Don't Put Off Asking For A Raise
Asking for a raise is not for the faint-hearted. For many people asking for a raise is like computing your taxes. It is something you’d like to keep putting off for another day until you just have to tackle it. It is certainly easier to ask for a raise if you’re handling additional responsibilities or doing the work of many people, but that doesn’t mean that you can’t ask for a raise if your responsibilities haven’t changed at all. It just means that you need to build a case for yourself and be courageous.
Why Raises Don’t Just Happen Like they Used to
In the past, annual salary reviews were a part of the performance appraisals of the employees. Supervisors evaluated the performances of their direct reports and assigned them a grade or a rating. The grade or rating the employee received determined the salary hike the employee got. Then, the recession turned everything upside down.
Currently, the only time employers give pay hikes of their own accord, is when:
- They need to retain star performers
- They belong to sectors that give raises periodically to their employees or,
- They feel that the cost of not giving a raise is bigger than giving one – especially in a highly competitive industry
Therefore, if none of these three scenarios applies to you, you might need to negotiate with your boss for a raise.
The Question to Ask Yourself – “Do You Really Deserve that Raise?”
Some organizations follow specific timelines for giving raises to their employees. If that is the case in your organization don’t wait for the last moment to raise the subject. Instead, consider starting the conversation three to four months earlier. In addition, you need to prepare your facts at least a month or two before you raise your concerns.
Before asking for a raise you need to evaluate objectively the validity of your claim. You can accomplish this by examining the following points to build your case more effectively. Consider whether you:
- Produce exceptional results and go beyond the demands of your job description consistently
- Get the job done right in the very first instance
- Handle additional responsibilities and initiatives outside the purview of your current role and responsibilities
- Stay in touch with the latest developments and trends within your industry
- Are looked up to by most people within your department
Keeping a Watch – Favorable Indicators that the Time is Ripe
If you scored a ‘Yes’ on most of the parameters listed above then you have cause to be satisfied. This is significant because you have successfully given a concrete foundation to what was until now probably just a vague feeling. The next step lies in getting your boss to assess the merits of your case. In an interaction as sensitive as this, timing is extremely important. Conducive conditions help you to pitch your case well, thereby increasing your chances of winning your boss’s approval. So, keep your eyes peeled for some of the indicators given below. The conditions are in your favor if:
- Your boss is in a good mood
- Your organization is prospering financially
- The expansion of your division results in you taking on additional responsibilities
- You possess certain specialized skills, which the organization could capitalize on by moving you to a higher position
- You’re receiving attractive offers from other companies and headhunters
- You’ve just concluded a challenging assignment, taken on additional responsibilities, or solved a major issue successfully
- Other co-workers in your department, with commensurate responsibilities and skills to yours, are getting salary hikes
The Labors of an Employee: Some Tips for Getting the Raise You Want
Consider the following tips for getting the raise you deserve.
- Know Your Worth and Keep Your Factsheet Handy: Prepare a fact sheet that enlists your accomplishments and responsibilities in the last year. Include every possible detail that helps you back your claim. Remember that every product has a price. Similarly, each job has a specific market value. Do some research on salary comparison websites for determining the market value of your job, and compare responsibilities instead of comparing designations. Take the time to go through the compensation policies and salary grids of your organization. This could be useful in getting an estimate of the raise you want, if asked for it. At the same time, don’t make the mistake of disclosing all your market research to your boss. Reveal only what is absolutely essential.
- Devise Plans Based on the Kind of Boss You Have: Avoid giving your boss last minute surprises. Instead, approach your boss in advance. Ask for a suitable time to discuss your growth prospects. Avoid scheduling discussions on Mondays and Fridays because of the invariable distractions they might bring. Most of all, prepare your pitch based on your supervisor’s temperament. A boss driven by numbers might be more amenable to a case loaded with data and facts that corroborate your claims. Similarly, talk about your value to the organization if your boss is a hardboiled businessperson. You might well end up getting a promotion, instead of only getting a raise.
- Emphasize Any Endorsements Received from Your Colleagues: Enhance your proposal by utilizing endorsements from other people. These endorsements of your work (by mail or phone) showcase how your work contributed to the company’s goals. They could help you to highlight your ability to work in a team, in addition to presenting your leadership credentials subtly.
- Anticipate the Potential Objections Your Boss Might Raise: Asking for a raise entails a great level of preparation. So, don’t focus merely on your claims. Instead, try to anticipate any possible obstacles that your boss might raise. Remember that seldom will any conversation about a raise be one-sided. So, anticipate the barriers and counter them with creative solutions. Ensure that you direct the conversation to the value you bring to the organization.
- Stay in Control throughout the Interaction: Maintain a positive and open outlook throughout the interaction. Highlight that you enjoy working for the organization. Mention that you look forward to increasing your contributions by taking on additional responsibilities. Also, remember that while you might deserve a raise, there is no guarantee that you will get it. For example, if you’re already at the highest end of the pay scales for your job you might not get a raise at all. In a situation like this, focus on enhancing your responsibilities and designation instead. When you present your case be diplomatic, prepared, and assertive. Remember that oftentimes logic can be more persuasive than words.
- Avoid Making the Wrong Statements: Whatever else you do, avoid making threatening statements. Do not convey the impression that you’re an arrogant or headstrong individual. Do not get unduly emotional. Avoid making any kind of complaints or whining about your personal or work-related problems. Avoid mentioning that your colleagues earn more than you do. Never focus on your tenure in the organization; instead, focus on your capabilities and achievements.
- Give Your Boss Ample Time to Consider the Merits of Your Case: Your boss might need time to consider the merits of your case. So don’t head into the conversation expecting an outright ‘Yes’ or a ‘No’. If you’ve done your homework well, you needn’t be on tenterhooks. So be patient and give your boss the time and space needed for evaluating your request. Even if your boss rejects it later, you would feel satisfied in knowing that your boss gave your proposal the due consideration it merited before rejecting it.
The very reason that you’re taking on the daunting task of asking for a raise shows that you’re keen to make some kind of gains. A discussion of this kind could yield different results. It could give you the raise you’re looking for. It could get you a promotion too. It could result in a counteroffer. It might even end in a rejection.
Even if you achieve none of your expected objectives, remember that you can create a favorable impression on your boss with your proposal. In a worst-case scenario, it might well give you the visibility you seek. Therefore, enter this interaction confident of returning with something to show for it. Ensure that you leave the conversation with neither:
- A Raise
- A new designation with additional responsibilities or,
- A development plan that makes the raise a distinct probability in the near future
Eventually, all your hard work will yield the dividends you’re looking for. So don’t hold back when it comes to asking for a raise. At the very least, you owe it to yourself.
Tip
You may also be interested in reading an in-depth article on Investments For Beginners, which opportunities you have to grow your income and get a better insight into how the system works.
