Personal growth is a big part of anyone’s career. For someone who works diligently and delivers results consistently, it’s only fair that they are rewarded accordingly. Most organizations have a process when it comes to compensation and increments.
However, it is recommended that an employee be proactive when it comes to asking for a raise – but how? At Reverb, we’re experts when it comes to all things people. We want to help you create a healthy culture where employees aren’t afraid to ask for a raise and look forward to staying at your company. Here’s a guide to asking for a raise.
Related: Female Rivalry: Are Women Helping Women?
How do you know you’re ready for a raise?
Increased Responsibilities
The general rule of thumb is, the higher the responsibility, the higher the pay. If an employee notices a continuous trend of increased responsibilities, it’s a huge indicator that it’s time to ask the question. A raise helps justify the extra work, making sure that you feel adequately compensated for their larger role.
Success In Projects
If someone has shown stellar performance on recent projects, then they should consider asking for a raise. A continuous trend of success indicates personal and professional growth. Companies know that successful employees look like great candidates for other positions at other places, and granting you a raise can help with employee retention.
Low Pay
There’s no denying that some people don’t get paid fairly. If you are putting in hard work and there’s proof to back up their contributions, it’s time to ask for a raise.
In-Demand Skills
There are certain skills that have a high market value. You might have these skills before joining an organization or you may have acquired them through later training. Regardless, you should be paid fairly if they have a skill set that is in-demand right now.
Related: Goal Setting: Do less Impact More
How often should you ask for a raise?
In most situations, one should ask for a raise only once a year. There are exceptions to this rule. If they were promised a raise a while back and the promise hasn’t been fulfilled, it’s a good time to ask for a raise after giving them a buffer period of a month or two to see if the promise is being honored.
When is the right time to ask for a raise?
When it comes to asking for a raise, timing is everything. More often than not, it can make all the difference. Here’s how to time the proposal.
After A Successful Project
Companies love big wins. If the company has experienced a successful project or there’s been a really big achievement, then it’s the right time to ask for a raise.
Company’s Financial Health
More often than not, it depends on the company’s financial ability to grant your request. If the company is operating normally and there’s stability or growth, then it is the perfect time to ask for a raise. If you’ve been helping the company reach success after success, your manager will be more than happy to review your request.
It’s Review Time
All organizations have a performance review schedule that may or may not include the chance to get a raise. If it’s time for a review or a review has been done and yet there’s no raise, then you can go ahead and ask for a raise provided that the overall review is positive.
Others Have Gotten A Raise
A good sign to determine the correct time for asking for a raise is to see whether others at the same level have gotten a raise. If other people have got a bump in their salary, maybe you can too.
Related: Global Talent: How to Hire Internationally?
What topics should you address when asking for a raise?
After understanding when to ask for a raise, you should understand the “how.”
Talk About Deserving A Raise
Whenever you go to your boss to ask for a raise, always speak with the perspective of how you deserve the raise and not why you need one.
Mention Achievements
When asking for a raise, make it a point to talk about your professional achievements. While it might sound like a humblebrag, it’s absolutely necessary. Your manager will be eager to be updated on everything you’ve done.
Talk About The Company’s Benefit
Giving you a raise is an opportunity for your company to encourage even higher performance and thus receive even more benefits as a whole. Talk about achievements that directly affect the company’s bottom line and how a raise could help the company.
Related: What every HR department needs to know about internal communication
What should you expect once you ask for a raise?
Questions you should be prepared to answer
When you go to ask for a raise, you’ll have to be aware of some possibilities. This includes answering questions like, “Why do you deserve a raise?”.
Questions you should be prepared to ask
Asking for a raise is a two-way street. You should go in with some questions ready. “What is the % of raise you’re willing to give?” and “What are the parameters for a raise?” Remember, clear communication is everything.
Negotiating a salary
Negotiation is an essential skill. Make sure you’re negotiating in a reasonable manner. You will not get a 15% raise in any organization regardless of how talented you are. Stay humble and open-minded, and your manager will return the favor.
Prepare to be declined
Rejection is an important part of the process. While it is good to be optimistic, it’s also ideal to have a realistic approach.
What to do if you are declined
If your request is declined, do not get too emotional. Instead, ask them about their reason and how you can be eligible for a raise in the future. This is a great opportunity for you to think about your own long-term professional development and how you can improve.
Related: How to build a manager community
How to prepare to ask for a raise
1. Have The Data Ready
Data speaks louder than words. Before asking for a raise be informed about the numbers such as the company’s profits, your contributions and your efforts that led to successes with projects.
2. Do Not Be Emotional
Getting a raise is an important milestone for anyone. You can be enthusiastic, but it’s not a good idea to be too aggressive. Your higher-ups are concerned about numbers, proofs, and your professional capacity. They’ll be more open if you provide enough information.
3. Be Ready For Rejection
By preparing yourself for possible rejection, you’re well aware and adept at being neutral during your conversation.
4. Be Confident (Not Cocky)
Confidence is key. Words like “I think” or “Maybe” will have no value during your conversation. Be assertive and humble while pitching for a raise.
Related: The Gender Gap in Sales: why organizations that marginalize women lose
Conclusion
Everyone wants a raise and in this market, most people deserve one too. Asking for a raise can be a tricky situation, but it’s important to not take the process to heart. If you communicate clearly and are open to negotiation, your managers will be much happier to review your request.
For more growth advice, for your company visit Reverb!
