Most Peoples don’t seem to be happy with the salaries they get. According to some recent reports, as high as 83 percent of the American’s are not satisfied with their paycheck and almost every second among them had thought at least once to ask for a paycheck raise.
Asking for a raise is not a problem, the problem is the bleak chances of companies or the bosses to eventually grant one.
Studies published in Harvard Business suggest that women are found asking for pay raises as frequently as their male counterparts but get little or no success in getting one. As per recorded data women workers were successful in getting a raise only 15 percent of the occasions they asked for one whereas men were successful in getting a raise up to 20 percent of the occasions they asked for a raise.
So asking for a raise and getting one may not be as easy as it seems. Having said that, there are always ways and means of getting a pay hike successfully. To help you out, here are a few tips to get the ball rolling for your paycheck raise.
Do it when the time is right
A pay raise conversation isn’t any casual teatime discussion and you must be ready for a professional conversation at the outset. As per Rebecca Beaton, the idea is to be a part of a closed-door one-on-one discussion with your boss about your salary concerns and your hike expectations.
Most workplaces address the compensation and salary concerns of their employees during the annual appraisals and performance reviews. However, some employers might be reluctant to bring forth any such discussions themselves. As such, if you are in the not so well paid category, it’s time to ensure you make that all-important conversation about money happens.
Give your boss an intimation or the idea that you want to have a discussion. Let them know that it is about your compensation so that they are prepared before they enter the room.
Catherine Thorburn, another career and life coach suggests that the best time to seek a paycheck hike is when you are enjoying some leverage. That can be a time when your bosses are pleased with you due to a recent project that you successfully completed or when you see there is a shortage of staff and you are one of the most important ones to manage the show. In such cases when you do express concern about your compensation, they may concede to your demands lest they would lose one more headcount which they can’t afford.
The right timing is important also since it paycheck hikes usually decide what you are entitled for. For instance, if you have just joined the company and still negotiating the learning curve, it would be lame to ask for a raise. However, if you have spent a considerable amount of time in the company and have earned a higher role in the organization, asking for a hike is a fair bet.
If you are someone who has done exceptionally well with expected ad well as additional responsibilities, but has spent only six to eight months you may still, ask for a hike you deserve. In general, terms, if it has been more than a year without a raise, it’s time to ask for one. The ideal time to ask for a pay hike is through the year sometime and not just before the annual review. That’s because your company’s budgets might have been already decided by then and they might not be able to accommodate yours.
Come prepared with your explanations
If you want a raise, you must be ready with your explanations as to why you deserve it. And the key thing is to prepare yourself for your reasons. Have a target figure in your mind and when asked in the discussion do not hesitate to quote it.
Before you walk in for a discussion, have a fair idea about the standard pay range for similar roles like yours and then decide on what would be suitable for you. Get a clear picture of what you are worth on sites such as PayScale or Glassdoor.
If that doesn’t work then the best thing to do is to ask for a percentage hike. Quote a say 7 percent if you want a 5 percent hike because that’s how the companies work, they never give you what you quote.
You can prepare a case listing all your achievements and accomplishments and substantiate your demands with data. Prove your worth and value to the company by presenting all the value addition that you have done. Mention instances where you had exceeded expectations and mention any new pieces of training and learning that you have done.
Always be calm and professional
Beaton suggests that your pay to raise discussion should revolve around your contribution to the growth and improvement of the organization and not on any of your personal reasons or bills that you have to pay. Quoting personal reasons such as the need for supporting a sick family member or need to pay off the mortgage should be avoided.
Though your personal reasons may be genuine any pay raise is a business decision and these reasons won’t work higher up the hierarchy when your boss goes further up for approval for your raise.
Ask for a raise in the most professional way you can. Avoid comparing your situation with anybody else. Talk for and about yourself not about any colleagues.
Stay prepared if it is a No
If your paycheck hike request is rejected, stay calm and take it professionally. You may get disappointed but remember there is always a next time.
Thank them politely for their time and consideration and place a follow-up question to them asking when can you expect one, if not now. Wait for them to get back with a date and start the process again when it’s time.