As employees, we all want to be appreciated at our respective workplaces.
Whether you’re working as a cashier at KFC or leading a fortune 500 company as a VP, at the end of the day we’re all humans.
And as humans what we desire the most is appreciation and acceptance!
Isn’t it?
Well, when it comes to a professional setting, the best way a company can appreciate you is through lucrative means… A raise!
We can all agree that getting a raise at our workplace is simply a token of appreciation and acceptance.
While you can expect to be appreciated in your personal life, a raise sometimes becomes a thing you need to negotiate or even fight for.
So, what are the circumstances when it becomes essential for you to negotiate a raise?
Or when should you ask for a raise from your employer?
Before we get into How to negotiate a raise, let’s figure out when we should ask for a raise in the first place.
Following are the instances when you should consider asking for a raise from your employer:
- No appraisal cycle or performance review is coming anytime soon.
- You can see that the company is financially doing very well.
- You feel under-appreciated and believe that you deserve to be given a raise. This can also mean picking up new responsibilities or taking up a new position.
Once you’ve figured out that you deserve a salary hike and should ask your employer. Then, you should do it in the following way.
Step 1. Research on a number
Before you step into your supervisor or manager’s office asking for a raise, make sure that you have a number in your mind.
Now, you can’t say whatever you think you deserve because that can be as unrealistic as having Spiderman for your best friend.
So, based on your current salary, the experience you have, and your designation, research for an ideal salary hike that can be realistically discussed with your immediate manager.
You can get in touch with friends or family who have been in a similar role or even someone in your company who occupies a similar role (if your company allows you to discuss your salary).
Get in touch with recruiters as they will have the right idea about how much a person of your skills and experience should be drawing or could be drawing!
Step 2. Understand the financial state of your company
How much you can get as a raise is directly proportional to how well your company has been doing recently.
Make sure you familiarize yourself with the numbers and projections of the last few quarters and what has been achieved by the company collectively.
Any company that is declining or stagnant will not offer or even hear your appeal for a raise. So, make sure that your timing is right.
Also, going through the numbers of the company will help you to conclude your negotiating number. For instance, if the company is doing exceptionally well then you could ask for a better raise and vice versa.
Step 3. List your achievements beforehand
When you are about to ask for an increment in your salary, it’s obvious you need to show your employer that you’re worth that raise.
So, you need to have a list of achievements handy, which you can show as evidence of your worth in the company.
Also, you want to streamline your achievements with the growth of the company.
Your employer should feel that your accomplishments have directly contributed to reaching company goals, big or small.
Showcasing your achievements, extra responsibilities, etc. will increase your chances of getting a better raise.
Step 4. How to ask for a raise
Now the most crucial step is… how to ask for a raise? You can start by asking your employer.
If you’re working for a proper organization, then talk to your manager or immediate supervisor.
Set a meeting time and a quiet place where you can have a chat. Also, make sure that your manager has some time on his/her hands as you don’t want to discuss a raise when they’re in a hurry.
Once they agree to meet you, have a note where you have noted down all your achievements, your expected number and your contributions that have helped the company.
Discuss the points in a friendly and straightforward manner with your manager.
Remember, confidence is key!
Now that you have put in the work and asked the question, it’s about how your manager feels about it. In either case, we’ve got you covered!
Responding to a yes
If your manager believes that all the achievements that you’ve mentioned and the contributions to the company are worth rewarding with a raise in your salary then it’s time to start negotiating!
How to negotiate a raise?
Well, start by giving them a higher number than the one you want. This will help you get the number you want. Since most employers will try to have a discussion with you and try to bring you down with their counteroffers, it’s best to start with a slightly higher number.
Also, don’t be rigid and stubborn! If they’re offering you a raise that’s a little lower than your expectations but is still a good offer, take it!
Believe in your worth but don’t take your determination and convert it into arrogance.
Lastly, if everything goes well, then make sure you have a date from when you’ll be getting your increased salary.
Responding to a no
If they reject your request of giving you a raise then, first of all, don’t be disheartened as it’s just a part of life. You will get many chances to get a hike in your salary. So, don’t worry.
Make sure you don’t get bitter and keep your relationship with your employer amicable.
End the meeting on a positive note by thanking them for their time and being professional about the whole situation.
Also, you can ask for feedback from your manager about why you aren’t eligible for the raise and what you can do to fix those shortcomings.
A good manager will most likely let you know the reasons for not granting you a raise and help you improve.
Lastly, never apologize if your request for a raise is declined. You are always right for asking for a better salary and believing in your self-worth.
So, make sure you don’t apologize rather thank them for their time.
In conclusion, the above guide is to help you ask and negotiate for a raise. Make sure you don’t skip any steps when preparing to ask your employers for a raise.
Also, introspect and assess yourself before you ask for a raise. You must do enough in an organization to be given a hike as it doesn’t come so easy.
So work hard and earn it!
Good luck!
