According to the Society for Human Resource Management, employers in the US are planning to increase salaries by an average of 4.6% this year. If you still haven’t received your share of the raise, it may be time to raise the question. Asking for a raise can be uncomfortable and stressful. But preparing ahead can help you put your best foot forward. While it can be intimidating, asking for a pay raise is completely acceptable. Here are some tips to initiate the much-needed conversation.
6 Ways to Ask Your Boss for a Raise
Know Your Facts about a Competitive Salary for Your Position
There are numerous sites to see what similar positions are earning elsewhere. Job posts on employment-focused social media platforms can also help you gauge what people in your position are earning in other companies. Unfortunately, not many companies pay well, which is why you must consult a reliable New York executive search firm to determine what’s happening in the market.
Rehearse Asking for a Raise
Now that you have done your research on what you deserve in exchange for your work rehearse asking for a pay raise. This way, you’ll undergo minimum speech glitches, and you’ll have the tools to deal with those awful pangs of confidence lack.
You can also take the rehearsal a step ahead by recording it. This way, you can identify and work on nervousness, unnecessary filler words, excessive pausing, etc.
Prepare for Your Boss’s Side of the Conversation
Remember, you won’t be the only one speaking. It’s likely that your boss will have a list of questions to ask right after you’ve presented your request. Determine what those questions could be and prepare to answer them beforehand.
Avoid Apologetic Language
Research has found that employees with greater oral communication skills receive higher performance ratings, and they’re also more likely to be successful. In short, asking for a raise requires you to be confident. Limited assertiveness can take a toll on your ability to communicate well. The best way to tackle that is to focus on using positive language. Avoid apologetic words like:
“I’m sorry to bother you.”
“Apologies for asking you to take time out for this”
Instead, remain positive and composed while presenting your request for a raise. This will go on to show that you’re not in two minds about your decision.
Let Your Boss Know How the Raise Can Benefit Them
While you may be chasing a pay raise for personal reasons, your boss will need more reasons to consider it. This is where you must let them know what’s in it for them. At this point, you may already have explained how you’ve contributed to the company.
It may be wise to elaborate on how you can contribute to the future. Show them what you plan on achieving in the coming days and how that may benefit the company.
Summarize Your Request
The better you’re prepared to ask for a raise, the more likely it is that you will leave an impact. It isn’t easy to find executive jobs with benefits. So, if you already have one, you may need to do more work to convince the upper management to approve your raise. Consider preparing a letter for your manager. Summarize your major achievements and main requests so your boss can share them with other executives.
Asking for a Raise: When Is a Good Time to Ask for it?
If your company doesn’t give bi-annual or annual raises, you may have to take the initiative yourself. However, asking for a pay raise at the right them will boost your chances of success. Here are the best times to ask for a raise:
- When you’ve recently taken on additional responsibilities
- After a performance review
- After a positive financial quarter
- After completing a major project
- If more than a year has passed since you last received a raise
It may be wise to consider the following questions:
- Does your job performance merit a salary raise?
- How long has it been since you last received a raise?
- Is it the right time to ask for a raise?
- Has your performance contributed to the company’s growth in any way?
How Much Pay Raise Should You Ask for?
The percentage of pay raise you should ask for depends on the duties you’ve taken on, the length of time that has passed since the last raise, and many other factors. The higher the raise you request, the more credible your reasons should be.
While you may deserve a raise regardless of any reason, know that your company cares about facts and data more than anything else. If you are a CFO at your current company, consult corporate CFO executive recruiters to learn more about what the right pay raise percentage should be for you.
What Happens After You’ve Asked for a Raise?
Asking for a raise does not mean that you will receive approval in the first meeting. In most cases, the upper management will demand more time to discuss the request with others and consider it.
Nonetheless, it is wise to stay prepared for a negative response after asking for a raise. Even if you’ve presented a solid case, your management may have reasons to reject the request. In that case, you must ask for their reasons for rejection and also ask how you can improve your chances of approval in the future.
As one of the best leadership recruiting services in New York, CCY offers a range of recruitment consultant ny to help your organization embrace change. Whether you’re looking to revise your appraisal policies or get the best out of your recruitment practices, Cochran, Cochran & Yale can help you achieve your goals. Contact Recruitment Consultants For Hire NY today for more information.