflation erodes your real income and purchasing power, making it difficult to maintain your standard of living.
- To counterbalance the effects of inflation, it's important to adjust your salary accordingly.
2. Researching market trends and salary benchmarks
- Staying updated on current industry trends is essential to understanding your value in the job market.
- Utilize reputable resources like Glassdoor, PayScale, and LinkedIn Salary to research salary benchmarks for your role and experience.
- Identify the demand for your skillset in the current job market to strengthen your negotiating position.
3. Evaluating your performance and accomplishments
- Take the time to analyze your performance against your job description and goals.
- List your key achievements and contributions to the company, and consider how they've benefitted the organization.
- Quantify the value you've added to the organization to present a compelling case for a salary increment.
4. Preparing a well-structured salary increment proposal
- Concisely present your accomplishments and performance in a written or verbal proposal.
- Include your salary expectations based on market research and industry benchmarks, emphasizing the need to offset the impact of inflation on your purchasing power.
- Be clear and assertive in your request but maintain a respectful tone. Use this guide to get started.
5. Timing your request appropriately
- If possible, align your request with the company's performance review cycle.
- Choose a time when the company is performing well or has recently achieved a major milestone, signaling an appropriate moment to discuss salary increments.
- Avoid requesting a raise during periods of organizational or economic instability to maximize your chances of success.
6. Handling the salary negotiation process
- Approach the negotiation with confidence and assertiveness while maintaining a respectful tone.
- Show empathy and understanding of the employer's perspective, acknowledging their concerns or limitations.
- Remain open to alternative compensation options, such as bonuses or additional benefits, if a direct salary increment isn't feasible.
7. Managing expectations and dealing with rejection
- Recognize that not every salary increment request will be successful and be prepared for potential setbacks.
- Be open to negotiation or accepting a counteroffer that may not fully meet your initial expectations.
- Evaluate your options, including looking for new opportunities, if necessary, to secure a salary that matches the market value and rising living costs.
Conclusion
- As an employee facing high inflation in India, seeking a salary increment is crucial for maintaining your standard of living and financial well-being.
- Proactively managing your career and financial situation can help you navigate the challenges of inflation and secure the compensation you deserve.
Fashion Tour of India: Click & Discover!
Dive into India's colorful wardrobe with our easy-to-use map! Just click on a state and see what people wear, from timeless classics to trendy outfits. Plus, check out the cool brands they love. It's fun, fast, and full of surprises!
EazyDiner
60
% OFF
White Crow
10
% OFF
SonyLiv 6 Months
35
% OFF
VMart
5
% OFF
Wrangler
6
% OFF
Only
8
% OFF
Discovery+
12
% OFF
Apple Airpods
2
% OFF
Skinn
6
% OFF
Jockey
10
% OFF
Armani Exchange
10
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Unlimited
6
% OFF
Norton Antivirus Plus
60
% OFF
Blaupunkt
8
% OFF
Mia
3
% OFF
Third Wave Coffee
8
% OFF
COFFEE_CRAVINGS
US Polo Assn
7.5
% OFF
Hyatt India
10
% OFF
ZEE5 3 Months
15
% OFF
Net Protector Pro 1 User
70
% OFF
Giorgio Armani
10
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PeeSafe
15
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Blackberrys
