Tips For Asking For A Pay Raise Effectively
Getting a salary increase is every employee’s dream. But every employee dreads asking for a pay raise. As long as you do your homework and request for a pay raise in a professional manner, you will get it.
Though asking for a pay raise does not mean you will get it, asking appropriately is beneficial. It displays assertiveness, initiative, and professionalism. It serves to show that you won’t be taken advantage when times change.In this article, we are going to look at some steps of asking for a pay rise.
1. Ask At The Right Time
The first step of asking for a pay raise successfully is by doing it at the right time. But when is the right time to ask for a pay rise?To determine the right time to ask for a pay rise, gather information about your companies performance. If your company is projecting positive performance, then it is the right time to ask for a raise.
You should never ask for a pay raise when your company is struggling to survive or when the are cutting their budget left and right.If you ask for a raise is in a layoff, it could send a negative signal that you don’t care about the firm.
2. Do Your Research
You should do your research and arm yourself with facts before asking for a pay raise. You need to know how the company and the industry are performing. Consider whether it’s meeting its financial goals. Also, take into account the current market rate for your job position, the companies policy on giving pay raises, and whether people in your company are getting pay raises. It is also important to think about your position with your manager and the management team.
Having this information will help your know the right way to approach your manager for a pay raise and how to argue your case successfully.
How you phrase your request will determine whether you will get your pay raise or not. The best way to present your request is to do so in a two-part request that should highlight your knowledge in the situation of the company and your contributions. Make sure you have market data about your job to back your request. This will put you in a better position for getting a pay raise.
4. Have a Backup Plan
You should always have a backup for the future. If a pay raise is not possible now, then lay a groundwork for the future. As for your job, ask for feedback to know where improvements are needed. Ask for the companies goals that need to be met before the management starts considering raises so that you can be in a better position of getting one.
Asking for a pay raise is a terrifying affair. But if you do it right, you will get the pay raise and enhance your professional image. With this in mind, ensure you get the timing right, do your research and always phrase your request in a professional way. This way you will get a pay raise even if it is not immediately.