Are you underpaid? If the answer is a YES, it could be very discouraging & demotivating. Also, the world deliberates extensively about how to ask for a raise. In this blog, I will try formulate a process in the form of 5 must-know tips on how to ask for a raise!
To be fair, asking for a raise can be an uncomfortable conversation. This might lead you to think – Why should there be a need for me to ask for a raise? The answer is simple, You are in charge of your career!
Negotiating a raise requires a game plan. Asking for a raise is not a one-shot event. It is rather, a series of conversations, research and timings. Although, landing a new raise is your best shot to get a huge pay raise, there are substantial advantages to staying in the same job and asking for a raise.
Let’s dive straight into our 5 must-know tops on How to ask for a raise so that your odds of success are increased greatly.
1. Choose the right time
Timing can greatly increase your odds at getting a raise. Here are four points to keep in mind about the timing:
- Just after a successful project completion. This can increase your chances due to the recency effect.
- Take health of the company into account. Asking for a raise just after a lay-off might be a bad idea.
- Knowing the budget cycle. Companies tend to sync up their raises a closer to the budget cycle.
- Having a meeting before your review meeting. It helps to set the tone weeks or months in advance.
2. Choose high visibility Projects
As the time for asking a raise gets closer, try to get noticed across the organization. It is important because as they say – “Out of Sight, Out of Mind’.
It does not matter how long you have been around in company, you must get involved in high visibility projects. It’s best if the project is also a high revenue generating one. It will give you an opportunity to network with the influential stakeholders.
Here are some things you can do to increase your visibility:
- Be are part of special events or conferences if your company is hosting those as a marketing initiative.
- Arrive a little early and stay a little longer. Make sure everyone has good experience working with you.
- Double-up on communication and feel free to be a bit generous with CC on you emails
Do not over-do it and make sure you maintain a balance. It is one thing to be visible and helpful but another to be annoying, bragging or over-doing.
3. Document your progress and achievements
As you go along, try to document some big wins and successes that could be attributed to you. Make a simple digital note of problems you have worked on, your contributions and the outcome. If you want to go a bit further on this, document appreciation emails from colleagues, bosses, stakeholders and clients.
Documenting will ensure you do not miss out on critical pointers that will make your case as to why you should be given a raise. Also, showing someone what you achieved will have a much larger effect compared to simply telling about it.
4. Do your research and know your worth
Asking for a raise is awkward for a lot of people in the first place. So it is important to know what you should ask. This will avoid back & forth as well as lead to less disappointment. When people go into a salary negotiation meeting, without researching or knowing their market value, they will mostly leave dollars on the table.
If your boss is giving you a raise of $15,000 on a salary of $45,000, it is not necessarily always a good thing. You could be offered $80,000 salary somewhere else for the same experience and position.
Hence, it is very important to do your homework and know your worth. Some of the websites that you can use are:
Make sure you know your worth in advance. If needed, you could also appear for some job-interviews and get an offer or two. This will not only confirm what your worth is but also help in negotiating with your boss.
5. Build your case
Once you have done all of the above listed steps, you are almost ready. Understand that companies give a salary hike only under 3 situations:
- If you make money for the company
- If you save money for the company
- If you do something that nobody else does in the company
Whatever your case be, you will need to make a formal presentation to highlight your specific situation. Build a case with all the supporting research, documentations and reasons as to why you should be given a raise.
It is apparent that asking for a raise requires planning and quite a bit of research! However, with the correct mindset and treating this as a business transaction will enable you to prove your worth. I am positive that you will get the raise that you deserve by implementing the above mentioned tips.
If you liked this blog, check out my other articles here! Also, feel free to reach out to me at thechiverse@gmail.com for any queries.
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