8
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Veridicus
12
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Simon Carter
8
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Sigree
8
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Linen Club
9
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Spotify 1 Year
5
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Tumi
10
% OFF
Taneira
6
% OFF
EA Sports FC Mobile
3
% OFF
Apple MacBook
2
% OFF
Home Center (Online)
7
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ROUTINE
Amazon Prime 3 months
13
% OFF
CultFit
7.5
% OFF
Freecultr
18
% OFF
Relaxo
6
% OFF
Fabindia
7
% OFF
Polar bear
4
% OFF
SpiceJet
2
% OFF
Docubay - deprecate
25
% OFF
The Collective
2.5
% OFF
Appreciate Subscription
35
% OFF
Ferns N Petals
10
% OFF
Mainland China
8
% OFF
YouMee-deleted
2.5
% OFF
Helios
8
% OFF
Tata Play HD
12
% OFF
Villeroy & Boch
10
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Kate Spade
10
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Brooks Brothers
10
% OFF
Mothercare
10
% OFF
Himalaya
6
% OFF
Watcho Dish TV
2.5
% OFF
American Eagle - to be deleted
2
% OFF
Replay
10
% OFF
Bally
10
% OFF
Forever New
8
% OFF
Birkenstock
8.5
% OFF
Michael Kors
10
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Urban Ladder
8
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Behrouz Biryani
10
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Speedo
10
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PhonePe
2.5
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Planet Fashion
2.5
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Indian Gifts portal
16
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Cleartrip
5
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VACATION
Ornaz
10
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Tata Cliq
6
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ROUTINE
Microsoft 365 Personal
20
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Jimmy Choo
10
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Hush Puppies
8
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Avast AVG
2.5
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DeVagabond
10
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Paul Smith
10
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Unipin E-Gift
3
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Borosil
8
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Ray-Ban
8
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Cafe Delhi Heights
8
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Trends Women
12
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Blissclub
9
% OFF
Apple iPhone 14
2
% OFF
Netmeds
8
% OFF
iPhone 15 Pro
2
% OFF
Spencer
3
% OFF
Imagine Apple Premium_Delete
2
% OFF
BB Now
3
% OFF
Titan Eye+
9
% OFF
Lifestyle (Online)
7
% OFF
BEAUTY_AND_FASHION
Daily Objects
10
% OFF
Reliance Trends
12
% OFF
Swiggy Inhouse Only
4
% OFF
Bata
7
% OFF
Flying Machine
8
% OFF
Spar Hypermart
4.5
% OFF
Kalyan Diamond
6
% OFF
Indian Terrain
10
% OFF
Gas
10
% OFF
Tanishq Gold Coin
0.5
% OFF
Levi's
5
% OFF
EazyDiner
60
% OFF
White Crow
10
% OFF
SonyLiv 6 Months
35
% OFF
VMart
5
% OFF
Wrangler
6
% OFF
Only
8
% OFF
Discovery+
12
% OFF
Apple Airpods
2
% OFF
Skinn
6
% OFF
Jockey
10
% OFF
Armani Exchange
10
% OFF
Unlimited
6
% OFF
Norton Antivirus Plus
60
% OFF
Blaupunkt
8
% OFF
Mia
3
% OFF
Third Wave Coffee
8
% OFF
US Polo Assn
7.5
% OFF
Hyatt India
10
% OFF
ZEE5 3 Months
15
% OFF
Net Protector Pro 1 User
70
% OFF
Giorgio Armani
10
% OFF
PeeSafe
15
% OFF
Blackberrys
8
% OFF
Veridicus
12
% OFF
Simon Carter
8
% OFF
Sigree
8
% OFF
Linen Club
9
% OFF
Spotify 1 Year
5
% OFF
Tumi
10
% OFF
Taneira
6
% OFF
EA Sports FC Mobile
3
% OFF
Apple MacBook
2
% OFF
Home Center (Online)
