You must have been checking the market and seeing that other companies are paying more to their workers for the same job you are doing. Or it has been a few years since you have seen a rise in your monthly pay. Trying to ask for a higher amount as your salary which is well deserved can be stressful and we like to avoid such. You might for a time which might not come if you keep waiting for your employer to give you a raise in your pay.
The first to keep in mind is the fact that your boss is a busy person. The fact that you deserve a raise might not be in their mind. It is not in a wrong place to ask for a raise in your payment if you deserve it. This request can be granted if it is requested for in the right way.
Make sure you are well prepared before you approach your boss for a raise in your salary. This might be your only shot at it and it needs much preparation. The following should be done even as you prepare.
- Know your accomplishments – There is a difference between doing your job and doing it well. Think back about your performance over the last year. Have you knocked it out of the park with any important projects? If you are in sales, maybe you landed a big account or you’ve continued to beat your sales goals every year? Perhaps you’ve taken over a new responsibility and have done a great job. Know what you’ve accomplished over the year and don’t be afraid to share it.
- Compare – There are many industry-sites that you can pull comparable salary information on. When you meet with your boss, know what salary range you are looking for and have the data to support it. Indeed.com offers an online salary comparison tool. Drop-in your job title and see what results come up. Take into consideration where you live, as pay rates can vary based upon your location. If you see a big gap between what you are paid against the industry average, this may be a good time to ask for that bump.
Timing is Everything
Choosing the right time is very important when asking for a deserved raise. The difference between getting the raise you are requesting for and not getting is timing. Consider asking for a raise at these times:
- Annual Review – Compensation is an acceptable topic of discussion during annual review. You can bring up a pay raise during your evaluation if you had a good year
- Successful Project – A great time to ask for a bum in compensation is when you perform well on an important project.
- There is a possibility your company have a budget in place that prevents form giving you a raise. Be aware when the new fiscal budget is being prepared and ask for your raise then.
Be conscious of the mood of your employer as that is another time you can ask for a raise. Another good time to ask is if you were one of the team member that was instrumental in the accomplishment of a new account or completed project.
What should I say?
Convincing your boss that you deserve a raise is your major aim. The difference between getting the raise and not getting it can be influenced by what you say and how you say it. When you approach your employer;
- Be clear and direct – When you talk to your boss, be clear in what you’d like to discuss. It may be as simple as “I’d like to discuss my compensation with you – is this a good time?”
- Know what you want – You’ve done the research and you know what your worth. Be specific in what you are asking for – and ask for it. Leaving it up to your boss to figure out an amount could net you much less than what you expect.
- Plead your case well – You want to continue with the company, so share some excitement about its future. Be gracious in what your boss, and the company, has done for you and use this as an opening to approach a bump in pay. But most importantly – be confident. If you aren’t confident that you deserve a raise, why would your boss be?