Time to ask for a raise? Here’s what you need to know

Let’s face it: You deserve a pay increase. What’s next? You’ve used your “elevator pitch” a thousand times. You got over your fear of going up to your boss to ask for that important meeting. You’re finally ready. But is now the best time?

It makes sense that most individuals would desire their salaries to increase in an era where the cost of living is rising at an annual pace of between two and four percent. If you’re dissatisfied with your pay—and a Payscale survey found that most individuals are, even if they make a good living—you need to take action. Certain occasions will undoubtedly result in you receiving a raise without having to ask, but if that doesn’t happen, you might need to take matters into your own hands.

Source: Mysalaryscale

There is just one catch to all of this. You must perform well at work. If you’re in the middle of the pack or worse, don’t do this. You should be someone whose output is extremely difficult to replicate. Make yourself so valuable to your employer that the idea of losing you would worry him.

The timing of a request for a raise is critical. Asking for a raise, for instance, after your employer announces significant layoffs or after you get some less-than-stellar performance feedback, is not a good idea. If you ask for a raise at the wrong time, your manager will probably say no and won’t consider it for a while. Ask for a raise at these points if you want serious consideration:

•   Consider your tenure

You should wait at least six months before requesting a raise if you recently started a new job or if you are at the same job but taking on a new position. Any sooner than that won’t give you enough time to establish yourself as an important contributor to the business.

Once you hit the six-month mark, there’s no bad time to initiate a salary conversation.

Consider a scenario in which your business is merging, no layoffs occurred, and no raises will be given this year. Even though you are aware that it might not happen, you can nevertheless present yourself to your supervisor as an advocate for yourself.

Source: Trade brains

•   After you’ve aced a big project

You have a right to anticipate some form of reward if you land a significant customer or close a record-breaking deal. A bonus, a letter of congratulations from your manager, a new duty, or even an award could serve as recognition. However, if a raise is what you really desire, then make the request. You deserve it. Your case will be stronger if you can show how important you are to the company through a big win or success.

•   If you’re underpaid

If you think your pay is below what you are worth on the market, do your research. Find out how much your top rivals are willing to pay for a person with your talent and skill set.

A raise can occasionally seem more like a requirement than a nice-to-have perk. The best course of action if you believe your pay is inadequate is to talk to your manager or seek guidance from HR. The quantity of information that businesses have about how competitive employee compensation varies.

Some organisations rely on anecdotes gleaned through recruitment activities, while other businesses have thorough survey data that demonstrates competitive pay for every position inside the organisation. Asking for a raise might start a conversation about whether you need a wage adjustment based on corporate data if you believe you are being underpaid.

Source: Croner

•   Performance review time

You can do what many businesses do, which is to examine employee compensation concurrently with corporate and employee performance evaluations. It’s a good idea to talk to your manager about a raise before your yearly review if one is approaching. When you sit down to discuss your performance, you’ll have another chance to learn more about your possibilities for getting a pay raise.

Additionally, some businesses establish calendars for compensation and performance monitoring, and salary raises may go into effect on a specific day each year. Ask for a raise before March 1 if you are aware that wage increases will take effect on that day.

•   If your job has changed

Gaining a promotion or a new position frequently results in an increase in pay, but not always. You should request a raise if you were given a “dry promotion”—a higher-level job assignment without a pay increase.

Nothing is worse than feeling as though you are putting in more work and shouldering more responsibilities but not getting paid for it. Your connection with your firm requires a “give and take” balance, just like any other relationship. It is reasonable to demand that your pay reflect your increased contributions if you have a new job and are contributing more.

•   After you’ve done your research  

You could be tempted to look at other alternatives if you love your firm, the people, and the work you do but your pay is underwhelming. Find out what the market pays for your position before you start looking. You can search salaries based on years of experience, region, and more using salary websites like Payscale.

Have an open conversation with your management if you discover that your pay is below the going rate for your position. As you describe your research findings, make sure to emphasize the value you provide to the organization. Your request might not result in a pay increase right away, but it might lead to additional discussions about your payment in the future.

Thankfully, there are plenty of acceptable occasions to request a raise. You can and should argue for a rise if your performance justifies such a change in your pay. When your employer refuses to offer you a raise without your request, you can start the dialogue yourself.

Source:USA Today

  Conclusion

Your manager is likely telling the truth if he listens to you and says that his options are limited. You frequently outgrow the pay scale offered by your own employer and must turn to the competition to determine your genuine market value.

From anticipation to agreement, move ahead. How does giving you a raise benefit your boss? Because your rewards and opportunities for career advancement are found there, be the person who works in your company’s best interests.