7
% OFF
Amazon Prime 3 months
13
% OFF
CultFit
7.5
% OFF
Freecultr
18
% OFF
Relaxo
6
% OFF
Fabindia
7
% OFF
Polar bear
4
% OFF
SpiceJet
2
% OFF
Docubay - deprecate
25
% OFF
The Collective
2.5
% OFF
Appreciate Subscription
35
% OFF
Ferns N Petals
10
% OFF
Mainland China
8
% OFF
YouMee-deleted
2.5
% OFF
Helios
8
% OFF
Tata Play HD
12
% OFF
Villeroy & Boch
10
% OFF
Kate Spade
10
% OFF
Brooks Brothers
10
% OFF
Mothercare
10
% OFF
Himalaya
6
% OFF
Watcho Dish TV
2.5
% OFF
American Eagle - to be deleted
2
% OFF
Replay
10
% OFF
Bally
10
% OFF
Forever New
8
% OFF
Birkenstock
8.5
% OFF
Michael Kors
10
% OFF
Urban Ladder
8
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Behrouz Biryani
10
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Speedo
10
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PhonePe
2.5
% OFF
Planet Fashion
2.5
% OFF
Indian Gifts portal
16
% OFF
Cleartrip
5
% OFF
Ornaz
10
% OFF
Tata Cliq
6
% OFF
Microsoft 365 Personal
20
% OFF
Jimmy Choo
10
% OFF
Hush Puppies
8
% OFF
Avast AVG
2.5
% OFF
DeVagabond
10
% OFF
Paul Smith
10
% OFF
Unipin E-Gift
3
% OFF
Borosil
8
% OFF
Ray-Ban
8
% OFF
Cafe Delhi Heights
8
% OFF
Trends Women
12
% OFF
Blissclub
9
% OFF
Apple iPhone 14
2
% OFF
Netmeds
8
% OFF
iPhone 15 Pro
2
% OFF
Spencer
3
% OFF
Imagine Apple Premium_Delete
2
% OFF
BB Now
3
% OFF
Titan Eye+
9
% OFF
Lifestyle (Online)
7
% OFF
Daily Objects
10
% OFF
Reliance Trends
12
% OFF
Swiggy Inhouse Only
4
% OFF
Bata
7
% OFF
Flying Machine
8
% OFF
Spar Hypermart
4.5
% OFF
Kalyan Diamond
6
% OFF
Indian Terrain
10
% OFF
Gas
10
% OFF
Tanishq Gold Coin
0.5
% OFF
Levi's
5
% OFF
EazyDiner
60
% OFF
White Crow
10
% OFF
SonyLiv 6 Months
35
% OFF
VMart
5
% OFF
Wrangler
6
% OFF
Only
8
% OFF
Discovery+
12
% OFF
Apple Airpods
2
% OFF
Skinn
6
% OFF
Jockey
10
% OFF
Armani Exchange
10
% OFF
Unlimited
6
% OFF
Norton Antivirus Plus
60
% OFF
Blaupunkt
8
% OFF
Mia
3
% OFF
Third Wave Coffee
8
% OFF
US Polo Assn
7.5
% OFF
Hyatt India
10
% OFF
ZEE5 3 Months
15
% OFF
Net Protector Pro 1 User
70
% OFF
Giorgio Armani
10
% OFF
PeeSafe
15
% OFF
Blackberrys
8
% OFF
Veridicus
12
% OFF
Simon Carter
8
% OFF
Sigree
8
% OFF
Linen Club
9
% OFF
Spotify 1 Year
5
% OFF
Tumi
10
% OFF
Taneira
6
% OFF
EA Sports FC Mobile
3
% OFF
Apple MacBook
2
% OFF
Home Center (Online)
7
% OFF
Amazon Prime 3 months
13
% OFF
CultFit
7.5
% OFF
Freecultr
18
% OFF
Relaxo
6
% OFF
Fabindia
7
% OFF
Polar bear
4
% OFF
SpiceJet
2
% OFF
Docubay - deprecate
25
% OFF
The Collective
2.5
% OFF
Appreciate Subscription
35
% OFF
Ferns N Petals
10
% OFF
Mainland China
8
% OFF
YouMee-deleted
2.5
% OFF
Helios
8
% OFF
Tata Play HD
12
% OFF
Villeroy & Boch
10
% OFF
Kate Spade
10
% OFF
Brooks Brothers
10
% OFF
Mothercare
10
% OFF
Himalaya
6
% OFF
Watcho Dish TV
2.5
% OFF
American Eagle - to be deleted
2
% OFF
Replay
10
% OFF
Bally
10
% OFF
Forever New
8
% OFF
Birkenstock
8.5
% OFF
Michael Kors
10
% OFF
Urban Ladder
8
% OFF
Behrouz Biryani
10
% OFF
Speedo
10
% OFF
PhonePe
2.5
% OFF
Planet Fashion
2.5
% OFF
Indian Gifts portal
16
% OFF
Cleartrip
5
% OFF
Ornaz
10
% OFF
Tata Cliq
6
% OFF
Microsoft 365 Personal
20
% OFF
Jimmy Choo
10
% OFF
Hush Puppies
8
% OFF
Avast AVG
2.5
% OFF
DeVagabond
10
% OFF
Paul Smith
10
% OFF
Unipin E-Gift
3
% OFF
Borosil
8
% OFF
Ray-Ban
8
% OFF
Cafe Delhi Heights
8
% OFF
Trends Women
12
% OFF
Blissclub
9
% OFF
Apple iPhone 14
2
% OFF
Netmeds
8
% OFF
iPhone 15 Pro
2
% OFF
Spencer
3
% OFF
Imagine Apple Premium_Delete
2
% OFF
BB Now
3
% OFF
Titan Eye+
9
% OFF
Lifestyle (Online)
7
% OFF
Daily Objects
10
% OFF
Reliance Trends
12
% OFF
Swiggy Inhouse Only
4
% OFF
Bata
7
% OFF
Flying Machine
8
% OFF
Spar Hypermart
4.5
% OFF
Kalyan Diamond
6
% OFF
Indian Terrain
10
% OFF
Gas
10
% OFF
Tanishq Gold Coin
0.5
% OFF
Levi's
5
% OFF
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