You have been working hard, staying late, and going above and beyond in your current job, calculating your standard deduction us 16 ia and just generally taking care of your taxes but you’re not getting the compensation you deserve. Why not ask for a raise? While this may seem like a simple decision, there is much more than meets the eye when it comes to asking for a raise (or any pay increase).
Negotiating your salary is a scary proposition. It’s never fun to ask for more money, no matter how much you deserve it. But if you feel your efforts are not being taken into account by your employer, at least don’t leave your income potential to chance. Point out what you bring to the table to convince your employer that you deserve more than a measly annual increase—and perhaps even a bump above the lowest rung on the salary-increase ladder.
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- Do your research
Knowing what you’re worth is the first step to asking for a raise. The information you need to assess your current market value is relatively easy to find. There are many online tools that allow you to compare your current salary, skills and experience against other similar jobs in your area and receive a report of the market value for your position.
- Set a date to talk with your manager
Once you’ve prepared by doing your research, decide on a time to speak with your manager. Depending on when this conversation is taking place, you could try asking for an end-of-year raise or instead wait until next year’s review. Ideally, this will be an easy conversation but it may require some persuading so do what you can to be ready.
- Articulate the value you bring to the company
Asking for a raise is essentially selling you as the type of employee that deserves one. To convince your boss that you deserve a raise, you must highlight how much you contribute to the business and articulate why you should be paid more than you currently are. Share positive feedback from customers, peers or partners
- Ask yourself why you want a raise.
You should be able to answer this question in two sentences or fewer. Think through your answer so you can articulate it clearly and succinctly.
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- Get an idea of the market value for your experience and designation
Visit online web applications to find out what the average salary is for your role in your city or state or region (if you work remotely). The information on these sites is crowdsourced but should give you a clear idea of what’s reasonable to ask for. If you find your company isn’t paying you as much as other similar companies, make a note of it and share it when you ask for a raise.
- Calculate how much of a raise you want to ask for.
Consider raising your salary by 10–20% if possible (and reasonable). If this seems high, consider that most people underestimate their worth when asking for raises and promotions, and many don’t even bother at all—this means there’s probably room to get more than you think you can! If 10–20% feels high but still reasonable, use a bonus calculation tool to see how much bonus you would receive, as this will give you a better idea as to whether your demand is reasonable or not. You can check out Khatabook to learn more about bonus calculation.