What if it’s not the right time? Maybe it isn’t or maybe there can’t be a better timing. You have to take the initiative to put forward your case.
Sounds easier said than done, right?
We have compiled a list of effective ways to boost your confidence and approach your boss for a salary hike.
1) Use data and analysis to present your worth – Keep in mind that data plays a crucial role in building a strong case for a pay raise. Gather and compile the data of your accomplishments and assess how your efforts influenced the success of various projects. Once you are done analysing, speak with your manager and explain how you have grown along with the company. For instance, emphasise how your strategy and innovative ideas helped in reducing cost, increasing revenue and amplifying customer satisfaction. Remember, managers highly value quantitative results over qualitative reasons while dealing with a request for a rise in salary.
2) Convey your plans to build on your competencies – Goes without saying, upskilling is the only mantra to grow, and in your case, to increase pay. If you have recently done an upskilling course and acquired a fresh set of skills and knowledge, ensure that you mention it in your pitch for a pay raise. This will make it easier for your leaders to put their confidence in your abilities, and offer the monetary progress you require. In addition, you can use this opportunity to mention your plans to continuously learn, upskill and reskill in order to meet the evolving needs of the company.3) Engage in thorough market research – A smart way to support your case for a pay increase is to come prepared with market insights. Before quoting any increment amount, you must find out the present pay structure for your role and responsibilities in the market. You can do this either with the help of the internet by scrolling through platforms like Glassdoor.com or by connecting with the people in your circle who are serving a similar role in another company. If the market research shows you are underpaid, then presenting this research will convince your manager to look at your request seriously.4) Practice your pitch – It’s natural to feel nervous and anxious before requesting a salary increase. However, one way to bolster your confidence is to prepare and memorise your pitch by heart. By doing so, you will be able to fearlessly talk about your achievements and ideas, and tackle a few challenging questions from your manager head-on. Just bear in mind to pay proper attention to your voice, tone and gestures while revising your script, as they are just as important for a powerful presentation.
5) Choose the right time to ask – Besides drafting a solid proposal script, focus on picking the right time to ask for an increment. According to experts, the best time to ask is after the annual performance review or the success of a project. On the other hand, you should never put in a request for a pay increase when the organisation is going through a tough and stressful period; when the economic or market conditions are not great for any business in general; or when your manager is dealing with personal issues.
Things you should NEVER do while asking for a raise
- Saying you deserve a raise because you have worked for the past ‘X’ number of years.
- Comparing your pay to that of your colleagues, instead to the standard market rates for your role.
- Oversharing your financial situation and presenting it as your reason for a pay increase.
- Threatening to quit or giving your boss an ultimatum.
You have all the rights to be fairly compensated for your contribution towards the consistent growth of the company. However, when it comes to asking for a salary hike, remember that the key is to talk in numbers and highlight the positive impact of your performance. Any people-oriented company would be more than eager to recognise and reward the best employees’ accomplishments. But it is important to have an honest conversation about expectations from your side and also possibilities from the company’s side, based on company and market performance.