5 Ways to Position Yourself for Pay Raise
It can be nerve-wracking to ask for an increment. Some feel shy, some are not confident, and some believe not being entitled to one. Thus, getting proper compensation is imperative; therefore, you should ask for the raise you deserve. On the flip side, if you never ask, you’ll never get one. So, if you are wondering where to begin, here are a few tips to position yourself for an increment in salary.
Wait for the right time
When positioning or asking for a raise, timing is everything. Do not do it when your boss is busy, or you’re in the middle of a project. Instead, wait until you have completed it or otherwise accomplished something significant. Achieving a milestone or completing important goals shows your value to the manager and the company. It allows you to showcase the importance of your role at the company, enabling you to drive a bargain, so you could ask for a promotion or a better salary. Therefore, don’t forget to document the work you’ve done throughout your tenure. Also, make sure to note any positive feedback you have received. You can ask for a raise at the end of the financial year also, or just before the company doles out their yearly pay raises. This will increase your chances of getting a better increment and make way for dialogue.
Build support
Another important thing that can help you get a raise is building right connections and garnering support. Having people advocate your skills and dedication goes a long way in proving your value to the company. It will help if you continue building relationships over time proactively. This way, your colleagues and supporters can see your work, identify your contributions, and testify to the amount of hard work put in. So, when it’s time to ask for a raise, and your manager asks for feedback, trust you will get positive reviews.
Gather salary data
When asking for a raise, you must know what you want which means knowing the increment amount you’re seeking. But, to do this, you need some research, which means knowing the market well and understanding the amount paid to others in a similar role. Similarly, you should also know about your company’s pay structure, by enquiring how much your colleagues in a similar position are getting paid. Doing your due diligence can help you ask for what you are worth. When doing your research don’t forget to ensure that you are gathering data for your particular role and geography. This is because certain areas may pay specific roles more while others won’t.
Review your salary data
When asking for a raise, be as direct as possible and ask your boss to review your remuneration and work accomplishments. You must do this on priority, by setting a meeting in advance and notifying them that this is what you want to talk about. Be upfront and avoid beating around the bush. You also do not want to blindside your boss by suddenly bringing up this conversation out of nowhere. In fact, this gives you time to prepare about what you will be speaking to your manager.
Note the benefits you want
Most individuals ask for a pay increase, which is the most important aspect for career growth. But instead, many companies offer a wide range of benefits. These benefits are in the form of stocks or educational stipends. Some even offer travel costs, power costs, and more. This is why it is necessary to ask for a proper compensation package. So, while asking for a pay raise, ensure you get adequately compensated.