Asking for a Pay Raise? Here are some tips for you!
Talking about money is taboo, so we avoid it. However, if you have worked long enough at an organisation, at some point, you are going to ask for a raise. Asking for money makes us feel awkward, greedy and extremely uncomfortable. But the fact is, asking for a raise is an integral part of our professional careers.
So how do we get a raise? Do’s and Dont’s
Research – Before you ask for a raise, make sure you do your research. Study your company’s raise and budget cycles so that you can time your proposal correctly. Once you have your information, make sure to set up a meeting with your boss a month or two before the raise cycle.
Additionally, make sure your company is doing well. If a company is not successful, they will not be able to increase your salary. Be sure that a raise is a possibility before you go in to talk to the boss.
Prepare – Do not walk into your meeting without preparing. Be sure to have a comprehensive list of reasons why you should get a raise. In addition to your accomplishments, mention the added responsibilities you have taken on and any successful projects you have spearheaded. Preparing is essential but don’t over-prepare. Do not walk into your boss’ office with a long PowerPoint presentation. Instead try something succinct and concise like the following:
“After Marsha quit, I took on two of her projects. Both projects are doing exceptionally well. The Hanover project is generating an income higher than its expected potential. Could we talk about an increase in my salary to reflect my new roles and performance?”
Timing – Be sure to time your request. Do not ask for a salary increase during or after the annual performance report. The best time to ask for a raise would be a few months before the performance report or the yearly budget cycle. This will allow companies to budget in your increased salary. Additionally, be sure to pick your day correctly. Do not ask on a day your boss has an urgent conference with a critical investor, an important client meeting or a crucial deadline. The best time to ask for a raise would be after a significant success or on a Friday, before the weekend.
Capitalise only on your work – As employees, we interact with our boss daily. As a result, some of us tend to discuss our private lives with one another. When asking for a raise, do not mention your individual lives. You want a raise because you do exceptional work, not because of sympathy. If your boss does not give you a definite yes, do not panic. A lot of managers cannot give raises without checking with human resources. If your boss gives you a ‘maybe’ be sure to thank her and follow up within 2 weeks. However, if your boss gives you a definite no, ask her “Which areas you can improve on so that you can get a raise in the oncoming year.”
Ask in person – Asking for a raise in person is always a better option. Ask your boss if you can schedule a meeting with him regarding your salary. Talking to your boss in person will allow you to put your best foot forward- be prepared, well dressed, concise and confident. A face to face meeting will allow you to better gauge your supervisor’s response, which will help you negotiate a better deal. Be sure to be assertive, but at the same time, respectful.
We hope these tips help you, and we wish you all the best!