Five tips on how – and when – to apply for a pay rise.
More money does not guarantee that you will be happier or more productive at work in the long run. While you may feel dizzy due to the addition, the pleasure is fleeting.
More importantly, you will be paid worth it. You get a reasonable compensation and a monetary reward, so you probably feel that your company values the work you do and that it means lasting job satisfaction. There is currently no time to do your homework and prepare your payroll professionally.
Asking for an increase
Step 1: Consider timing and wording timing, as they say, is everything. And while that may not be all, it’s definitely a big deal. Think carefully about the situation your business is in before continuing. A downturn in the economy or a particularly rough upgrade for your business shouldn’t stop you from asking for a pay raise.
But you also don’t want to march to your boss’s office and look ignorant. “You can start by admitting to your boss that these are really tough times,” said Vicki Salemi, Monster’s career expert. Say something like, “I know this hasn’t been a typical normal business in a normal year, but my performance has outpaced based on XYZ. Is it possible to consider an increase for the coming year?” Nonetheless, it’s probably best to hold back, or at least keep expectations in check, if your company has laid off and / or laid off employees.
You can still ask for a pay raise when things start to get better, as long as you do so with the understanding that your boss may want to pay you more, but maybe not.
Step 2: Prepare for the facts Once you are sure the timing is right, the next step in requesting a raise is to prepare. “Before you ask for a pay raise, always know your value,” Salemi says. You can gather information from a number of sources, including: Your HR department: Some organizations may offer pay slots on your company intranet or if you contact and ask. Industry Research: Contact your national trade union (such as AICPA accountants) and look at local figures on their website, Salemi says.
If you don’t already have contact information locally, you can contact them to find out if they have an interest in your skills and experience in your mind.
Salary Databases: These can be useful tools for the general ball, but keep in mind that salaries can vary a lot depending on the type of business.