Asking For A Pay Raise – How To Prepare To Ask For A Pay Raise
Asking for a pay raise is a common thought on nearly every employee’s mind. No matter how much you make, you will always want more.
If you doubt your own contribution, the process below should allow you a chance to self evaluate your own contributions and gauge if you should be asking for a pay raise.
There are quite a bit of information you need to prepare and research before you make the final approach to your boss.
Here is how you can prepare asking for a pay raise:
1. What’s The Market Rate?
2. How Do You Fit In?
You want to be able to compare like for like as much as possible. Where do you fit in this range?
Are you at the bottom to middle tier but based on your objective opinion you deserve to be on a higher tier within this salary range?
Now that you know the market rate and how you fare in comparison to the industry, timing will be very important for asking for a pay raise.
3. How Is The Company Doing?
4. Prepare Your Case
Think about all your contribution in the past year. What have you done that is significant and especially measurable? What accomplishments, additional initiatives you took, contributions in the form of suggestions that has been implemented that worked?
What I found most effective is if you can peg this argument to the key performance indicators (KPI) you have set during your yearly evaluation. That is the best measure you have more than delivered.
5. Action Standard – What will you do?
In a case, your boss agrees to a lesser figure, what will you do? In a case, your boss gives you more benefits in lieu of salary? Or in the worst case scenario, if your boss turns you down, what would you do?
6. Company Policy
7. Set A Meeting
8. Prepare For Objections
9. Whatever Happens
Be mature and professional in your meeting. In all likelihood, you still want to work in the company and you just want an increase in salary. Do so, professionally and be mature about it. Perhaps it is not the right time for your boss to consider it. There maybe things you have missed out that you do not know. Your boss may explain to you then, listen carefully and be objective.
Don’t threaten to leave even if that is the plan. You can still resign with dignity later if you have a good meeting. You do not want your company to perceive you as being selfish and not putting your 100% at work just because you did not get the raise prior to you leaving.
Asking for a pay raise need not be daunting. Do your research and prepare your case and have a professional meeting. You may just get what you ask.
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