Shricareer Tue, 12/06/2022 - 10:59

When you are diligently working in your office, asking for a pay rise makes sense. So, if you think that you are working your best and deserve to be paid more, then you have two choices: switch your company, or ask for a salary increment in your current company. These two choices can definitely foster new opportunities in your career. While you look for a new job, you might also wish to stay with your current company and get a salary increment.

Now you might be getting curious about how to ask for a salary increase in a successful manner. So, if you want to stay with your current employer and want them to believe in your potential and give you a pay hike, then negotiating your raise should be your focus. In this blog, we will guide you step by step on how to ask for a raise effectively.

When should you ask for a salary increase?

It is not that easy to ask for a job pay increase. So, if you request a salary hike, you must choose your timing wisely.

1. When a significant activity or project is completed successfully.

If everything is going well at work and with your manager, yet you feel like favorable timing is not approaching, then consider your most recent successes. Did you recently achieve an impressive milestone or fulfilled an important goal? Then it will be a perfect time for you to ask for a compensation hike.

Make sure you have kept all the records of the specific achievements, that you will mention to your manager in your meeting. Keeping records of your data is important because your manager must be aware of your achievements but keeping a record of your work will be difficult for them, as there are other employees working in the company.

2. If greener pastures are waiting for you.

Even though you may have recently received a great new job offer, you could still want to stick with your current employer. The time to request more money is when your most recent salary has caused you to second-guess your decision to stay.

Although there is a significant caveat that many people fail to notice, this timing advice could give you leverage. Your employer would think less of you if you approach them and request a counteroffer. Even if you get the rise, they can start acting differently toward you.



3. Review your company’s financial situation

If your company is struggling with financial issues, then it is not the right time to request a salary raise. As an employee of the company, you must be aware of the company’s financial situation. Look for alert signs like cutback spending or layoff. Conduct research on the company and review financial information. This research can help you when you speak with your manager.

4. Is your manager’s work overloaded?

if you know your manager is currently overworked or overloaded with too much work, then it might not be the best time to request a salary raise. So, while discussing pay, if you notice their stress or grumpy mood then it is better to showcase your manager’s level of maturity in your conversation.

5. During Your Annual Review

An annual review offers a smooth transition to the subject of pay. Your objectives, significant accomplishments, and future with the organization will already be up for discussion. Remember that the timing of your annual review might not line up nicely with the budgeting period.

6. Know when the company creates its budget.

Budget cycles are used by businesses to plan, approve and carry out spending. If you can, familiarise yourself with the business cycles and make inquiries when planning.

7. Avoid asking if your boss is in a grumpy mood.

Personality traits are a crucial career asset. Utilize yours by determining whether the employer is having a bad day or is enjoying the time of his or her life. When she’s doing well, ask for a pay increase.

Appropriate time to ask for a salary hike.

There can be a lot of circumstances where you might feel like discussing salary is appropriate or convenient.

For example; in some companies, senior officials might do yearly or quarterly employee reviews. So, if you have one increment coming up, maybe they are already willing to talk to you.

There is another option at the end of the financial year. There is a possibility that at the end of one financial year for budgeting and tax reporting (the end of March is typical), employers are already making plans for employment and compensation for the next year near.

There is another option at the end of the financial year. There is a possibility that at the end of one financial year for budgeting and tax reporting (the end of March is typical), employers are already making plans for employment and compensation for the next year near.

How to ask for a salary increase?

Don’t ask for a wage raise in an unexpected manner during your one-on-one with your manager. Instead, inform them in advance that you’d like to talk about it, and then make sure to schedule it. To successfully request a pay raise, abide by these suggestions.

1. Get the salary range trend

Each job position has a market value. if you will research the average salary trend that is in your job title and your city, then you can have a basic understanding of the monetary value of your work. here are a few things that you must consider before asking for a salary range.

• Compare your current salary with that of the pay trend you discovered.
• Consider your qualification, years of experience, and the duration you spent working for your current employer, the skills and abilities you possess, and what value you add to the company.
• List all your achievements and mention which ones were most beneficial to the company. If possible, use numbers to justify your data.
• Think about a salary range amount that you would like to get paid.
2. Request for a Meeting

Always ask for a meeting to discuss the salary increase. Because it is better to meet your manager privately to ask for your raise in person. If you are working from home, or not in the same location as your manager, you can still arrange your conversation over a video call.

Before arranging an appointment with your manager, check the calendar list first. If you are working from home, do not ask about it in workplace common areas such as a kitchen or hallway. Also, avoid asking for a raise in an email.

Example:

“If you are free, can you please spare some time for me to discuss my compensation? If not then please let me know which time works for you.”

“Please let me know what time you can be free. I would like to set a short meeting, to review my performance and then we can discuss my compensation?”

3. Asking for a Raise during a Performance Review

No matter what side of the table one is on, performance assessments are stressful. Managers have a lot of work to do in addition to their everyday tasks to prepare and review their performance and other feedback. Therefore, keep in mind that your manager is also an employee with genuine feelings when you approach them with your proposal. Therefore, you must be careful to pick the appropriate moment to start this conversation.

The time has come to lay your cards on the table if you just received praise from your manager for your work and lately acquired new clients, completed important projects, or did additional work other than your regular responsibilities.

Example:

“Thank you so much for finding time to take this meeting. I would like to discuss some of my achievements in this company and discuss my salary increase. So, it is the right time to discuss it?”

4. Let your boss know what’s in it for them.

Remember that your employer is not concerned about your mortgage or the vacation you wish to take. What’s in it for your boss matters to them. You have already discussed what you have accomplished for the business, but you also want to discuss your future plans. Briefly elaborate on your objectives, how you will benefit the business, and your plan to attain them.

5. Asking for a Meeting in an Email or Letter

Working from home? Or didn’t get a chance to talk to HR? Well, worry not. You still can send them a well-crafted email to arrange a meeting where you can discuss your salary increase without any issues.

Here is an email example of how to ask for a salary increment meeting with your HR/ manager.

Dear Mr. Patel,

I have been working at ABCS Technologies for a year now and it has been an amazing year working here. Being a responsible employee of this company, I have taken on a lot of new roles and responsibilities, which has enhanced my skills a lot. I have worked a lot harder to exceed expectations and I’ve consistently surpassed my targets and work goals. Also, recently I have successfully completed a project which the client praised a lot. For that reason, I’m writing to ask you for a review of my salary.

I am passionate to work my best for this company and continue my growth and contribution. I’m eager to know whether your evaluation of my efforts fits my own or not. So, can you find some time for me to discuss my compensation?

Thank you.

What to do when they say no to raise

There are chances that the manager might reject your request for a raise. So, if you are in such a situation, then you must ask your manager, why you are being rejected. Also, if they reject giving you a compensation hike at this time, then you can consider asking about other elements of your compensation such as variable pay or flexible hours. Here are a few examples of how you can further continue this conversation if your higher officials reject your request.

“Do you want me to enhance the skills from my end, or, before increasing my compensation?”

“Is it possible that we can find a better time to continue this conversation in the near future?”

“Does my overall performance satisfy you or do you want me to accomplish something big?”