Are you among those who rarely apply for an increase? Have you been asking for a raise for some time? To ask for a raise is analysing what you earn, what you have, and what you desire. Despite people’s value of money, many have never demanded a pay increase.
This happens because they are nervous with the discussion or are anxious about appearing selfish or entitled. Also, one might be unsure of how to ask for a raise.
Seeking an increase is a natural aspect of a career. You can theoretically offer away a substantial sum of money to stop a discussion that can be as brief as five minutes, so you do not have to do so out of discouragement. Here’s what you need to learn about asking for a raise, and hopefully you’ll use this to secure more money for yourself soon.
What to consider when planning to ask for a raise.
Realise it is okay to ask for a raise
It is not greed to ask for a raise. If you think your manager is rational or has some prior management experience, he should understand that people always ask for a raise. Unless where you work is dysfunctional, it’s accepted that you’re working for money. That is alright. Even if your manager doesn’t say ‘yes’, your relationship will probably not be damaged by attempting to ask for a raise.
A salary raise is possible if you don’t ask for a wildly outstanding sum of money. Compare what you want to the value of your work. If you have a poor work record, don’t expect to get any raise soon.
Consider it this way—a raise is an acknowledgement that you are adding value at a higher degree than when your wage is next fixed. An increase is not a favour or a present. It is an incentive for companies to pay equal valuation for your work and keep you employed—else you will ultimately choose to find another company that rewards you competitively.
You will meet your manager to ask for a raise but also remember he is a human. So if he is in haste or having a bad day, or is worried about expected budget cuts, it is not the right time to talk about your salary raise.
If you recently saved the day with a prominent customer or received positive reviews for a high-end project, it could be an excellent time to ask for a raise.
Track your work record
It could be the best time to ask for a raise if you have performed exceptionally for a year and more. Many companies revisit the workers’ salaries on their own annually concerning performance reviews.
However, there are tons of people who won’t bring up the subject on their own, in which circumstance you can find out whether you can engage in the issue yourself. But if your payment has only risen in the last twelve months, anticipating another within the same year is not feasible. The same holds if you haven’t been on the job for over a year.
There could be some variations, such as whether the work appeared to be massively different from what you discussed during the hire. However, most people opt for a year before asking for an increase in their salaries, yet particularly compared to “outstanding work,” they do.
If you have not satisfied your manager with your work, it would not be a smart idea to suggest a pay reassessment because you risk being seen as someone who struggles in measuring your results.
Study the company’s salary raise and budget cycles
When you work in a company that raises salaries annually, pay heed to when that usually happens. Others might reassess workers’ wage, like every December. They always relate this to the budgetary processes of your boss.
Once you know when this happens, prepare to start a talk with your manager at least a couple of months before the official procedure starts. It may be too late for your boss to change his decision if you wait until then.
How to prepare for salary raise discussions
Know your profession’s worth or value
If you are unaware of your work’s market value, find out before asking for a raise. There might be enormous differences in the region. You may even be at the top end of the market, but if you’re underpaid, that’s valuable stuff, too. It’s difficult to work out the market value for your career.
Salary databases are not necessarily reliable at the employee level, since the same job title can differ from one business to another. Internet sites may be a good start, but don’t regard them as the ultimate truth. They instead give you a rough estimate.
Consult a workmate
Speak to friends, retired colleagues and associates from the same company. You will also get useful knowledge just by speaking to people in your profession.
Many people don’t like being asked, “How much do you earn?” But will gladly discuss if you inquire, “What expected pay for a job like A in a business-like B is?
You can talk to the hiring managers and see if any specialist company in your industry has kept the salary details for too many years.
Consider your company’s salary structure
When you have a clear sense of your job’s importance, consider your employer’s pay scale. Some companies stick to strict rules on how high they increase wages.
They rarely go over a particular percentage increase. If in conducting this study, you discover that men in your workplace are paid more than women for the same job, consider what you will do about it, especially if you are a female.
Phrase your words carefully
Are you anxious about what to say at the meeting to ask for a raise? People sometimes believe they offer a thorough description of why they need the increment. Most of the time, the proposal should be reasonably short.
You want to explain why you believe you need an increase, i.e. because your duties and the number of activities have increased. You don’t need to get in with a PowerPoint presentation and details sheets. If you have a particular amount in mind, it’s alright to state it. But it’s also reasonable not to start with an exact number.
Discuss your work achievements, not your finances constraints
You could ask for an increase because your mortgage has gone up or you want to have savings for the future, but that should be far from what you want to talk about to your manager. Hold on to the company’s purposes, your efforts and achievements.
Be prepared for a “no” or a “maybe” as an answer
When your manager doesn’t say yes to you and says she will ponder on it and get back to you, it’s cool. Many administrators would not say yes on the spot. So if you get a “perhaps,” please ensure to follow up. It’s all right to ask something like, “When can I check back with you?”
Alternatively, only go for a basic, if you hold it together with you. Besides, it is not the end of your career if the answer is no. You can inquire, “Can I inquire what I need to do in the future to get a salary raise?”
A good boss ought to tell you what you need to do to earn better—from “managing your work more independently” to “avoiding alienating all your co-workers,” to a compliment like “you’re at the top of the line to your career to get more money here.” That would be great.
You can now decide whether you are competent and motivated to follow the direction your boss set out, or whether there is a reasonable path at all. If your boss isn’t willing to give you details on how you might make an increase in the future, it’s a valuable sign you may need to quit your present job to get a raise from somewhere else.