According to a Gallup poll, 59% of employees were not completely satisfied with their current pay.And, one SHRM survey found that 44% of respondents said they would leave their job to make more money elsewhere. Read our in-depth report. Show enthusiasm. You can see both template versions below. A salary increase letter lets … Salary increase letter templates allow you to create an effective pay raise letter to your employer. Before investing any time in ways to increase your current salary, it’s important to be honest with yourself. A salary increase letter is the first step in requesting a raise. In this meeting, the manager should: If you’re an HR professional, be sure to encourage the manager to have this meeting with their team member. May 26, 2020. Expressing appreciation for your team members helps maintain a good working relationship. People should always ask the manager for the pay raise since he/she is the one that is in charge of handling such important matters like a salary increase. It serves to express support for the employee’s request for a salary increase. What’s in, what’s out, and what’s around the corner—they’ve got the HR world covered. Your time at the company is not a justification for a raise, nor are your personal financial circumstances. Instead, I find that using an employee self-assessment of performance is critical to whether or not it’s time to raise employee compensation. What's the best way to get an increase in your pay? This is not the type of employee your company wants to lose, and a salary increase may further motivate the employee's commitment to your company. [I’ve attached your new employment contract with the updated salary – please read it, sign it and send it to HR/ Please pass by HR’s office to sign your updated contract by end of this week.]. This brings your annual gross salary from [$70,000] to [$77,000]. As employees begin to understand their work will be acknowledged, they also gain the perception that they are valued. A lowball salary can be balanced with a high incentive package. For example, if you know the company is doing well, your boss is pleased with your work, and sufficient time has elapsed (at least a year or more, depending on company culture) since your last salary raise, or your annual review is coming up, then all signs point to go.. These kinds of letters can also be written from an employer to an employee, to inform about an increase in the salary. Americas: +1 857 990 9675 [If you’re unable to come, I’ll send you the new contract via email and you can print it, sign it and scan it to send back to me.]. These messages have to be communicated formally and hence, a format must be followed while writing these letters. An employee who produces less value, however, loses me money and—unless they can become more productive—I can’t afford to keep them in the long run. Think about whether or not you also want to request for other perks such as stock options, flexible work hours, a … If you have another amount in mind or a plan to increase my salary in the future, I am open to negotiation. Remote work, technology, and engagement are hot topics in the New World of Work. All employees from department 40 will have a 10% increase while employees from department 70 will have 15% increase. Think back over your history with the company and create a list of accomplishments since your last salary increase, paying close attention to those that may have improved the business’s bottom line. I need to update the salary of employees from department 40 and 70. Europe & Rest of World: +44 203 826 8149. I have 1 employee from department 70 who has a salary of 10000 so he will have a 15% increase. Gather as much information you can, such as salary data for your industry. The increase in salaries in the hospitality business is not just a problem that affects hotels and restaurants. Ask questions, find answers, get tips, and dig deeper into our product. Become an employee who is most wanted by colleagues and bosses. If it is being emailed, you can remove the date and the address for yourself and the employer, and begin the letter with the greeting. Ask yourself why, honestly, you want or need a salary increase. Salary increment letters are written by employees to their employers to ask for a hike in their pay. The format of this letter should be simple and positive providing all the important information about the new salary and reaffirming the appreciation expressed in the meeting. Added duties now include staff management, budget decisions, and project management. A good recommendation letter can be what your boss needs to approve a pay rise request. Several approaches are commonly used for determining salary increases. Asking for a raise is a lot easier when you have the tools to ask for the right thing in the right way. Add a few personal touches and you’re good to go. Although salary rates aren't the only factor that attracts and retains employees, you could position your organization to increase employee retention with better benefits. It might not directly let you increase your salary, but it could help you at review time. Dillon says you should also consider how important the person is to you, your team, and the company. This pay raise is well-deserved. Briefly mention future expectations (without putting undue pressure on the employee). Employees have money on their minds. It is generally not a good idea to go above the person who makes salary decisions for your team. Read the minds of our team of HR writers. Arthur Boss XYZ Company 23456 Broad Street Stamford, CT 00834 [use above for hard-copy letter only] Dear Mr. Boss, I am writing to formally request a review of my current salary. Your salary will be officially updated on [September 1st] so you’ll see the boost on your [September] paycheck. However, positive attention for a job well done can increase business morale. Europe & Rest of World: +44 203 826 8149 A letter is also a record documenting the request should it be denied now but reconsidered in the future. Download the salary increase letter template (compatible with Google Docs and Word Online) to use as a starting point for your own letter. You want a raise and feel that you deserve one. Be knowledgeable about you job / profession. This pay raise is well-deserved. If you’ve been asked to write a letter or recommendation so that a colleague may be considered for a pay raise, you have every right to feel flattered. Salary Increase Letter: I'm Working Working Harder Than Before Dear [Manager Name], As I approach my second year in the job [change the duration according to your situation], I find myself more dedicated, more devoted and more motivated than I ever was.It is a privilege being part of this professionally team. Online job sites such as Glassdoor give an indication of what companies in your industry currently pay employees with similar education and work experience. Before you start writing, gather resources that will help you justify a raise in salary: If you believe you are being paid less than you are objectively worth, it’s important to include examples. And that means you need to demonstrate that you’re an exceptional employee. The letter should be formatted and written in a formal way. Walk an extra.mike. This is more than 12% higher than my current salary of $58,000. It's easier to have an in-person discussion than it is to go back and forth via email. The example letter below is intended to be sent in hard-copy form. Please pass by my office to sign your updated contract by end of this week. Especially if the note complements a salary increase discussion with the employees manager, which should also always accompany a salary increase, the letter is an effective communication tool. Ask Yourself If You Are in the Right Career Path. It’s best that managers are the ones to send the pay increase letter to an employee who’s part of their team. So you can ask your employer to credit more amount in your PF account. This brings your annual gross salary from [$70,000] to [$77,000]. If you have received awards or accolades within the company, you may want to mention them within the letter. At some companies, raises are discussed during year-end reviews or given out around the close of the fiscal year. Start hiring now with a 15-day free trial. If you don’t trust your direct manager, the letter will help keep the process professional. I managed the successful launch of our new product, helping to realize $100,000 in quarterly sales. Timing-wise, it's also helpful to ask for a raise shortly after completing a big project or task successfully. Before you ask your boss for a raise, make sure your presentation is professional. I am willing to work with you to accommodate my request along with what is best for the company. Then another 14% during a performance review from 2017 to 2018. Get clear, concise, up-to-date advice with our practical, step-by-step guides. He/she is also the one above every other employee in the organization. Taylor Employee95 Park LaneAnderson, CT email@example.com, Arthur BossXYZ Company23456 Broad StreetStamford, CT 00834. A salary increase request should be addressed to the person who manages your raises and bonuses. Salary Increment Letter: A salary increment letter is a letter written by the employee of the company to the concerned person (senior, manager or HR department) requesting to increase the salary. Your letter can help support your argument while keeping you from tripping over your words in person. Asking for a raise is intimidating, but a well-written salary increase request letter can help you ask for the raise that you feel you have earned. If your employee is a team player, regularly lends a hand to other coworkers and has no disciplinary or performance issues to speak of, plan to use this information in your raise request. I am writing to formally request a review of my current salary. PREPARE YOUR REQUEST: Take the time to research what you're worth in the job market so you can show your manager why you should be considered for a raise. BE AWARE OF TIMING: Time your request for when you have the optimal chance of getting a positive response. 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