Well…You never know until you ask for it! That’s what they say, anyway. But asking for a salary raise can be a real challenge. It’s intimidating and has the possibility to get really embarrassing. You have to retain the professional boundaries and follow a certain protocol. But if you don’t ask, however, you may be cheating yourself of a higher paycheck!
Let’s not delude ourselves: You’ll have to do or be more to increase your salary! With the increase in downsizing within companies, there is a swelling feeling of job uncertainty amongst employees, where they dread that asking for a pay rise can somehow work against them or even cost them their jobs. But securing a salary rise is all about knowing your worth and presenting a compelling case to your superiors.
So if you think you deserve a salary hike, then follow our tips for getting the raise you deserve!
Do a self evaluation first:
There is no set rule when it comes to asking for a salary raise. In fact it is one of those awkward conversations that most people would rather avoid. But to convince anyone you’re worth the money, you need to have tangible arguments to back up your appeal. It’s easy to think you’re worth more, particularly if you feel you’re giving your 200% percent every day, but you need to show this objectively by evaluating your worth against that of others in the similar industry. So start by assessing your performance prior to the process and collect all the facts and figures. Maintain a track-sheet of all your achievements and talk up the most remarkable points. Focus on the importance of the contributions and impact that you have made from within your position. The best approach is to convince your boss that your services are worth more than what he is presently paying you. Finally, lay emphasis on your proven dedication, passion and future plans based on your existing role with the company.
Keep a professional approach:
You cannot randomly start a discussion regarding your salary hike whenever you get an opportunity! A professional approach is to ask for a definite time from your boss and set a small meeting in order to discuss things. This will not only demonstrate that you know the significance of the situation but would also reflect you as a courteous and professional person. It’s extremely important to get your timing right! The best time to negotiate is after a period of constant performance that makes you the evident contender for a pay rise.
Be reasonable and realistic:
Successful salary negotiations need clear and focused thinking. They also need a lot of research and homework from your end. You should never walk into such a meeting unprepared! Do your research to get a fair idea of what others are earning in your industry and position. Look at employment adverts in newspapers or online. Speak to contacts or friends in the industry at other companies. Ensure you have the right figures and facts to help you make a strong argument for the hike you are asking for.
Be prepared for a ‘NO’
Sometimes, there are genuine reasons why you might not get a pay rise, such as economic conditions in the industry. So if despite your best efforts you are not been able to successfully negotiate the pay rise that you want, you should leave the door open for approaching the subject again in six months’ time. Because it’s not all about the money! Going in with an ultimatum is rash; such threats can jeopardize your working relationships. In times of budget crises, it might get tough for your company to give you a salary hike, but there are other ways to meet your needs for appreciation or accountability. Show your employer that you’re sensible and comprehend what the company offers you as a whole, and that salary is just one consideration. You could ask for non-financial remunerations as an alternative.
Salary negotiation is not an easy task! Much as we hate to acknowledge, most of us are quite dispensable to our employers and threatening to quit if negotiations don’t exactly go as per our plans might as well find us replaced with someone who is less abrasive and more politically skilled at the negotiating table. So be confident not arrogant and stay optimistic. Speak respectfully and clearly and maintain your composure. And finally, keep in mind that it possibly won’t be half as bad to ask as it did to work up the nerve!
