Tips on how to request for a pay increase from your employer
It is not strange to want to make more money than you are currently earning. Everyone needs that extra cash. I am not just talking about the occasional benefit or profit but a steady increase in the monthly income generated from services rendered. If you want to keep working for your current employer (for whatever reasons you may have) and get better pay, you have to ask for a raise. When asking for an increase in your wages, you have to be able to convince your employer that your contributions to the growth and development of your establishment is worth more than you are currently paid. There are certain factors that should be taken into consideration before asking for an increase in your salary from your employer.
At the top of the list is Timing. You have to put into consideration the timing of your request. Make sure it is not a time when the establishment is going through some sort of financial stress or a period when the company is in the middle of a heavy investment. Also, keep in mind the eligibility of other employees for a constitution-based pay raise. In a situation where you are aware that there exists a specific time when certain employees get their salaries reviewed and increased according to their input or the duration spent at the establishment, asking for a pay raise at any time outside the stipulated review period, knowing fully well you might not be eligible may affect the success of your request.
Here are some tips to help you successfully ask for an increase in salary:
Have realistic expectations
Do your research. At this point, you have to find out everything you can about your employer’s pay practices and the general market rate for the services you offer. This would serve as your guide when asking for that raise. If your employer has a practice of offering salary increases once a year, you are unlikely to receive it any time other than that particular time that is set aside for salary reviews and increment. Be alert and listen for information concerning the rates at which your employer increases the salary as it is most unlikely that you are going to get more than the rate currently offered.
Research the market pay rate for your job
In this modern day and age, it is easier to get information concerning the average pay for your job specifications. You can also get this information from other similar establishments and this would help give you pointers on what percentage increase to ask for. Alternatively, you could find out if you are being paid above what is offered in other institutions and you would be aware of your chances of getting a raise.
Get familiar with the employee handbook
The employee handbook contains information on the processes involved in asking for a raise. It is best to look at the book and understand the basis on which you can ask for a raise. It would also inform you on what to expect, the rate of increase available to an employee every year and steps to take if the employee feels like the request was poorly handled. It might just be best to follow the processes outlined in the employee handbook instead of employing less conventional means.
Use your network
Get to know other people with similar jobs in similar industries so as to be fully aware of your salary competitiveness. You can also enlist the help of professional institutions that do salary survey and connect people that operate similar jobs. This would also give you an idea on what to expect concerning your request for a pay raise.
Make a list of your achievements
At this stage, you already have an idea as to what increment rate to request for. The next step involves writing down all your achievements that have benefited your employer; especially ways you have contributed more than your job requires. State your important contributions to company projects, your assigned team progress and staff development, contributions to your assigned teams and key roles taken on in the team. This may just help you to get the raise you need.
Set a pay increase goal
Using your achievements, contributions and information from your research, set a goal for a pay raise that is reasonable and justly deserved. Make sure it is attainable and not ridiculous by industry standards. Also, make sure the increment you’re requesting for is feasible_ so as not to be disappointed.
Learn to negotiate
Read books about negotiation. Ask friends or people who have successfully negotiated for a raise so you can get tips on how to go about it. Do not go into negotiation unprepared as this may cause your entire request to flop. The importance of good negotiating skills cannot be over emphasized.
Set up a meeting with your employer
You would need to discuss your request for a raise in person with your employer. However, you do not want to do it in a manner that makes your employer feels ambushed. Talk to your immediate manager first. Also, make sure your record with the human resources department is impeccable as most bosses like to talk to their HR staff before giving employees a raise. Be direct when asking for that salary increase. Talk about your accomplishments as the basis for your request and go with documentation.
Do not seem unsure of yourself, tell your boss the specific pay raise you would want and you should support it with your industry research and salary range research. Do all of this without being arrogant or sounding too entitled but state your points clearly. If your employer cannot provide a pay raise currently, inquire when you would be eligible for a raise and what you need to do to get one. Make sure the services you are offering to your employer is above average_ as this is the ground on which your negotiation is based.
Possibly, do not use the offer from another employer to negotiate a raise with your current employer as you are bound to fail. It is a terrible idea to make it seem like you are looking for a new job while asking for that raise. Career advancement opportunities, special projects, assignments and team projects from your institution may stop coming to you even if at the end of the day you get the raise_ that would leave you stagnant as regards moving forward in your career and you would be unable to get any form of documentation for your contribution to the establishment in the future.
Every employer wants a loyal employee. Also, never threaten to quit if your request is denied as that is the height of unprofessionalism and your employer may take you up on your offer. If you feel unfairly treated, quietly go about your job search and when you find some other job offering better wages, tender your resignation.
Requesting a pay raise can be scary even with proper research, documentation planning and preparations. You don’t know what to expect so you will have to be careful; bearing in mind that if you waste your shot at asking, your boss isn’t going to want to have that conversation with you anytime soon unless something major changes concerning your contribution to your job. Nevertheless, requesting for an increase in your salary gets easier with planning, preparation and good negotiation skills. Having confidence (without coming off as arrogant or entitled) that getting the raise is something that is attainable can help too. Re, being a superior performer is the major ground on which your request would be considered and even granted. Make sure you give maximum input before going ahead to request for that raise.
Watch this short video of Barbara Corcoran that Explains How To Ask For A Raise:
Source: Business Insider