Getting a pay raise is not as complicated as most people think. With the right tips and tricks, you can boost your chances of winning the hefty pay raise that youso richly deserve. Muster the courage to ask for a pay raise with these 5 simple steps.
Note Down Your Achievements
Note down all that you think you have achieved for your firm. All accomplishments should make it to thelist no matter how small. By demonstrating the value you are providing, you can brighten your prospects of grabbing that pay raise.
The best way to do it is to maintain a daily log of all that you have done for the company. If you don’t have one, then don’t fret. The next best time to start is now. Highlight the 5 most important contributions and highlight them. Be sure to include the rest in bullet form.
Any training, degree, or qualification you have completed that will add value to the company should be included. Scour all memos, notes, or emails where your immediate boss or higher-ups have extolled your performance
Find Out Market Pay
Do your research to find out how others in the same field are being paid. Note how the pay increases on average with each year of experience.
Then, based on your experience, you will know how much pay is fair for you. If your current pay is less than the market value, then you have a great bargaining chip to ask for more.
If your pay is higher than the market pay, then you have a bit of a job on your hands. You will have to prove that you are providing an extraordinary stellar performance that justifies higher pay.
Discuss Other Perks and Benefits
Higher pay does not have to be limited to just your salary. Think of other perks that you can benefit from, such as stock options, a better health plan, or an education plan for your kids. You can also think of non-fiscal benefits like better work hour flexibility or more leaves.
Timing
Your performance review is an excellent time to make your move. But if it’s not due till several months then you can look for other opportunities. For example, you request a pay raise when you have greater responsibilities or just completed a project with great results.
Be Professional
While you should definitely prove your worth, you should not sound vain. Nor should you compare yourself with your colleagues.
Be very careful about handing in the ultimatum. Never talk about quitting unless you are completely certain that you can get a better offer elsewhere.
Bottom Line
With the tactics explained above, you can boost your prospects for higher pay and go into work with a greater sense of confidence.
