How To Ask For A Raise At Work
So you are a hardworking employee, have the requisite experience and skill set to spur the company towards the path of consistent growth. Deep down, you feel it is about time the company appreciated your efforts by granting you a raise. Your employer probably feels the same way too but as you probably already know, they are waiting for you to make the first move.
But let’s face it; it doesn’t matter how experienced you are, or how much you give towards the growth of the company – asking for a pay raise is probably one of the most difficult things to do. And that mostly stems from the fears of the unknown. If you are not very lucky to have a reasonable employer, your asking for a raise could set the stage for your exit from the company.
And even if you do not get victimized in any way, your employer could still give you a million reasons to not grant your much-deserved pay rise. However, that does not mean you should not try. Asking for a raise the right way might just compel the company to grant it, albeit reluctantly. So, how do you go about it? This post shall highlight some of the tips on how to ask for a raise at work.
Tips On How To Ask For A Raise
1. Know When How Frequently Your Company Grants Pay Raise
Most companies normally raise their employees’ wages on an annual basis. Of course, this frequency could be shorter or longer depending on the industry or department you are working in. Generally, if you work in high-competitive fields such as sales and marketing, tech, medicine and finance, you could be getting a raise more frequently.
On the other hand, working in low-competitive fields like business administration or clerical work could see you work in a company for more than a year before you can secure a pay raise.
However, it is important to understand what your company considers as its own financial year. For most companies, a financial year ends on the 31st of June while for other companies, it ends on the 31st of December. End of financial years are an ideal time to ask for a raise.
2. Understand Your Market Value
Another important tip before asking for a raise is to understand your market value. Basically, your market value refers to the average salary you could be earning in other companies, discharging the same duties. In order to understand your market value, you will need to do a background check on the salary range for your job group.
This is something you can ask your recruiter during the interview process, or simply research on your own by comparing the salaries posted by various companies hiring for the same post.
In most jurisdictions, the pay range for your job group will be determined by the relevant labor laws. This means your employer is legally bound to pay you within the stipulated range.
However, some employers are still cunning enough that they could opt to pay you something on the lower end of the pay range. You will need to be tactful in order to convince them to raise your salary towards the upper margin of your pay range, let alone pay you anything outside of this margin.
3. Determine Your Value For The Company
After knowing your market value, it is now time to determine how much your value is for the company. If you are a very resourceful employee, there is no doubt that your employer will try everything possible to retain you. In order to calculate your worth for the company, you first establish how much the company has gained out of your services, both financially and technically.
How instrumental are you in spurring the growth of the company? What percentage do you contribute to the company’s overall revenue and do you possess technical skills that the company finds very useful? These are some of the questions you will need to settle. You may also want to establish the cost of replacing you. How much does it cost to put up an ad, conduct interviews and train the new recruit?
4. Prove You Deserve It
Proving your worth is one of the best ways on how to get a raise without asking. First and foremost, you should prove to your bosses that you are a self-driven employee who is not just motivated by money but by the zeal to serve the company.
First, do not wait to be told what to do every time. You should understand your job description and be ready to discharge your duties without necessarily being pushed around.
Go the extra mile by proving your competence. Be helpful to your other colleagues, especially those whose departments are directly intertwined with yours. But as you do this, be sure to not come across as overly canvassing for it.
There is a fine line between honestly discharging your duties and angling for a favor. The goal is to seamlessly convince your employer you deserve a raise without really saying it.
5. Ask For The Right Amount
This ties back to understanding your market value. First and foremost, when asking for a raise, always endeavor to keep it within your market value. Most employers already know what your market value is and asking for a raise within this range will convince them you are significantly knowledgeable on various dynamics of your industry.
Additionally, ask for a pay raise in small portions. For instance, if you are paid $1, 000 a month working a job with a pay scale of between $1, 000 and $3,000, it would be unreasonable to ask for a raise of up to $3, 000 in one instance. And less so if you are an entry-level employee.
Instead, you could ask for a raise of $1, 200 at the end of the first year, and then possibly ask for another raise end of the following year.
6. Strive To Be In Everyone’s Favor
Leaving a company is not a difficult thing. The hardest part is what vacuum you leave behind. And as we already mentioned, your employer will be reluctant to let you go if they feel the vacuum left behind might be difficult to fill.
So apart from discharging your duties honestly and diligently, also try to be in favor with everyone. Especially create a good rapport with all your colleagues and bosses, not necessarily those that are directly in your line of command.
Be outgoing, easygoing and very helpful to your colleagues. If you work in a department that involves direct interactions with the company’s clients, always create a good impression of yourself among those clients.
When clients post reviews on a company in terms of staff attitude, they will normally do so in reference to a specific staff member.
7. Set An Ideal Time
We already mentioned that end of fiscal years are the most ideal times to ask for a raise. But even then, it is important to set a time that the boss finds very agreeable. By all means, shun Monday mornings because like everyone else, bosses suffer from Monday morning blues too. They are probably suffering a hangover from the weekend and the last thing they want to hear is a pay-rise.
Also, avoid end of the working days, as your boss is likely to be exhausted and looking forward to traveling home. Friday evenings is a no-no since he is probably already on a weekend mood. So what is the ideal time? This should be a time when the boss is actively thinking about your worth, such as during annual performance assessments.
8. Be Specific
When it comes to the actual time to ask for a pay raise, clearly specify your reasons for wanting a raise. Be precise and concise, without coming out as too bold and forward. Keep all the reasons specific to your individual case. For instance, do not tell your boss that a colleague in a similar job position is earning higher than you.
Also, avoid comparing the company’s fortunes with yours by reminding your boss that the company rakes in millions in profits and it would only be fair if they effected a pay rise.
Above all, do not play the advocate by asking for a raise for all your other colleagues. You can try expressing how dedicated you are to your work, and how the company will gain even more if you received an incentive in terms of a raise.
9. Avoid The Counter Card
When asking for a pay raise, some employees could be tempted to pull the counter card by threatening to leave the company. While it may work in some instances, this approach should be discouraged.
Even if you are lucky enough to have the company grant your wishes, you will constantly be viewed as a threat to the company’s growth and development. In fact, your boss could grant your wishes just so they have ample time to find your replacement.
When asking for a pay raise, be civil, gentle and diplomatic. If your employer asks for some time to think about your request, do not nag them further. Asking for a grace period does not mean they are unsure whether to increase your pay or not.
It could as well mean they are testing your patience, or are preparing to put the matter before the board. Carry on with your normal duties and wait for your boss to get back to you.
10. Be Prepared For A No
After carefully arguing your case, it is important to remember that there can only be two possible outcomes – a yes or a no. While it is great to hope for a yes, it is also prudent to prepare for a no.
If the answer is no, you can ask the employer why they made that decision. Was the decision informed by the company’s apparent financial limitations or was it based on an inadequacy on your part?
If your requests were rejected due to an inefficiency on your part, undertake to correct those inadequacies and give your employer a timeline within which you expect things will have been fixed. Whichever the reason, remember to ask them if there is a possibility of a pay raise in the future.
Worst case scenario, if you received a no and there is no possibility of a raise in the future for whatever reason, you still have options. It may be time to either search for another job, look into how you can make passive income or research working a side job in addition to your current one.
Regardless of how it turns out, make sure to end things on a positive note.
Conclusion
Evidently, getting a raise does not have to be a Herculean task. With the above tips, we hope you can now adequately prepare to ask for your much-deserved pay rise.
Just remember that even though your wishes may not always be granted, always strive to prove your worth for the company.
