Over the past nine years, the annual average salary budget increases have been steady at around 3%. However, for employees who are promoted to more senior positions, the salary increase is higher. For instance, in 2019, promotions resulted in an average salary increase of 8.9 %.
With tight salary budgets, promotions remain the most effective way of securing a pay riase. However, even if you are not up for a promotion, the value of the work you put in can earn you a raise.
Though it may be a daunting task, one of the best ways of securing a pay rise is simply putting forward a good case to justify that you deserve it. Read on to find insightful and actionable steps to help you secure a salary increase.
1. Understand How the Company Handles Salary Increase
The first step in preparing for a pay increase request is gaining a clear understating of the company policy on such. Review the company's policies to know the ideal time to request for a raise.
Even if the time is not ideal as per the company’s guidelines, you can still submit your request. However, you should be prepared to give compelling reasons as to why you feel your request should be handled differently.
2. Ascertain Your Value
When it comes to securing pay rises or promotions, it all boils down to the value you offer the company. You need to demonstrate that you have been performing above and beyond your job description for some time.
Create a log of your contributions, achievements, and performance-related awards for that period. Also, suggest how you plan on adding more value in upcoming projects.
3. Understand the Market
In addition to the value you offer, it is important to know if your salary demands are in line with the industry pay scale for that position. There are several online platforms where you can access this data.
If you are on the lower end of the pay scale and you’ve been putting in excellent performances, you’re likely to get the raise.
4. Time Your Request Perfectly
Other than your performance, there are other factors that will influence the outcome. Take a step back and review the overall company performance. If the company is not performing well, you may want to delay your request.
It is also important to consider if your boss has work or personal issues that may make them less interested in your request. Timing your request at the time when the company's performance is great, and your boss is in a good mood increases your chances of getting a positive response.
5. Expect Objections
It’s highly unlikely that your request will be approved at the first time of asking. Therefore, you should expect objections and come prepared to make a case for your request.
Try and anticipate all the reasons that you may be given for why you do not qualify for a raise and formulate a counter-response for each. During such negotiations, it is vital that you maintain composure and present your argument logically rather than emotionally.
Preparation Is the Key for Securing a Pay Rise
For most organizations, salary budgets are tight. Therefore, for you to get a raise, you must be able to demonstrate the impact your input has on the company. This will require you to put in exemplary performances for some months to justify your worth.
Before you submit the request, you should assess the organization and identify ways in which you can add value. Do not hesitate to do more than what's required of you. This will strengthen your case, making it more likely for your boss to approve your request.