Asking for a pay rise
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Asking for a pay rise
Asking for a Pay rise is more or less like asking for a promotion where preparation and timing is key. You need also to do a lot of research on pay scales for your current position in your industry.
Know your organization pay process. Try to find out how the company determines pay. What parameters are used to determine annual pay raise. Do they take into consideration labor market conditions? Do they check on individual performance? Do they also consider price inflation?
Carry out a research on market pay rates for your job and also network with colleagues in similar jobs. Then ask your boss to set an appropriate time where the two of you can discuss this issue.
Document all the projects, tasks and ideas that you have accomplished that have helped to increase the organizations bottom line, productivity etc. This is not the time to be modest but a time to show your boss what a valuable asset you are to the organization.
Inform your boss of ideas you may have that will positively impact the organization also voice your long term career objectives and your willingness to stay in the organization, thus they can see you as a valuable investment.
Also you need to document your current roles, responsibilities and duties and compare them with the job description that is documented in the contract, thus an increase in responsibilities i.e. if you are doing more and above what you had been hired to do is good cause to ask for a raise.
It would not hurt to learn one or two things about salary or pay raise negotiations. There is nothing as bad as deserving a pay rise, but not knowing how to negotiate for one, so do more research from books, articles about how to negotiate for a pay rise.
During the meeting with your boss, refrain from telling him/her why you need more cash; always insist that you are asking for a raise because of additional responsibilities taken up by you or because of your accomplishments in the organization. Don’t be afraid to blow your own trumpet, but always back up these comments with documentation.
Demand a certain figure and back up the figures with your industry based pay rates documents. Your boss might not give you the industry based standard, but always insist on getting something close to that.
Never threaten your boss that you will quit if not given the expected raise. This might backfire on you and you may find yourself being escorted out of the building
When dealing with pay rise, it is not only in hard cash but it may come in other ways such as benefits e.g. increased health package, stock options, company car, etc. So don’t look at the hard cash only try and work the benefits package in to the deal also.
The ability to negotiate is vital and you should always negotiate with the person who has the power or responsibilities to award salaries, if it’s not your boss try the HR personnel. Also never state a figure just try to let them offer a figure so that you can at least know the range they are working with.
Another key to negotiation is never to say a final no, always leave room to maneuver. Saying a final no tends to put you in a corner where you have 2 alternatives either to take it or leave the organization.
Don’t bring emotions to the table; people tend to get worked up in negotiations. You need to be cool and calm and always be confident when stating your case. There is no room to be timid because you will always get a No answer and this might affect the way you view the organization and your productivity.
So be confident, cool and calm and be ready for a no. It will help you stay calm. If your boss gives you a no, then politely ask the reasons why, it might be he values you but the company is not well off financially. Always ask what you might do to get a raise. It might be you are required to take on more responsibilities.
