Asking questions makes people nervous, and asking for a raise, more so. Those moments could be nerve-wracking and stressful. It seems like an extremely difficult task where some employees wait for several months before asking for a raise.
Asking for a raise might be necessary, albeit being an uncomfortable task, so we, at EarlySalary, have some tips for you.
Anything important requires preparation and is especially crucial when asking for a raise. You should be sure about the claims you make and ensure the timing of the meet is crucial.
Positive testimonials: Keep a folder of all the positive comments you have received from your superiors, colleagues, and customers. Check on that track record in certain periods. This will also help in your improvement.
Consider what you bring to the table: In the long run, how would you contribute to the organisation to be worthy of the raise? This question will definitely be in the minds of your superior, and so should it be in yours.
Knowing your worth: Consider certain factors like the job description, the tenure you have been serving for, your current salary, and other related factors to find what you should ask for. Try researching how much a similar role is offered by other companies in the market.
Data is the key: Statistics and data backing up how valuable you are to the organisation can really help convince your superiors in giving you a raise.
Correct timing: You cannot just barge in your superior’s office asking for a raise while they might be busy with some prior engagements. Ensure their availability before you approach the topic.
Practice: You can record or practice in front of the mirror. Or you can even have someone role-playing as your superior to help you prepare.
Once you’re confident about your preparation, you can go ahead and ask for that raise. However, preparation alone is not enough. Make sure to keep the following tips in mind when approaching your boss for a raise.
Introduction: Go with a formal opening instead of directly asking for raise. It doesn’t have to be detailed, but make sure your crisp opening has the necessary substance. Keep it short, sweet, and simple, as it is better not to beat around the bush. Their time is as valuable as yours.
Be ready to take more responsibility: If you get a raise, it is extremely probable that it comes with additional responsibilities. Understand what the organisation might need and attempt to pitch yourself for that position along with the raise.
Proactive communication: Try to shake off the nerves and communicate proactively with your superiors. Tell them what you need, what they can expect out of you, and be receptive to the feedback they give.
Pull out your folder: While modesty is often a prized quality, make sure to talk (not boast) about your accomplishments to your superiors. Demonstrating the work you have done will certainly help in your case. Make sure to use as much data as possible, and make use of numbers.
Be ready for the hard questions: You have served the company well, and your superiors are sure to appreciate the fact. However, be ready for any hard questions and substantiate your answers with facts and numbers.
Confidence and Gratitude: Be confident and specific and express your gratitude to the panel or the person with whom you are communicating with.
Knowing how to respond in case of a NO: If it’s a no, remember to learn how you can get better.. Try to ask for feedback and constructive criticism, and make sure to implement them in your work before you ask for that raise again. If the answer is maybe or not right now, you may try to follow up at certain intervals with prior appointments with them.
Irrespective of whether you get a raise or not, make sure to take that in stride. If you get a raise, don’t let it get to your head, and if not, don’t get too dejected. If you really feel that your work is not valued enough, and you are rejected for a truly well-deserved raise, consider taking a look at similar roles in the market, and see how much they offer.
If you were really looking forward to the raise, looking for your next lifestyle upgrade, EarlySalary will always be at your rescue. With an instant transfer to your bank with no prepayment charges, you can avail of up to Rs 5 lakhs from their easy-to-use platform. Their instant cash and instant loan products aren’t limited to just personal loans, but you can get loans for even the basic needs such as paying your utility bills!