Getting a salary raise is something that almost all employees look forward to. Asking for a salary raise from your employer, even for the top performers can be tough and humiliating. When asking for a salary increment, there are a number of things you need to consider. But first thing first, remember to keep an open mind when asking for this raise. Things might not go your way and you will be left with a negative attitude towards your job if you put your expectations too high.
You have been working really hard and achieving your Key Personal Indicators (KPIs) in every quarter. When you asking for a raise, document all your achievements. List down the number of things you have done to help the company grow especially revenue wise. This is not to say that the company will not recognize your efforts is you don’t ask for the raise, but the increment might come sooner if you walk to your employer.
2. State of the company
You have made a list of your achievements towards the company and everything shows that you truly deserve that raise. However, if the company is not in a good state, for example it’s laying off some employees or making losses in one way or another, this might not be a good time to ask for a raise. Wait until the company is making progress in generating revenues or it has met its target, this way, your employer might even take the time to listen to you.
3. Research on your average market value
Before you ask for that raise, make sure you have researched on what other people in your field and same ranking are getting paid. Doing the research has been made easier using the internet. You can also obtain such information by networking with other people in your field, salary comparison websites and job advertising websites to see the salary range. If the company is paying you below the average compensation level for your position, it can be easier to negotiate for the salary increment.
4. Prepare to negotiate
Your employer might be willing to give you a raise but not the full amount. In case this happens, you should be prepared to negotiate. If you are asking for a 10 percent salary increment and your employee can’t agree to that, you should be able to negotiate for a lesser percentage. Remember that your employer can also compensate you in different ways such us fuel/car allowance or increase in your annual bonus. You can also spread out the negotiation over a greater period of time. If you want a 10 percent raise, you can ask for 5 percent and another 5 percent in a periods of six months or a year. This might mean an increase in your work load or targets.
5. Get extra training
In most cases, your boss may feel like you lack certain skills in your job level. This is sometimes a major hindrance in getting a salary raise. Take the initiative to get extra training by enrolling in online courses. Some employers might even be willing to pay for the courses if you talk to them.
There are two things to remember when asking for a salary increment. One, never threaten to quit your job if your boss refuses to raise your salary. This can easily backfire and you might lose your job all together.
Two, do not go to your boss’s head to ask for an increment. Talk to your immediate boss first, he/she might be the best option to getting that raise. Skipping your boss can in one way or another show that he/she is among that reasons why you haven’t gotten that increment in the first place.