Perhaps you’ve briefly discussed your salary hike and never found the perfect opportunity again. Maybe you are not sure how exactly you can ask for a raise since then. You have been working for some time and haven’t had a hike yet. Suppose you have struggled to find a proper way to express what you want; when it comes to getting a raise at work, you will need to convince your Managers why you deserve to increase your income. Take the initiative and write a formal letter or an email. Speak with conviction about why you are an asset to your time and deserve more pay. Let’s look at a few things you need to keep in mind before attempting to discuss it with your current employer.
1) Find the most appropriate timing: What’s as crucial as the discussion of your job raise is selecting the right time to ask for a raise. A great idea would be to find out when your company’s fiscal budget planning takes place; this way, you are on the safe side and aren’t for something inappropriate. Another great time to ask for a pay raise would be after the successful completion of a big project. Doing so would be a great chance as you’ve recently proved that you can be a valuable asset. Before you initiate the discussion about your salary, do ask verbally and confirm if it’s a good time to talk.
2) Know your worth: Websites like Glassdoor & PayScale are great tools for you to find out how much other people with your job designation and qualifications are getting paid. Before you plan how much to ask for, it’s always healthy to have a scale set in your mind. If you’re still looking for a raise that exceeds the industry’s number, find the average between your need and the industry standard.
3) Understand your company’s environment: Perhaps you are worth more than your current salary; however, it’s indicative of you to understand the company and the industry’s situation. Find out if other firms are hot-hiring or are going through multiple job lay-offs. On top of that, understand what is going on in your current company as well. Have they recently raised funding and had good sales in the last quarter? The state of the macro environment overrules the considerations you may have about how much you should be paid.
4) Be articulate and concise with what you want: Have all the facts in your hand and at your disposal at all times. Brainstorm a list of concise reasons as to why you need the raise, whether it’s your experience, your boost in productivity, your scalability, or whether it’s for personal reasons. Rehearse all the points you have and let them rest in your head safely. Don’t keep a strict script as it might sound too rehearsed, but you do need to be clear and specific in your delivery and have a few phrases up your sleeve to help guide the conversation. Mention your desired salary number, contrast it to your current work and salary, express your desires and outline why you have come to this decision. Bring a copy of your Know Your Worth salary estimate. Also, be clear about when you would like your new desired salary to be effective and any other details pertinent to your desired compensation.
7) Be confident and assertive: “If you don’t believe in yourself, no one will do it for you” ~ Kobe Bryant. Self-conviction always breeds success; believe everything you have to say. Know that you can and do deserve a hike in pay. Be very forward, and don’t circle around points. Be sure to let them know that you’re asking for a pay raise because you deserve it, not just because you want it. Always be prepared for every situation.
KAPITAL has been placing several candidates for a better part of the decade; we understand all the reasons why a company finds it difficult to increase an employee’s salary, as well as why candidates leave firms for a better deal. We always strive to keep a candidate’s desires and needs in mind while placing them.