10 Tips to Get A Salary Raise
vemuda.com - I have a question for you, have you ever been in this situation? You work really hard. You exceed expectations at work, and the responsibilities assigned to you, even though are way beyond the scope of your job description, you do them with excellence anyways. Yet you feel like you are underpaid and underappreciated.
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So to compensate for this you feel like you should think about asking your boss for a pay raise. Yet asking for a pay raise is something many employees are nervous about doing, but this shouldn’t be the case.
Your employers have invested resources to train you, and they rely on you to perform crucial tasks that are essential to the success of your organization.
So, you will be surprised that they are often willing to listen when valuable employees ask for a salary raise.
It takes time and resources to recruit and train new talent into an organization as well as incorporating them into the culture of the organization.
This is why employers are more often willing to listen to salary demands by employees. So this happens to be one of your biggest leverages if done right.
Statistics also favor employees that take the crucial step to demand a raise. According to a survey by Payscale – a data and compensation software company, employees who earn above $150,000 annually say they received the amount they requested for 70% of the time.
So in today’s post, we will outline an actionable guide to help you get the pay raise you deserve.
Now let’s begin…
1. Outline The Reasons Why You Believe You Deserve A Salary Raise
Confidence in the value of your abilities, work and achievements is the first step towards getting a pay raise.
You won’t be able to convince yourself or your bosses if you can’t show that you deserve more than what you are currently getting. Stop complaining about your salary without taking the necessary steps to increase it.
You need to review the description of the job you signed up for and identify the extra responsibilities and tasks that were not mentioned in the job description.
When you can show that your contribution exceeds what is expected of someone in your position and that such contribution has been beneficial to the company, then you have a case for a salary increase.
A crucial factor is keeping records. Your employer is primarily concerned with the effective running and growth of the organization. Your long list of accomplishments won’t be his priority.
To have a fruitful conversation about a pay raise, then you must have records showing off your efforts exceeding your job description, and how those efforts have helped the organization thrive.
2. Figure Out The Value of Your Skills
You don’t go into salary negotiations without having a clear idea of what you are worth. You need to research your industry and figure out what other workers who occupy similar positions and perform similar roles are earning in other places.
You can check out surveys by Professional organizations or recruitment firms, check job boards and see what other employers are offering.
Use online tools like Glassdoor, Know Your Worth, etc. to do your research. You can even go on interviews just to see what other organizations are offering..Another approach will be to look within.
If you think your colleagues earn more than you do in basic salary and compensation, figure out smart ways to get them to reveal their earnings to you.
When you do all of these, you will have a definite idea of your worth, and you will be equipped with some of the leverage you will need during that important salary raise conversation.
3. Settle on A Realistic Number
When you are doing your research, you should always have in mind that similar roles and responsibilities do not always equate to similar income.
Many factors influence the pay scale of companies. The nature of the industry, the degree of importance of specific roles in different companies, bonus packages for unique tasks, and regional differences in income can all explain why workers who perform similar roles in some companies earn a lot more than you do.
This doesn’t mean you shouldn’t ask for a pay raise. It means that you should value yourself in relation to the average pay that other similar employees in your industry and your company receive.
You want to be reasonable. You shouldn’t go for a low number, and you should also avoid a number that is too high. To get what you want, ask for any amount that is about 15% above what you believe you are worth.
This is because your employer will negotiate with you, and any number you mention will likely be haggled to a lower price.
When you demand a higher amount and it is brought down, it will probably fall within the range of what you wanted in the first place.
You must be reasonable. Asking your employer to double your salary or asking for a bogus increase in your wages could offend your employer and cost you your job.
4. Build Your Case for A Pay Raise
If you are absolutely convinced that you should be earning more. First of all, you have to decide and settled on a reasonable salary you believe you should be earning.
Then the next step is to compile the evidence you will need to convince your boss that you deserve a salary increase.
You’ll then need to re-examine your past projects and the tasks you carry out daily for your employers.
Collate data that shows how you exceed the scope of your job description and the quality of your performance.
