If you are like many people, it has been a while since you have asked for a salary raise or maybe you have never asked your employer. Remarkably, given how much importance most of us give to money, a large number of people have never asked for a salary raise as they feel awkward about starting the conversation, or they are worried about how it will sound to the employer, or they are just not sure how to ask for a raise in salary. But asking for a raise in salary is normal and if you are avoiding it due to any reason, it means you are potentially giving up a large amount of money- just to avoid a conversation that could be as small as five minutes. So, here are a few tips to ask for a salary raise.
Here is a list of things you must keep in mind while asking for a salary raise.
Ask after a big achievement. Have you just scored a big deal? If yes, then it is a good time to ask for a pay raise. Capitalize on the momentum of your success, and you may find yourself in the right position to ask for an increase in salary.
Prepare an agenda before going for a meeting. Along with listing your accomplishments, you could mention the latest expansion in your work responsibilities, extra tasks you have taken on, new approaches you have adopted, projects that you have spearheaded, and plans you have to increase the success of your department.
Time your request appropriately. Familiarize yourself with your brand’s review policy. Do they carry out performance reviews every 3 months? Every 6 months? Every year? Separately discuss with your co-workers or contact the human resources department to achieve a sense of the timeline. If possible, you must align your request with the financial trajectory of the company.
Dress appropriately. Even if your dress code tends to be lenient, when it comes time for your meeting, you must look professional. Though you do not want to look like you are trying hard, looking professional and polished will be great.
Do not ask for a raise via email. Though it is fine to schedule a meeting through email, you should have the conversation of performance reviews and salary hike in person. It is one of the best ways to show that you are serious. It also allows you to evaluate your boss’s reaction. Confused thinking how to ask your employer for a pay raise? Ask your boss when he or she is free to discuss a question regarding your salary raise. You can also check if they are free for a lunch, which might be a comfortable setting to have the conversation.
Tips to Ask for a Salary Raise
One of the important tips to ask for a salary raise to decide when to ask for a raise.
First, know that it is usual to ask
If you think that asking a salary raise is a sign of greediness, then you are wrong. If your manager is even a bit reasonable or has any earlier experience handling people, he or she knows it is normal for individuals to ask for a salary hike. Unless you work truly dysfunctional, it is assumed that you work for pay. This is fine.
Even if your boss does not say yes, you are not likely to damage your relation by making the request as long as you are not asking for money that is wildly out of sync with the market for your work and you have a record of the strong profession. You are not expected to fall out of favor just because you asked to recheck your compensation.
Think this way: a raise is a recognition for your contribution to the company. A salary raise is not a gift or a favor. It is a way for the employers to pay the right market value for your work and to keep you on the job or else you may find another job that pays you well.
If you have been doing great work for a year since your salary was fixed, it might be the right time to ask
Some firms will revisit your salary every year of their own. They are mostly related to performance reviews. But there are many who do not bring it up on their own. In such cases, you will have to figure out when to ask for it. If it has been a year since your salary was last fixed, and if you are doing great work, it is fine to ask for a salary raise
However, if your salary was increased in the last 12 months, expecting another one before the completion of one is not realistic. The same is applicable if you have not been doing any job for a year. There can be some exceptions too, like if the job was completely different than what the at the time of hiring, or if your boss asks you to travel 8- percent of the time when you have signed for the job with little travel.
Factor in your firm’s raise and budget cycles, if required
If you work for a company that usually gives rise once every year, then pay attention to when that generally happens. In some companies, it might be close to the company’s anniversary date. Whereas some might assess every employee’s salary at the same time, like in December. Once you know when things happen, plan to start the conversation with your boss a month or two before that formal procedure starts.
How to prepare yourself before asking a salary increase
Know the worth of your work and start researching online
If you do not know what the market rate for your work is, it is important to find out before you go for the discussion. It is one of the most important tips to ask for a salary raise. If you find that you are already at the top of the market, then you must think twice. On the other hand, if you find that you are underpaid, then go ahead.
Finding the market rate for your work is not always simple. Salary sites are not always right, as the same job title can mean different things from one company to another. They can be a starting point, but do not consider as the final word. Instead, they will give you a rough idea.
In the meeting
What to say when asking for a raise
People often think that they need to make a detailed presentation about why they deserve a hike, but your request can be short also. In the meeting for salary raise, you must discuss your thoughts on a salary raise-i.e. your responsibilities have increased- but no need to show a PowerPoint presentation and pages of notes. If you have a fixed amount in mind, it is better to tell it.
Focus on your work achievements, rather than finances
You need a raise as your house rent is increased or you want to save for your retirement. However, that is not something for which your boss should not bother. One of the tips to ask for a salary raise is always stick to business reasons which include your contributions towards the company and your value to the company.