Introduction
Many people feel that it is awkward to ask for a raise or initiate a conversation that entails money. Societal norms dictate that asking for a hike in salary or benefits runs the risk of being perceived as entitled or greedy.
It is important to understand that asking for a raise or salary hike is completely normal and does not make you an outcast. You might have to ask it several times throughout your career, and it should not be seen as an odd act.
The trouble is that most people do not know how to ask for a raise. That is one of the main reasons that they either postpone it or drop the idea altogether. If you feel that you are earning far less than you deserve, it is time to speak up and normalize the conversation regarding a raise.
At the end of the day, we all have to pay our bills. So, before you make your case and ask for a raise, it is important to pay attention to factors like timing and preparation to make it undeniable for your boss.
Here are the best tips to consider while asking for a raise
- Understand that it is perfectly normal to ask for a raise and go for it
Understand that from your manager’s point of view. It is normal for employees to ask for a raise. Your manager would have had many such encounters with previous employees in the past, and he/she is not going to think that it is unreasonable.
Think of raise as a form of recognition for your work and not as a favour or gift. It is in your best interest to let your bosses know that your work is worth more money.
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- Bring positive feedback into the picture.
Anything that can prove that you did commendable work will come in handy when negotiating for a raise. This includes notes, client appreciation emails, feedback emails from your boss, etc. Therefore, keep a detailed record of such instances and present them while asking for a raise.
- Talk data and numbers.
Present data on how your work in the past been fitted the company. Did you help the company achieve targeted sales or growth last year? Did you help expand the team? Have you brought new prospective clients to your company? Have you helped increase the overall profit margin?
- Think of the reasons why you should get a raise
While asking for a raise, it is important to do some self-evaluation and jot down the reasons that will appear convincing to your manager. Formulate all the reasons and reassure your manager that if you get the raise, they can expect a stable and highly motivated employee. Let them know that it will also prevent the possibility of you exploring other options or, at worst, leaving the job.
- Pay attention to the timing.
Know when to ask for a raise. If your timing is incorrect and your manager is having a bad day at work, then it can really jeopardize the chances of getting it. If your boss is particularly happy with your work or your got great feedback recently, consider it a good time to request a salary hike.
- Know your company’s raise cycles
Some companies give salary hikes yearly and usually on their own. The raise is often based on the performance review. If your company has not brought this conversation up, it is recommended to make way for it yourself.
Before making a raise request, research your company’s budget or raise cycles. As a rule of thumb, it is best to initiate the conversation with your manager one or two months before the formal process begins in your company. This will give them time to review your request and get it done in the same fiscal year. Any delays might postpone your raise to another year, which is certainly not what you want.
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- Share what you can bring to the company in the coming year.
What do you plan to bring to the company in the long haul? How do you plan to do it? Your manager will like to hear your plan or what you will bring to the table so that he/she can pay you a fair raise and keep you around.
- Be realistic in your approach.
If you have been doing excellent work for a year or more and you haven’t got a raise, it makes sense to ask for a raise. But if you received a hike in your salary recently or within the last 10 to 12 months, it is not realistic to ask for a hike.
Expect to wait for at least 12 months before you request to assess your work performance and raise your salary.
- Come up with a reasonable number.
Most people dread this question but understand that it is part of this process, and you should be ready with a concrete answer. Remember that your number should be based on thorough research. You can use several online tools that will help you give an approximate number based on the current industry standards.
When you will negotiate on that number, be prepared to lose around 15 to 20% on that.
- Schedule the meeting
The last thing you want is the postponement of the conversation as your boss got busy elsewhere or have a rushed meeting because your boss is occupied with other commitments. Therefore, make sure to get it on the calendar.
- Practice it beforehand
It is a good idea to practice that conversation with your family member or a friend to brush up on your skills and be confident about your pitch. If there’s no one to help you around, you can record it on your phone and review it yourself.
Make sure that you make good use of visual cues and know how to maintain eye contact during the actual conversation. Practicing it beforehand will ensure that you present your pitch confidently and are feeling motivated.
- Consider your company’s salary structure.
It is good to know how your company handles such raise requests. You can try talking to experienced employees or find out the policies on pay hikes. It is useful to know whether the raise is usually fixed, lies within some range, or can be generous based on your manager’s discretion and the company’s flexible policies.
- Prepare for the conversation.
While preparing for the conversation, make a list of compelling points – know the average salary for your designation in your geographical area, factor in your experience and expertise, get information on the salary range for your skills, etc.
You can also get information on the current salary for your job profile by talking to the recruiters or going through job websites. Once you are well prepared, it is time to move to the next steps without any delay.
- What to say
Should you keep it brief? Or should you make a detailed presentation for the meeting? Well, it usually depends on your company, the data you want to present, and your manager. In most cases, a brief request will suffice. But if it doesn’t, you don’t have to focus on showing your presentation skills or pages of notes.
Precisely, enlist the points why you have earned this raise and what has been your contribution so far. You can also make a list of bulleted points highlighting your key accomplishments and contributions. If your manager has to present this to his/her superior and seek approval, a brief and bulleted list will come in handy to make your case.
While you are presenting your points, it is fine to ask a certain number or figure. You can say, “It has been more than a year, and I was hoping that we can raise my salary to ‘X’ amount. I have taken new responsibilities in the past year and was able to deliver good work while saving the company a lot of time. I love working in my role and have exceeded my projected goals. I was hoping to get a raise as a reflection of my contribution to the company and achievements.”
- When the answer is ‘no’ or ‘maybe.’
A lot of managers do not say a firm ‘yes’ on the spot. If your manager says that he/she will think about it and get back to you, it is good to proactively follow up on that. You can ask for the next steps and extend your thanks for taking the time to discuss them.
If your boss gives ‘no’ for an answer, it is fine to ask them, “When can I expect a raise in the future?”
The manager might help you with the ways to get a raise in the near future or ask you to improve your performance to be eligible for a raise. In any case, it will give you a fair idea on whether to follow the path laid down for you to get promoted or explore a better career option somewhere else.
- After you ask for a raise
If it wasn’t a fruitful conversation, do not be disappointed. You can consider other benefits or perks and negotiate to get those instead of monetary compensation. You may ask for travel benefits, extra vacation days, reimbursement for the daily commute, or work from home on certain days in a week or month.
