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Steps to Request for a Salary Increase, How to Make Your Managers Say YES!
Asking for a salary increase can be intimidating at first. Some people think it’s inappropriate, or they will be perceived as rude or full of themselves. But in reality, asking for a pay raise is an employee’s right and must be practiced accordingly.
This is not to say that you will ambush your immediate supervisors and demand a raise. Remember, you must also earn it. And that is why before you request an additional percentage in your salary, it is crucial that you follow the steps below.
List Down Your Individual Achievements
Whenever you request a salary raise, the first thing you must answer is why.
Why do you think you are worthy?
Why do you think there is a need to increase your salary?
And the only logical response is if you can present your list of achievements that created an impact on the company. It could be hitting your quota by 200%, which substantially increased the company’s overall profit. Perhaps, it’s about getting 50% more online leads from a company website you created.
Be prepared to answer more detailed questions about these achievements as well. It will help if you rehearse your spiels so it will sound even more natural. Try to create a script about the methodology of your milestone projects and how you were able to achieve it. Likewise, provide them an overview of how you can replicate the same success in the future.
Understand Your Company Policies
No matter how bad you want to have a better salary right now, you must first review your company policies. Read the handbook and see if there are stipulations hindering you from requesting a pay raise.
In most companies, you will be provided with an annual review together with a compensation adjustment. If that is a strict company practice, then asking for a raise not within the performance review period might seem useless.
On the other hand, if your company provides a more frequent performance interview, then opening a discussion pertaining to your salary is more feasible.
Gauge Your Company’s Current Industry Standing
Before you formally request a meeting, it would help if you conduct a research first about the business situation. Is the company earning? Or is the entire industry facing challenges? Obviously, it might not be the perfect time to discuss your pay if the company is struggling.
And so it is important that you observe, read industry updates, or even connect to industry experts where you can get a better perspective about the company’s status.
Research on Market Rates
You must also know the current market rates for your job role. That way, you can negotiate with your superiors better. Plus, you can present them with real data and not just a figure you came up with. This will make your case stronger, and they would likely consider assuming that you have exceeded the expectations.
Evaluate the Roles You are Willing to Undertake in the Future
Apart from listing down your achievements, you must also clearly define the additional roles you will fulfill if they agreed on the adjusted compensation. Naturally, they will expect more from you. And you also have to manage their expectations what are the things you can deliver.
Include these in your presentation as well. They will be impressed that you have the initiative to propose the added responsibilities.
Set a Meeting with Your Superiors
As much as possible, do not course your request via email. A face-to-face meeting is way better. And if this is not possible, a video call could be the next option. Also, make sure to dress the part. Even if your company has a more relaxed dress code, you have to show your superiors that you are serious and mean business.
Respect Their Decision
Even if you have done your part and rigorously created a presentation that is way above the standards, you also have to accept that there is a possibility that your request will be declined. Several factors may contribute to this. For example, it could be a strict budget, or an upcoming investment requires a huge amount of funds. Do not take it personally and thank them for allowing you to present and to discuss your salary. The good thing about this is that they are aware of your achievements and potential. Most likely, if things are better, your request will be granted.
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