No doubt, a hike in salary is perhaps one of the best feelings for every professional. But did you miss the boat? Or did you fail in negotiating your salary as a data scientist? You can still give it one more try if you take the right approach.
If you are a data scientist and if you have been feeling that you deserve more than your current paycheck then read along as we list some of the effective tips you can use to when approaching your boss for a salary hike.
The Industry Research
Professionals irrespective of their domain tend to jump right into the conclusion that they deserve a hike and talk to the higher management. However, that’s not the ideal approach.
First things first — do your research around the salary that you get currently. There are various criteria that a data scientist needs to consider — your work experience, the projects you work on, even the tools you work with. These factors play a vital role in your salary structure as well as the industry you serve.
Have a conversation with other data science professionals and ask them about their work, projects, and tenure in the domain. If you’re comfortable enough, and your friend works in a similar industry, but in a different company, you can also ask him/her about their salary. However, we strongly suggest you do not ask about the monetary benefits with your colleagues.
Word to the wise: Remember, data science is not limited to the IT industry. Several other industries are also making the best out of data science and there is also a salary difference between a data science professional from IT and data science professionals from the real estate industry.
Learn About Your Company’s Increment Process
Before asking for a salary increment, try to learn and understand what are the things that your company considers before giving a salary hike. Take a closer look at the compensation policies, increase practices, salary ranges etc. And one of the best ways to do it is by having a conversation with the HR.
Don’t Knock On The Door, Schedule An Appointment With Your Manager
Knocking and entering the cabin of higher management regarding a new idea that could be implemented in the workflow is one thing, but when you want to discuss a salary hike at an odd time of the year, make sure you fix an appointment mentioning the clear agenda. By taking this approach you and your manager would get enough time to be prepared and can have a healthy, focused discussion.
Do Not Talk About Personal Issues, Rather Present The Achievements And The Value You Have Brought In
Everybody has their own set of personal problems; however, that shouldn’t be the reason that the company should consider giving you a hike. Even though many companies do consider giving a very small percentage of salary hike, it’s not considered to be professional and might affect the employee’s impression in the long run.
So, if you think technically, it’s not your boss’ concern that your personal expenses have gone up. Take a different approach — look for areas where you have delivered results — talk about the projects you have completed successfully over time, talk about the great work you do one a daily basis, talk about your achievement etc.
Do Not Compare Your Job Role With Another
One of the blunders you could do while discussion about your salary hike is by comparing your job role with another. Data science is a vast domain and just because you are working in this domain doesn’t mean every professional would have the same salary structure.
Not to mention, many people still don’t exactly know the difference between different data science job role. For example, if you are a data analyst and asking for a hike and comparing your role with a data scientist, the chances are significantly less than you would get that much-awaited salary hike.
Data scientists not only work on interpreting data but also possess significantly strong coding expertise and mathematical knowledge. While on the other hand, a data analyst mostly works on examining data and look for trends.
When Was The Last Time You Got A Hike?
This is one of the most crucial things to keep in mind when asking for a salary hike. If it’s been more than a year or two that the last time you got a salary increment, then you can pretty much have a valid reason to ask for an increment. But if its less than 6 months, then you have to come up with some genuine as well as solid reasons.
Word To The Wise: Money is important, but that doesn’t mean you would ask for a salary hike in just a few months. Until and unless it’s a valid reason such as a change in job role and increase in responsibilities, it is advised to wait for at least a year.
Are You Ready To Take On An Additional Responsibility
If everything goes well and good, will you be ready to take one some more work responsibilities if you are asked to? Ask yourself whether you are ready to work more for that hike in salary and be mentally prepared for it. There are companies who actually assign additional work to its employees who seek a hike at an odd time of the year.
Do Not Get Frustrated
Negative results are frustrating and showing that frustration on the work is not a good thing to do. Just because you didn’t get that hike you were expecting, don’t be frustrated and start taking work casually — it tells a lot more about your nature as a professional.
Rather, take things positively, and put in more effort into your work. This will show your dedication towards your career and will increase your chances of getting a better hike in the next cycle.