Clever ways of getting a Pay rise
Clever ways of getting a Pay rise
Contrary to popular opinion that you cannot ask for a raise, it’s actually a good thing to ask your employer to increase your salary.
This is because you are likely to perform better when you know that you are getting what you are worth from the output you are giving,
So how do you go about asking for a raise?
1. Do you deserve it?
Take time to review your Job Description and ask yourself if you are hitting the needed targets?
It is impossible to convince your boss to give you a pay rise if you cannot convince your own self. Take time to review and be sure that for sure you have surpassed it.
You were hired for excellence and you are ready either for more responsibilities or for a pay rise to compensate you for your work.
2. What is the industry rate
Now that you have established that you need a raise, you need to now know what other industry players are getting. Be careful here though, most companies have a confidentiality policy around revealing staff pay. This, therefore, means that you cannot tell your boss to pay you like your fellow colleagues because you will have to explain how you knew about their pay especially if it’s privileged information.
You don’t have to compare yourself, just know what other people in your level of employment are getting and negotiate for that.
3. Write it down
There is always something about a well thought out and outlines email to your boss detailing what you want. You might trust your mind during the negotiation meeting but it’s always good to outline.
Please note that most employers are thrilled by numbers, clearly, indicate how you have surpassed your targets. If your work does not entail numbers, show how you have been a good team player, how you have brought enthusiasm in the team and generally what you believe have done to the organization to increase its output.
4. Timing
Timing is everything, if you miss it you miss out on the deal. Calculate and see the best time to approach your boss. This can vary from the organization seasons such as financial year states and the profit margins in the period. If you can approach this pay rise conversation just before budgeting is done. This way your boss will have ample time to negotiate your pay during budget discussions. Also, do not approach the conversation on a Monday morning or Friday afternoon, these are likely not good days for your employer or just anyone for that matter.
Research says that Wednesdays are the best days to approach your employer for this kind of conversation.
5. Don’t ambush your boss
It is not a good idea to just put him/her on the spot, prepare your boss by hinting that you may need a rise or just have this casually before you actually approach it. The next brilliant idea is to ask for a performance rating and with this, you can introduce the conversation.
6. Be realistic
Asking for double your salary might not be a great idea. Be realistic about what you want in the pay rise negotiations. Make sure that you are realistic in terms of the proportion of the salary you are asking for and the work you do.
Also be alert to know the financial status of the organization, the best time to ask for a raise is when they have announced big profits or dividends have been released. Just be on the lookout.
7. Learn negotiation skills
You do not have to be a pro in this. Just know your points, be confident about your points and articulate them to your supervisor. If you need to, practice before the meeting to make sure you got everything covered. Anticipate questions from your boss and learn how to answer them.
8. Endgame/ reaction
What happens if your request for a rise is declined? Do not sulk, through tantrums or issue ultimatums. Be calm. If you feel that you are oppressed by the little pay you may opt to leave. On the other hand, it is always advisable that you work harder and try again maybe after you improve in your work or you see an upward trend in the organization’s revenues.
With that, it is all the best to you. Try your luck!