How to ask for a pay raise and how to negotiate the highest pay raise. An overview of different approaches on how to ask for a pay raise.
Tips on how to ask for a pay raise:
- Don’t expect to receive a pay raise automatically.
- Don’t complain to you coworkers that you haven’t received a pay raise in a long time.
- A pay raise can be in the form of salary packaging, such as a company car, laptop, additional insurance, cell or mobile phone.
- Some of the best times to ask for a pay raise are:
- before next year’s budget
- after the company announces good financial results
- immediately after you have secured another job with a competitor
- after you have successfully completed a major project.
- If you ask for a pay raise & you are not successful, ask your boss what will qualify you for a raise in the future & what the time frame is.
- Follow up with your boss within the time frame given. Again, if he/ she delays indefinitely, ask for a new time frame & follow up within the time frame.
- If you are not successful in getting a pay raise, make logical professional moves, not emotional ones.
- Whatever approach you choose to secure your next pay raise, it is best to negotiate.
- Always ask for more than you are expecting & then negotiate. If you are expecting an 8% pay raise, you should ask for 17% & then negotiate with your boss.
- If your role would be hard to fill if you left, If your job role is critical or if you are underpaid, then you will be in a more powerful position to negotiate your pay raise.
- Many companies review everyone’s salary on a yearly basis. Asking for a pay raise at your yearly review is fine, provided you deserve it.
- Evaluate what you are worth in the market place through newspaper ads, associations, colleagues… etc. This can be used as a benchmark for how much of a pay raise you should ask for.
- One of the best justifications for a pay raise is to make weekly or monthly notes of all your achievements & how the company and/ or its clients have benefited from your achievements.
- If you deserve a pay raise, ask for it, even if your boss says the economy is not that good and don’t give up, even if they are not giving anyone else a pay raise.
- If you are confident that you deserve a pay raise, be persistent, but be reasonable & professional. Do not push your manager into making a quick decision about your pay raise.
- Delay asking for a pay raise if the economy is bad, high unemployment in your field or industry and/ or your performance is not that good. If you do ask, at least don’t be persistent until the factors improve.
Related topics we’ll be adding are pay raise & salary negotiation coaching, pay raise sample letter, how to qualify for your next job promotion, accepting or rejecting a new job offer and salary packaging negotiations.
Please share these tips on how to ask for a pay raise.