The reward every employee expects is to get good pay and especially if you are a hard worker. However, before thinking of asking for a pay raise, do you think you really deserve the pay raise? Will the company or firm afford the pay raise? Are you doing enough to demand a pay raise? These are some questions you need to have in mind before asking for the pay raise. Do you really deserve that pay raise or do you just want it because all your friends are getting one? Here are Five Signs You Need A Pay Raise — And Five You Don’t.
Once you think you meet all these conditions, then you have to get a better way of asking for the pay raise. Here is a complete guide to follow when you need to request for a pay raise.
Get Yourself Prepared
It is vital to carry proper research before demanding a pay raise. You should understand your role in the company and know whether the pay is within the average needed. Some of the sites that can help you with online research include; Salary, Payscale, and Glassdoor. Researching your role in the company will give you a rough idea of what needs to be paid within your geographical region. You will, therefore, find the gap between the average salary and what you are actually earning. With this, you can confidently walk into the boss’s office and request a pay raise. Here is How To Negotiate The Raise You Deserve
Know What Value You Offer the Company
Do you really know what your work is worth to the company? Usually, employees who are unhappy with their current salaries don’t know what they are really worth in the business. Before demanding any pay raise, always ask what benefits you offer the employer. You can find out what kind of top skills are in demand for your profession and find ways of making improvements. When you believe your contribution to the company needs more appreciation, then you should confidently ask for the pay raise.
The timing you choose to ask for a raise will determine whether the boss will accept or decline your proposal of the pay raise. You should, therefore, do some planning when you think of asking your boss for the pay raise. For example, when the boss likes travelling during certain periods, then you should not ask for the pay rise during that time. You should find a good day that the boss will be available at work for the whole day. Additionally, you can also add a meeting to the calendar to discuss the promotion with the boss.
Arrange a meeting with the Boss
Randomly walking into the boss’s office and demanding a pay raise isn’t the best way to approach the topic. When you think you really deserve the pay raise, you should schedule an appointment with the boss. During such appointments, you need to ask the boss whether he/she thinks you are delivering enough. Lastly, ask him/her whether you deserve the pay raise or what is needed in order to get it.
According to When And How You Should Ask For A Raise: The Dos And Don’ts by Forbes
“Do focus on both time on the job and performance. “I’ve been here for two years and deserve it,” doesn’t say much about why you deserve anything. However, saying “In the two years I’ve been with the company, I have created these results,” shows your boss that you had goals, deadlines, and a commitment to the organization.”
Increase the Odds at Success
Do you think that you are ready to face your boss for a pay raise request? Increase your success odds by ensuring that you are confident enough. This implies that you should never fumble, right from the moment you walk through the door, all through the negotiations, to the moment you walk out of your boss’ office. In this case, you need to think like a boss in such that, when asked why you need the pay raise, you can confidently quote your reasons without hesitation. Let the boss know your value and make sure you convince him/her why you believe that you really deserve the pay raise or promotion.
Level Up Your Emotional Intelligence
When you walk into your boss’s office for a pay raise, there are two possible outcomes that you should expect. You may be lucky enough to get the pay raise or unfortunately get a rejection. When you get a rejection, the process of handling it will determine your emotional intelligence.
Mastering your emotions will go a long way in determining your chances of success the next time you propose a similar request. Therefore, you need to level up your emotional intelligence in order to cope with the possible rejection situation.
Based on Daniel Goleman’s book on Emotional Intelligence: Why it can matter more than IQ, you will learn why emotional intelligence is vital in corporate settings. In order to get started on improving your emotional intelligence, consider changing how you manage stress and perceive failure.
Figure out the Policy of the Company
When considering to request a pay raise, it is necessary to figure out and learn more about the company’s policies. This is mainly because companies don’t have similar policies on matters surrounding pay raises. Therefore, you need to take a look at the company’s HR web portal (if there is one) and ensure that you are the perfect candidate and that the timing is right, before making your request. You can also find out this information from your colleagues or HR.
Most pay rises in companies are tied to appraisals done year or also when one’s contract is due for renewal. Find out everything you can on what time is best to approach your boss based on company policy.
Never Take the Rejection Personally
Since there are chances of having your request rejected, in spite of having a high level of preparedness, you should be prepared for rejection. You need to avoid taking the rejection personally. It is very possible that your pay raise request was declined because the company can’t afford it at the moment.
To best prepare for such a rejection scenario, you need to ask yourself a number of questions before taking the action of requesting a pay raise. For example, some of the questions you should ask yourself include; do you deserve the pay raise and how has the company been performing?
You must also ask yourself whether you can handle the rejection of a pay raise request since it is a possible outcome. With such questions, you will be able to embrace the feedback of your pay rise request, whether positive or negative. In case of a rejection, apply emotional intelligence, in order to cope with the situation. In order to avoid taking rejection personally, view it as a learning opportunity.
Hopefully, this article has given you some good tips on how to apply for your pay raise. By having scheduled a meeting with the boss, it feels even easier to request a pay raise unlike randomly walking into his/her office. You have to consider whether you really deserve the pay raise and make a point of understanding the company’s policy. Start by finding out here the characteristics of a good employee
Maybe what you need is not just a pay raise but a promotion as well. Here are Career Tips On How To Fast Track Your Way To A Job Promotion
If things don’t work out, maybe it is time to start looking for new opportunities.