Are you considering asking for a raise? If so, you may feel very nervous. But, it will significantly help your chances of success by planning correctly before you make your application for a raise.
When you apply for a pay raise, planning and preparation are essential. You need to persuade your boss that your contribution to the company's work is above the average annual pay raise of 2% to 4% when you ask for a raise.
Here are our tips for asking for your raise effectively! Read on to learn more.
Build a Strong Case
Look back on recent ventures and periods when you went beyond what was planned and gave your real business value. Where appropriate, always use detailed performance data.
Did you just score a deal or land a huge sale? It's a safe time to ask for an increase in your salary. Capitalize on the momentum of your results, and you might be in an excellent place to ask for a pay raise.
Brainstorm a list of clear reasons why you deserve a raise to ensure a confident and persuasive execution, write them down, and rehearse them.
Timing Is Everything
To plan for this conversation, it is just as important to choose the best time to ask for a raise. Find out when your business' fiscal budget preparation takes place when selecting a reasonable time to apply for an increase, so you can be confident that you are not asking for the unthinkable.
An excellent time to ask for a salary increase is after a significant project has been successfully completed, or outstanding work has been shown.
Asking for a raise during a complicated or hectic period will guarantee that time and patience are short for your boss. You can wait until the dust has settled, and you have proven your worth to request an increase.
Know Your Company's Profile and Situation
Acquaint yourself with the evaluation policies of your company. Does your company hold performance reviews? Speak to your superiors discreetly, or meet with the department of human resources to get a sense of the timetable.
You should also aim to match your request with the financial trajectory of the company, if possible. Try to ask when new funding is coming in, when the new fiscal year is beginning, or when you think your boss might easily factor in a pay raise.
Dress to Impress
Even if your office dress code appears to be loose, you can look for the part when it comes time for your appointment. Put on a scarf, iron your blouse, or pull your dress shoes out of the wardrobe.
Take those extra minutes. Although you don't want to look like you're trying too hard, it can't hurt to look polished and professional, and it will only help you feel more relaxed as you make your case.
Also read: Are You A Woman Seeking Better Pay? Read This.
What to Expect
You should expect your boss to give your request serious consideration if you have selected a suitable time to apply for a raise and have built your case for a raise with clear proof of your great work.
Expect some straightforward questions about the successes you are using to explain your rise, and your expectations for the company's future. You're likely going to have to negotiate the specifics of the increase you're asking for.
You may not be able to get the raise you want today. Make sure that any promised or conditional future increases you are considering are reported in writing.
Conclusion
If your proposal is turned down, don't feel bad. There may simply not be cash for wage raises in the budget, regardless of how well earned the raise may be.
Many businesses have formal workplace rules that determine wages and pay increases, so there may be no flexibility to provide you with a raise other than when you are qualified for one under company rules.
