With the appraisal season around the corner most of us are thinking of a raise. In the last few years, market hasn’t been great and layoffs and restructuring had been predominant in most of the organizations across the world. This might have caused you to take up additional responsibility without an additional pay. However now that the market is showing signs of improvement, the employees can now ask for a raise. But how can we do it more effectively is the question.
ITS TIME TO GET REWARDED FOR YOUR WORK
Read on to find out how-
Step #1 Prepare your case justifying your reasons why you need a raise. Consider these questions while building it up-
Are you being underpaid?
Why do you deserve a higher salary?
How good a performer you are? Specific reasons why you should be paid more.
Write them on so that you have it handy while you are discussing it with your employer.
Step #2 Market analysis
Understand what the market scenario is and what are other employers paying to employees in a similar role. This will help you strengthen your case and would help the employer understand that if they need to retain you, they will have to consider a hike.
Step #3 Analyze your performance
Write down the goals and expectations of the employer and how you performed against them. Emails with appreciation, specific achievements or successful projects are the one which should be specially focused on. Your boss might have forgotten about your achievements during the last year. It’s a great time to remind him about it.
Step #4 Evaluate the financial health of the employer
Understand the financial commitments of the employer due to which they might have constraints in giving you a raise. If this is a case, this might not be the right time to ask for a huge increment on your present salary
Step #5 Give yourself a leverage
Its best to have a job when you are in a job. Once you have an offer at hand with a higher salary package, you can negotiate the terms with your employer. This gives you an upper hand during the conversation. The employer would understand that you are being under paid and would be more interested in retaining you than finding a replacement for you and training them to take up your job.
Just because you need a raise doesn’t ensure that you will get one. You need to prepare a convincing case to put your case forward. So before you are called in for your appraisal meeting, work on your points to make it a fruitful discussion. It would be great to know how things actually end. Let us know.