You worked hard, increased the bottom line, got praise from the boss, but your salary stays the same. Wait, what?! Although it can be nerve-racking, you should be prepared to ask your boss for a pay raise to improve your income.
It gets frustrating when everyone around you seems to have leveled up, but you’re still waiting for your turn. They probably got promoted and received a raise because they knew how to ask for it.
Most employees say that a salary increase is one of their most important career priorities. Here are some tips if you intend to make it happen.
Prove why you deserve a raise
For a successful pay rise request, convince your boss why you deserve it. Prepare specific and quantifiable evidence of your accomplishments.
What have you achieved the last time you got a salary increase?
Make a list of your achievements for your key performance indicator (KPI) review. List down additional duties or work volumes you are now undertaking and projects you’ve been involved in. Include the results for each accomplishment.
Research average market salaries
Research about the average salary of similar roles advertised on job sites and review recent salary guides available online. It will back up your request and demonstrate that you’re asking for current market rates.
Be professional and courteous when asking for a raise
Properly ask your manager for a meeting to review your salary. Don’t just suddenly spring it on your boss. Schedule a time and state the objective of the meeting request to present your case for a salary review.
Be professional and courteous during the meeting. Present and prove your point with the gathered evidence.
Don’t be emotional. Stay calm and focused with the right amount of control. Don’t say how much money you need just yet, unless they asked.
Prepare to discuss at any length the salary you feel your accomplishments are worth. Have an ideal figure or a minimum increase in mind.
Your boss may want to negotiate this value. How much are you willing to compromise? Remember the reason why you’re asking for a raise in the first place.
Have a backup plan if your boss gives you the not so good news that he or she cannot increase your salary this time. Perhaps another review in 3 or 6 months?
If there’s an offer for other benefits like working from home, paid training, or extra annual leave, take it!
If you liked our “How To Ask For A Raise” and took away some valuable information, check this space constantly for more tips to get out of debt and updates on the best budgeting apps in Australia.