Many professionals think that asking for a salary raise is like climbing an uphill. According to research, nearly 70% of employees feel uncomfortable discussing salaries with their managers. Although, it is very important to understand your worth in the workplace for your career growth. Another authentic research concluded that those who negotiate their salaries can earn up to 10% more than those who don’t.
All you need to do is strongly prepare yourself before you ask for a raise. Knowing about the average salary for your position based on factors like experience and location can give a strong foundation for your request. Many of the people in similar roles are earning 10-15 % more than those who do not ask for raises.
Timings are also super important. Deciding the right time can boost the chances of positive outcomes. By negotiating confidently with a well-researched plan, you can effectively communicate your value to your managers. This blog on “how to ask for a salary raise” will provide you with exquisite and practical tips to direct the process of asking for a salary hike with confidence.
How to Ask For a Raise?
Below is a simple step-by-step guide to prepare yourself before you ask for a salary hike. Begin by updating your professional CV to show your achievements and contributions to the company. This will also help in providing strong proof of your values during the discussions.
1. Research Salary Trends
You may be wondering how much pay increase you should ask for. Every job has its corresponding market value. This value mostly has a certain range. To learn about the salary range related to your field you can search it on job-related websites like LinkedIn, Indeed, etc. Enter your job title and you will get all the information related to your salary. On these websites, you can also search according to your city.
On every salary page, you will see a figure that is frequently reported. Your experience, education, and other factors will impact how your pay rate compares to that figure. By learning about the trends of your city and job title, you will have a strong base for understanding the monetary value of your job.
2. Wait For The Right Time To Speak To Your Manager
When you are asking for a rise in your salary or even an improvement in the benefits package you need to recognize the right time. You should opt for a face-to-face or one-on-one meeting. Pay attention to the timing and never plan it after the failure of a project or at the peak of a season. Asking the human resource manager about when salary increases are approved is also a smart move. They can advise you if there’s an optimal time for submitting your request.
3. Consider The Fiscal Year
You should ask for a raise only if you are sure that you are working hard and still underpaid. You should be able to justify your raise. To make sure your request was not rejected, wait until the end of the fiscal year. During this important period, many department heads are working on budgeting plans for the coming year. So if you ask at the right time, your request can be considered.
4. Decide How Much To Ask For
Compare your current salary with the trends you are seeing. If you are already in that range then your request may be affected. Here are some tips to come up with a specific range or number.
5. Consider Your Qualifications
Consider your education, working experience, and specialized skills you can bring to the table. All of these elements add value to maximize your ability to perform the job. Ideally, your employer would take all of these into consideration for a raise. Take special note of which ones add more value to the organization. If possible try to use concrete numbers to show an accomplishment.
6. Keep Your Reasons Out Of It
Higher salaries are based on merit. It is not based on the number of years you have worked at a company. It also does not depend on whether you are getting married or have taken a new mortgage. No company gives a raise unless something is done that merits it. Exercise some common sense before you ask for a hike.
7. Prepare A Presentation To Support Your Salary Request
Have some strong data to support your claim about your contribution to the company. You can research market rates and your domain salaries. Also, you need to document your accomplishments and show how they have benefited the company. A good way to present the data is to make an appealing presentation.
8. Develop Strong Negotiation Skills
Negotiating is an important skill set to have, specifically when asking for a raise. When negotiating be prepared to set goals and show other companies pay rates in the market and what you want from them. Also, if you want to make your CV stand out and highlight your qualifications, then look for a reliable CV maker. A professional and good CV maker will assist you in crafting an outstanding job application.
Frequently Asked Questions
How you can ask for a salary increase?
You can politely ask your manager that, over the past few years, you have grown significantly as an employee. Depending on my deep understanding of the industry, enhanced skill set, and new responsibilities, I request that you make some adjustments to my salary. As you know, my salary has been the same for a long time.
How can I tell my manager that I need an increase in my pay?
Here are some tips that you need to follow to ask for a salary hike:
- Inform your manager before the meeting that you want to discuss a salary raise.
- Choose the right time for the meeting.
- Keep the company’s financial position in consideration.
- Boost your key performance indicators and then ask for a pay raise.
- Keep all your reasons out of it.
How to justify your salary boost?
Here are some effective tips that will help you in justifying your pay boost:
- Detail your overall and recent achievements.
- Research the competitive salary benchmarks.
- Communicate other benefits to your employer.
- Formalize the request in written form
- Ask for a reasonable raise amount.
- Choose the right time for the request.
Wrapping Up Tips for Salary Raise
So, asking for a salary hike needs careful preparations and the right timing. Begin by updating your resume and gathering evidence of your accomplishments. Research the salary trends and know your market value. Choose the right time to approach your boss, ideally after prominent contributions to any project or at the end of the fiscal year. Discuss your qualifications and how it can add value to the company.
Keep personal reasons out of the conversations, instead, pay attention to your achievements and professional growth. Prepare a clear presentation to strongly support your request. Lastly, be professional and polite throughout the procedure. By following these tips on how to ask for a salary raise, you will boost your chances of receiving a positive response to your salary hike.