Asking for a salary hike doesn’t have to be a fearful or awkward conversation that you should dread, especially when you know you deserve one. So, use these awesome tips to prepare a robust case to get the raise you always wanted.
Prepare your case with relevant credentials:
It’s crucial to prepare a case to objectively justify why you deserve that raise. You can set your expectations around your attributes like total industry experience, skills enhancement, education and credentials and tenure with the current employer. Also, consider the type of city you work in and the location of your job as metro cities usually pay more than ones in small towns. You must vindicate your points as you hold the discussion with your boss.
Rationalize your raise:
Before even having the discussion for your raise, research what is the industry compensation standard for a professional in your position or with the same education levels and experience. Having the knowledge of the market value of your role and experience and comparison of your salary against it helps to quantify your demand for a raise.
Pick the right time:
Be very cautious about the timing of your demand for hike. Choose your timing wisely to maximize your chances of actually getting one. The best time would be when you complete a challenging project, or have taken additional responsibilities or helped in increasing revenue of the company. But in case your performance wasn’t remarkable, or if your company is facing financial doldrums, then that's clearly a bad time to propose salary hike.
Choose the right language:
Getting aggressive and argumentative with your boss when having the discussion isn’t recommended. Rephrase your argument with polite phrases like salary adjustment instead of hike, to set the right tone and to emphasize that your salary doesn’t match up to the market value for the same role. Steering your discussion with tactful language will help you materialize your plans.
Support your arguments with questions:
In case your boss denies your request for a hike, you need to start negotiating rather than giving up. Counter all the reasons your boss gives for denying the raise with valid arguments. If he cites performance as the reason for rejecting your request, you have to defend the validity of his feedback. Also, begin by asking questions like, "Why?" or “What improvements can be made in your role to ensure a pay raise in the future?” This will create the impression on your employer that you’re eager to learn and improve your performance.
Assess your employer’s financial health:
Don't pop the idea of a raise if you are aware of the financial problems your company is facing, or if there is a general slump in the industry. Mere observation about the company’s financial health won’t help, so you should do some market research, look at the financial reports and read business news to check if your organization is in a position to grant a hike.
It’s crucial for you to be realistic in your expectations and not demand unreasonable amounts for your position. Don’t expect to get paid the same salary as the person who possesses more qualifications with you in the same role. When you reach the maximum range of your job, your salary may increase only as the market value increases.
In your pursuit to ask for a raise, it’s important that you don’t get disappointed and give up. If your boss doesn't seem convinced for a hike, ask what you could do to merit an increase or if he says this is a bad time, ask him the right time to renew your request. If salary budgets are the real issue, press him for a bonus or a one-time payment. It’s important that you persevere in your demand for career and monetary growth and not be hesitant to express your needs.