Think you deserve a pay raise this year? Before you have that important talk with your boss, make sure that you’re not wasting his or your time. As much as you think you deserve a $200k annual salary for the job that you do, you have to back this up with facts and have a pulse on the financial standing of your company first. There are many factors at play before people even get a pay raise, so make sure that you have a pretty good standing. Not everyone who asks for a pay raise will be given one, but if you follow some of these helpful tips, it will greatly improve your chances.
Do Your Homework
Research about how much your job position actually receives in the job market to give you an idea of whether you are currently receiving less or more, taking into consideration your amount of experience and your length of time at the company. Tap into job adverts and see how much compensation most companies are offering.
You can also see your HR and ask about how salary and pay raises are computed. Read your employee handbook, and review the company’s process regarding pay raises, as well as what you need to do to have your pay raise request granted.
Time Your Request
Timing is everything. The best time to request a pay raise is usually around the time when yearly employee evaluations are conducted. You can do your own research. Is it usually during company anniversaries, or during the anniversary of your employment? You’ll be surprised to know that some companies don’t follow any specific timeline. If you don’t ask for a raise, your company will never give you one.
Build a Strong Case
Did you save your company thousands of dollars just by implementing some simple changes in your daily operations? Did you consistently deliver outstanding results from the projects that you handled? Do you always get excellent and positive reviews from clients? This will be a good time to make sure that your boss is aware of all that you have accomplished. These are what will make your pay raise request hard to ignore, and ultimately, hard to deny.
Keep Positive During a Pay Review
You have sent your boss that professionally worded email asking for a pay raise. You have consistently done the work, and you know that your chances of getting that pay raise are actually pretty good. Don’t walk out in a rage when it doesn’t happen. Don’t threaten to resign, and don’t raise your voice at your boss. Tears or hysterics are a no-no, as well. Just because it didn’t happen today doesn’t mean that it will never happen.
Instead of feeling frustrated or resentful, express your thanks and suggest to meet again in three months’ time. This way, you can sit down again and review your pay raise request. Hopefully, by then, the financial situation of the company will have improved.
Don’t hesitate to follow up, especially if you know that your pay raise has been a long time coming. Remember that asking for a pay raise can mean a series of conversations or meetings. It can also be as quick and as easy as receiving a notification email. Keep working hard, and don’t be discouraged.