February 5, 2021 Category: Business (3 minutes read)

Play Your Cards Wisely: When and How to Ask For A Pay Raise

Play Your Cards Wisely: When and How to Ask For A Pay Raise

2019 recorded the highest rate of workers quitting their jobs, with the primary reason being low pay. A Gartner study revealed that companies are willing to pay 15% more to new hires, but only offer a 2% to 3% pay raise to current employees.

But you shouldn’t be worried. More than 49% of workers got a pay raise in 2019, and today, we're here to tell you how you can get one in 2020. When it comes to negotiating a raise with your manager, pitfalls are very likely—not popping the question in the right way and at the right time will only result in disappointment.

To save you the hassle, we’ve come up with expert tips to gear you up for the big talk. Continue reading and learn how to play your cards wisely to come out successful!

Steps to Take Before Asking For an Increment

Doing your homework is imperative before you head toward your boss’s room—and here’s how to do it like a pro!

1. Excel

Work hard if you want to get paid hard! Asking for a raise is useless if you don’t have an impressive appraisal history.

Get to work, set and achieve lofty goals, and we assure you that your next increment is not far away.

2. Specialize Your Key Role

Whatever you do, do it best. A great way to impress your boss is by showing them quantifiable results of your past performance. Moreover, maintain healthy and professional peer-interactions, stay away from the drama, and focus on your work.

3. Conduct Compensation Research

Know whether the conversation is worth it or not by evaluating yours and your company's position. Conduct competitive research—figure out the industry average for your position, the maximum cap, and compensation percentages.

4. Evaluate Your Tenure and Its Outcomes

Did you join your workplace a few months ago? Then it's not the right time to ask for a raise! It's essential to study your tenure, accomplishments, and job description before asking for a raise because you don't want to come out feeling embarrassed.

5. Devise Your Resulting Reaction

What will you do if your request isn’t considered? The outcome of your meeting will be affected by many things—your company’s policy, budget, your performance etc. But it doesn’t mean you can’t bring up perks and benefits. Don’t expect that 10% increment you’ve been dreaming of.

Steps to Take When Asking For the Raise

It’s time to gear up for your big meeting. Here are some dos and don’ts for when you’re negotiating your salary:

1. Don’t Tell Them What They Already Know

Avoid rehashing your job description during the pay raise negotiation. Never say things like “I am working too much” or “I do the work of three individuals.” Scrub away the negativity and complaints from your conversation and carry it out in a poised manner.

2. Talk about Your Recent Big Accomplishment

Did you seal a massive deal recently? Or maybe you achieved a big A on your performance appraisal? This is a great time to request a pay raise; your boss is happy with you, you're thriving, and hence, the chances of getting rejected are slim!

3. Dress Your Part

Be presentable. Show that you want it. Even if your office dress code isn’t strictly formal, consider putting in some extra effort on your appearance and outfit—looking polished never hurts at the workplace!

4. Don’t Risk Your Job

Don’t give an ultimatum to your boss unless you can afford to lose your job. Be precise and careful while broaching the topic. Avoid coming across as too demanding by saying something like "If you don't give me a raise, I'll…”

Focusing on your personal and individual experiences is the best approach. Don’t bring drama or gossip into the room and never compare your colleague’s performance, position, or pay to yours.

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