Finding a new, higher-paying job or requesting a raise are your two options if you feel that you deserve to be paid more for the work you do.
Both of these career options open doors to fresh prospects but might also bring on fresh fears. We can assist you look for a new career, but if you enjoy your present position and think you can advance there, it’s frequently a smart idea to request a raise. After all, until you express your dissatisfaction with your existing compensation, your employer might not be aware of it.
In this post, we’ll outline a step-by-step process for requesting a raise from your supervisor as well as offer advice and sample scripts to assist you in creating your own request.
Choose the best time to ask.
It’s not unusual to seek a pay raise. In fact, according to a recent Indeed study, only 19% of employees were satisfied with their income. When it comes to asking for a raise, though, timing is everything. As you consider the best moment to ask for a raise, consider the following:
What is the company’s financial situation?
If the firm is struggling, now is not the time to request a raise. You may be aware of the company’s financial situation as an employee. You should watch for warning indicators such as expenditure cuts or layoffs. Look for stories about your employer or industry in the news.
What is your manager’s workload like?
If you know your boss is stressed out or overworked right now, it may not be the best moment to ask for a raise. Paying attention to your manager’s moods and figuring out how to support them shows a degree of maturity that will come in handy during your salary discussion.
When is the ideal time of year to request a pay raise?
There are occasions in many enterprises when it is natural or expedient to discuss pay:
Some businesses may perform annual or quarterly employee evaluations. If you have one coming up, your employer may be anticipating a discussion about your remuneration.
Another possibility is the conclusion of the fiscal year. A fiscal year is a 12-month term used by businesses for budgeting and tax reporting. At the end of that period, employers are likely to make hiring and salary plans for the following year. Make a note of one of these possibilities on your calendar if you notice it coming up and schedule a 1:1 with your manager.
Have you recently accomplished a major assignment or project?
If the firm is doing well and your boss isn’t overly pressured, but there isn’t a favorable time to ask for a raise, consider your recent successes. Have you recently landed a major account or surpassed your annual sales targets? If that’s the case, it could be a good moment to ask for a raise. Make note of these accomplishments so you can mention them in during your evaluation. Make sure to bring measurable results. Even though your manager is aware of your job in general, they may not be aware of how good it was.
Look into pay trends.
You may be wondering how much of a raise you should request at this point.
Every occupation has a market value. This value is normally in a certain range. Visit websites like Glassdoor or Indeed Salaries and input your job title and location to get the pay range for your position. The national wage trend for your job title will be displayed. You may By learning about the trend for your job title and your city, you will have a foundation for understanding the monetary value of your work.
Take into account your credentials.
Take into account your degree, years of experience, time spent working for your current company, and any specific abilities or qualities you may provide. All of these improve your capacity to accomplish the task, adding value. In a perfect world, your employer would consider these when deciding how much to pay you.
Create a list of your achievements.
Keep a specific note of which ones benefited the organization the most. Use specific figures wherever you can to demonstrate success. Using the previous quarter as an example, “Launched a revamped corporate website, which resulted in a 20% month over month increase in site views.”
Choose a goal payscale or pay increase.
Do not have a meeting with your boss to discuss salary increase, without first knowing what that increase you want is. Keep in mind that 3% is seen as a typical or even substantial wage raise. Even while it might provide you with a starting point, if you feel that your present salary is far below what you could be earning, you shouldn’t be discouraged from asking for more.
Call a meeting.
It’s best to make a wage rise request in person and privately. If you and your manager are not in the same place, try to conduct the talk through video call. You can ask your boss for a raise during your performance evaluation or schedule a private meeting at least two weeks in advance. Ensure you have all the your talking points ready and know what you’re asking for. Most of all stay calm and confident.
What not to do!
Never ask for a raise without first scheduling an appointment.
Avoid talking about it in public parts of the office, such as the kitchen or corridor.
Avoid asking for a raise in an email if you can.