Even thinking about how to ask for a salary raise is tough. There is a lot to consider, from setting up appointments to building convincing arguments, down to the negotiations themselves. Despite all of this, it is necessary to confront it because it will determine the growth of your career. That, and you get to earn more money! So, here are some things to consider when taking that next step in your career.
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Signs that you need a salary raise
1. The company gets good profit reports
When your company’s workforce has been firing on all cylinders, it’s bound to make profits. Make sure to check these kinds of reports out, as it is a good sign that you can ask your manager for a salary raise. It takes an exemplary collective effort to produce favourable results such as this, and the people who made it possible undoubtedly deserve a reward. As far as reasons go, this one is easy to use because it can fully support any other point that you might want to make during negotiations.
2. You receive a stellar performance review
A good performance review is almost always a great sign to ask for a salary raise. Your efficient work is recognised, and the best part is that it’s in writing. That report is a part of the company and your career, and no one can change that. When that kind of work is held in high regard, you have to cash it in at some point!
3. You are assigned additional workload
Being tasked with more responsibilities at work can be tiring. But, this also makes you more invaluable to your company. If you can consistently carry out more tasks, you’ll be a highly-paid asset to any company. Just be sure that you can keep up. If your time and energy are being expended too much, the raise may cost you more than it could cover.
4. You find out that you are underpaid
If you’re really looking, it’s quite easy to find out if you’re underpaid. Try and frequent a few job portals, and you might find employers that will disclose how much they will pay. You can compare your duties, and if the compensation is better, you may have grounds to ask for a better salary. However, do consider where the values come from. It may be too spread out among allowances to be really considered as a salary package or some other inconsistency. Watch out for those!
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5. You are scouted by another company
You’ve been performing well. Too well, in fact, that another company took notice and offered you a position with better compensation. They know your contributions to your employer’s growth and what you can do for them. Before signing on, you may want to ask your employer about the other company’s offer. Chances are, you won’t need to negotiate for better pay: They’ll offer you one just to stay! Then, you’ll have more options to work around when it comes to your own career growth.
6. You finish a project strong
When your role has been significant in the success of a project, you can definitely open a conversation about a salary raise. Projects are crucial to the growth of a company and require all departments to function at their highest level. Finishing these strongly often warrants an incentive, whether it’s a simple bonus or an increase that you’ve been wanting to push. So finish strong, and once the dust settles, make your move.
7. You pass the one-year employment mark
Passing the one-year mark for any employee is a pretty big deal. You’ve been able to persevere and complete daily tasks consistently for a year; that has to count for something! A year of your life is invaluable, especially if your work has been profitable. It’s only natural to want something more out of it, and you are in the position to at least suggest a raise from work. It may not seem like much, but staying productive for a year is an achievement in anyone’s book. Use it to your advantage.
8. The company’s turnover rates are high
If you’re determined enough, you can make the law of supply and demand work out for you! Should you find your employers having high turnover rates of employees, the demand for your services might rise. Rising demand for labour without readily available workers will increase a current employee’s asking price. However, this may come with an additional workload to offset the lack of manpower, so weigh your options accordingly.
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How to talk to your boss about your salary raise
Now comes the talking. It can be daunting to think about but don’t worry. You aren’t slaying dragons here; it’s just a salary raise negotiation! But, it’s always best to prepare beforehand. This way, you and your boss can be comfortable when it comes to setting expectations during negotiations.
1. Set up a meeting with your boss
Maybe you’ve mentioned the raise to your boss in passing, but at some point, it needs to be in writing. Setting a meeting will preface that the matter is not only your and your boss’ concern but the entire company’s as well. This will also give time for both parties to prepare accordingly.
2. Come up with a target amount
You will have to set expectations for yourself and your boss when it comes to negotiations. It’s a good idea to have a well-researched salary range in mind. This way, there is ample room to move figures and responsibilities around. You can also come up with boundaries which would contain your workload at this time.
3. Produce documents that can carry your points
Of course, it isn’t enough to manifest a salary raise. Producing documents to present to your boss gives you leverage during negotiations and helps support your expectations. It could be that brilliant performance review your boss gave you, the numbers that you’ve contributed, or the improved earnings of the company. These documents can set the benchmark for your expectations as well. Show that your request for a salary raise isn’t something that you pulled out of thin air, but something coming from a place of progression.
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It might take a long time to find the right sign to ask for a salary raise. Maybe you’ve been holding out your reasons to do so. But, you should be ready when the opportunity appears before you. In this day and age, a salary raise can’t come soon enough. Asking for a better salary can be tough to prepare for, but never let it pass you by.
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