Make a list of your qualifications and accomplishments, and gather evidence that shows what workers with similar skills are paid, and document it.
You should also add your awards and the accolades you have received during your loyal service to your employers.
Combine all of these in a logical presentation that will be used to show your employer why you need more money.
5. Be Prepared to Negotiate
It’s not often that your boss will agree to the number you came up with, so you must be ready to negotiate. You must be prepared to present your case with confidence and clarity.
Doing your homework by following the steps outlined previously will make preparations for negotiations very straightforward. Also if you haven’t checked out our how to negotiate video, you should look it up.
6. Have A Back-Up Plan for Rejection
The fact that you are entitled to a salary increase doesn’t mean your boss will see it that way.
It could also be that current budgetary constraints will make it difficult for your employer to meet your salary demands. This means you must have an alternative plan.
What will you ask for if your boss does acknowledge that indeed you do deserve a salary increase but cannot currently provide it?
What will you do?
So, if you can’t get the salary increase you want right now, then outline other perks you can demand that will fill the void. At the same time, you should wait for another opportunity to increase your wages.
You can ask for extra vacation time, increased investment in your training and development, a title change, more allowance, and even the right to telecommute if your job can be done from home. These are just some perks you can ask for.
7. Know When to Ask for A Raise
Timing is crucial if you want to get anything you want in life. The state of the company should determine when you should ask for a salary increase.
If your organization is going through a period of declining revenues or funding, and employees are being fired to cut costs, then that is not a good time to ask for more money.
The layoffs may be responsible for your increased workload. Your salary hasn’t changed at all to reflect that, it is still better to wait until when your organization has tackled its challenges before asking for a pay raise.
However, a good time to ask for a salary increase will be when things are booming and your organization’s budgetary plans show a desire to invest in growth and employee development.
You can pick any of the following events to set a date to discuss a salary increase with your boss: After the successful completion of an important project, you initiated and completed to a high standard. It may just be a good time to ask for that salary increase.
During an annual performance review – mainly when you know you have contributed a lot to the progress of the organization during the year.
And when your boss is in a good mood – this is subjective, but you should know your boss well enough to know when he is happy.
8. Schedule A Convenient Meeting with Your Boss
You don’t want to ambush your boss with a rash demand for a salary increase. Your boss must be aware that the scheduled meeting is to discuss your pay, and the meeting must take place at a time when your boss is relaxed and willing to listen to your demands.
This is why we stated that timing is essential. If revenues or funding are going up, then your boss will be more willing to have a chat about more money. Also, make sure you have prepared your presentation and that you are ready to negotiate.
Carry your portfolio of documents that will be used to present your case. Come prepared with a list of ideas and future plans in your role as an employee of the organization.
9. Ask Your Boss
You should start the conversation positively and let your boss know that you like working for them.
Outline how you have developed in your role and move on to why you feel your responsibilities and qualifications deserve a better salary.
You need to show a firm grasp of your role in the organization when explaining the contrasting nature of the job you signed up for and what the organization always demands from you.
You must display confidence in your abilities and talk in the appropriate tone. Also, you must be very specific when answering a question about the amount you want to be paid.
Hesitation will weaken your hand when negotiating. Provide evidence of the value of your skills on the job market and let your employers know when you want the new salary to take effect.
Your boss will likely negotiate with you, so use the plan you developed during your preparations for negotiations to navigate the back and forth process of agreeing to a number that will satisfy both parties.
If your boss asks for time to think about it, be patient, and don’t lose hope. And if you get an immediate positive response, then show your gratitude and appreciation.
10. Respond Positively to A Rejection
If your request for a pay raise is declined due to budget constraints and you are happy to stick around until the money becomes available, then this is the right time to put your back-up plan in motion.
However, if your boss is not convinced that you deserve a pay raise and no clear answer is given as to when you can expect one, then you should consider getting another job.
Getting a higher salary elsewhere is easier when you are a new talent that the employer desperately needs, provided you have the track record and qualifications to match your salary demands.
Thank you guys so much for reading. Please leave a comment below, I’d love to hear your views and thoughts. I will see you in the next one.