Your contribution at work is more, despite having a small team and unmanageable workload, than you did at some other points of your career. It is foolish to think you may deserve a salary hike.
Understanding how to ask for a pay rise at work can be a difficult task. After all, requesting more money can be frightening, even in the best economic conditions. According to authentic research conducted by Robert Half, now may be a better time to ask for a raise than any other time for a raise. In a recent survey, 90% of the senior managers stated that retaining valued staff is an important concern.
Most people can naturally ask for money, but for others, it can be an uphill task. The fact is we all work for monetary return. If you think you deserve more than you are getting as pay and your request is within the relevant range, let your boss know. As there is a famous saying that states If you do not ask, you won’t get. Here are some effective tips that will help you succeed in asking for a high rise while keeping the scope for your current job.
Practical Tips To Ask For A Raise
Here are some effective tips that you can use to prepare your employer for a raise. The first thing you need to ensure is to clearly outline your achievements and keep them up to date. If you are not sure about your skills and accomplishments, consider opting for CV writing services to help you make a resume that shows your growth and key contributions.
Inform Your Manager
The first thing that you need to do is inform your manager to discuss salary before meeting in actuality. You don’t want to surprise your manager because they may not be ready to discuss money. You should walk to them when they are ready to discuss or book their time with a proper agenda, which can be considered professional and respectful.
After setting up a meeting with your boss, you can discuss your salary and inform them beforehand of the purpose of the meeting. This can be quickly done in person or through email, depending on your choices and workplace culture.
Choose The Right Time To Talk
When you ask for a rise in your salary and some improved benefits, know the right time for one-on-one and face-to-face meetings. Understand the right time, and don’t plan it after you have failed a project or during any peak season.
Wait At Least 6 Months
You should only ask for a pay rise when you feel you are underpaid or if you have been working hard enough to justify a salary hike. If you have just joined the organization, then wait for at least six months before you request an increase. This lets you consider the good amount of time to prove yourself as an important asset to your employer.
Consider The Fiscal Year
To make sure your request is approved, two or three months before the end of the fiscal year is best. During this important period, many heads of departments are making budget plans for the upcoming year, so if you ask at the right time, your request could be considered and approved.
Another smart move is to ask your human resource manager when salaries are increased. They will tell you the optimal time to submit your request.
Keep It During Office Hours
Also, ensure you are asking for a rise during work hours. Do not ask for a salary rise after working hours because you will be likely to get turned down. You can also consider bringing this topic in the mid of the year.
Consider Company’s Financial Position
When the company’s financial condition is poor, employees should not ask for a raise and wait for an annual review. You should also check the news for stories about the industry or company. Collecting salary data about the company’s finances is also a great idea. Even if the organization is doing great, you should consider the elements before starting salary negotiation.
Ask For Pay Rise After Improving Your KPI’s
When writing a cover letter to request a pay rise, it is crucial to showcase that you have prominently enhanced your KPIs. Employers desire to see not only that you have fulfilled the expectations for your role but also ensure that you include any additional responsibilities that you have taken so well. Recognize what comes within your job scope and what has gone above. This is important because organizations are not there to give you pay raises just because you projected completed well. This is essential for your job, and it does not justify a pay boost.
Keep Your Personal Reasons Aside
A high and good salary is based on merit and not on the number of years you have spent at a company or whether you are getting married or taking a new mortgage. No employer will give you a salary increase unless you have done something that supports your request. Practice common sense before you ask for a salary rise.
Make A Presentation To Back Your Salary Request
Have strong data to support your claim about your contribution to the company, such as market rate and salary research. You need to write all your accomplishments and show how they will benefit the company. A great way to present the data is to make an appealing presentation.
Negotiating is an important skill to have, specifically when asking for a rise in pay. When negotiating, be prepared, set goals, show how your pay rates compare to other industries, and understand what you need from the deal.
Frequently Asked Questions
How can you ask for a salary increase?
Here are some effective tips to ask for a salary increase:
- Inform your manager before the actual discussion.
- Choose the right time for the meeting.
- Consider the financial position of the company.
- Consider the financial position of the company.
- Ask for a hike after exceeding your KPIs.
- Set your personal reasons out of it.
How to justify your pay increase?
States all the reasons in a professional way:
- You do more than your job needs.
- You are initiators for most of the tasks.
- You are reliable and trustworthy.
- You mentor and help other employees.
- You develop new skills.
- You have an important contribution to the success of the company.
- You have a positive attitude.
How can I write a request for a pay rise?
Here is a step-by-step guide that shows how to write an email for salary negotiation:
- Keep it professional.
- Create a proper subject title.
- Choose an appropriate greeting,
- Thank the employer for their opportunity.
- Be particular about the salary.
- Strengthen your qualifications and experience.
- Mention other negotiable items.
It’s A Wrap
So, asking for a salary rise needs careful presentation and the right timing. Start by updating your CV and gathering evidence of your accomplishments. Research about the salary trends and understand your market value. Pick the right time to approach your boss; it is best for prominent contributions to any project or at the end of the fiscal year. Discuss your qualifications and how it can add value to the organization.
Keep personal reasons out of conversations; instead pay attention to your professional growth and achievements. Prepare a clear presentation to strongly support your request. Lastly, be polite and professional throughout the process. By following the above-mentioned tips, you will increase your chances of getting a positive response to your salary hike.