Asking for a raise can be tricky, and many people feel intimidated when trying to do so. You could feel awkward trying to initiate a conversation with your boss or manager as it can make you look greedy or unprofessional. So, how do you go about asking for a raise if you think you deserve one?
Here are a few tips on how to ask for a raise.
Most people rely on their managers and employers to notice the hard work they put in and offer them raises. This usually ends up in people working and earning a lot less than what they should be earning.
If your performance has been consistent and of high quality, you do deserve a raise, and it is entirely acceptable to ask for one. You just need to speak up, follow these tips, and hopefully, you’ll soon be earning what you deserve!
Benchmark Your Salary Before You Ask For A Raise
The first thing you should do before you go ahead and ask for an increase in your salary is to survey the market and see what the average person working in your field makes. Compare your own salary to the ranges that other companies are offering for similar positions and see if you are making around the current market rates.
If your salary is below the market rate, you can use that information to present a better argument to your employers. Knowing and understanding the current market rates will also let you know how much exactly you should be making for your particular job.
Put Value to Your Achievements
If you know you have been doing a good job, you should put value on what you have accomplished. Figure out how you have helped benefit your company’s bottom line and present them when you are requesting a higher salary. If you can show and quantify how much money you have made the company or how much money you have saved the company, they will be more inclined to give you a raise.
Maybe you worked as an administrator and helped your company make the transition to work from home instead of at the office. It would be best to mention this when asking for a raise, as you helped minimize the time and money lost from the office shutting down while government lockdowns were placed.
How Much of a Raise Should You Ask For?
An average salary raise is just 3%, and a good pay raise could range from 4% to 6%. Depending on how long ago your last raise was and other reasons like increased workload or increased responsibilities, you could ask for a raise ranging from 10% to 15%! But remember, the bigger the raise you request, the better your reasons should be.
If you are requesting a raise just because it’s been a while since your last one, then maybe ask for something reasonable in the 4%-6% range. If you think your workload and responsibilities have increased exponentially since your last salary increase, you should go for something higher! Just keep your requests reasonable to your work and the value you bring to the company.
Timing Is Everything When You Ask For A Raise
Before asking your boss or manager for a pay raise, remember that they are also human. Don’t go about asking for a raise on a day where there are announcements of budget cuts and offloads. If your bosses are already having a bad day, it’s more than likely they will pass on your request or ask you to come to talk to them later.
On the flip side, if you have just got a huge deal for the company or saved an important client, now might be the perfect time to ask for a raise.
Think before making a move and you will succeed if you follow the right path.