Asking for a salary increase is not the easiest task that we have to perform during our career. The mere task of booking some time to discuss a rise in pay with your employer is enough to send you packing before having even broached the situation despite your burning desire.
While asking for an increase in pay may seem intimidating, there are some straightforward tips to guide you through the task of asking for an salary increase. When asking for a raise in salary from your current employer, the most important thing to remember is to ask for your pay rise with confidence. The key to any negotiation boils down to your self-assurance and how cool you manage to stay during such talks. By carrying yourself with poise and conviction will illustrate to your employer that you have taken time to consider your case from various angles and are coming to them with a fair and reasonable request. By reading through these guidelines, you should be well equipped with the necessary tools to get a salary increase in a flash!
A GOOD TIME TO ASK FOR A RAISE.
The best time to ask for a salary raise is when you know that you deserve one. This is always the first thing to be sure of before asking for an increase.
Most companies use KPI’s (Key Performance Indicators) or KPA’s (Key Performance Areas) to access the value which you as an employee add to the overall company.
This is usually done in an annual, bi annual or quarterly performance review, where you and your employer will assess the extent of your performance based on your key performance areas.
As described annual reviews occur once a year and usually a couple of months prior to the financial year end. Some companies may choose to do these quarterly or bi-annually. While it is during your official appraisal review that is the best time to negotiate a pay rise, you are actually allowed to ask for a salary increase when you are able to justify one.
DO YOU DESERVE A SALARY INCREASE?
When asking your employer for a raise, you will need to justify your request. Review your job description and responsibilities. From here you will be able to assess whether you have gone beyond the call of duty or if you have only delivered on the minimum requirements. It is important to quantify the contributions that you make to the company and the value that you add by assigning a value to your responsibilities and areas where you have assisted in saving the company money or earned additional revenue. The more concrete facts you can include in your justification will make for a stronger case when asking for a raise.
WHAT IS YOUR MARKET VALUE?
We all have an idea of what we think our monetary worth is. While we have this idea, it is vitally important to compare what you feel your worth is with your actual market value. While money is never a wholesome way to measure your worth, however, by clearly understanding the difference between the value of your role and your value as an individual, you will be better equipped in stating your case to your employer for a salary increase. Assess salary surveys and perhaps ask recruitment agents for some insight into what the ‘going rate’ is for someone with your level of experience and skill. From here you will be able to determine if you are warranted in your desire for a salary increase or not.
BARGAINING CHIPS AND SALARIY INCREASES
The biggest no-no when asking your boss for a raise in pay is to use terror tactics. By terror tactics I’m referring to blackmail. Empty threats are not the way forward in response to an unsatisfactory rise in pay. While you may be feeling somewhat desperate, this approach will only work against you and you will undoubtedly cause you to lose credibility with your employer. Concentrate on those areas where you can promote and market yourself to your employer. Remind your employers of both your intrinsic abilities as well as your well groomed and established skills. Soft skills include your ability to lead, good time management or even your consistent positive attitude (soft skills are unique to you personally and aid you in doing your job and doing it better than anyone else).
WHERE IS MY SALARY INCREASE?
After having presented your request for a raise in an articulate and unemotional manner, now is the time to wait in anticipation as to the outcome of your proposal for an increase. Allow your boss a time period in which to investigate the facts you have presented. They will more than likely run a few figures past the finance department as well as assess whether you really have added value above and beyond the call of duty or not. Don’t discount fringe benefits (supplement funds) as these are also considered as areas in which companies may facilitate a pay increase.
The most challenging aspect when asking your boss for a pay rise is getting turned down or not getting the increase in salary you were aiming for. Although there are many different reasons as to why your employer may turn you down, don’t give up. Always ask for feedback and allow some time to pass during which you can concentrate on adding further value to the company and proving your value as an individual as well as an employee.