4 hacks to get that pay raise you always wanted
By James Yeo
Do you believe you deserve that pay raise you always wanted, but are unsure whether you will get it or not? If so, this is the time for you to step up and ensure you get it.
Many people work hard at their jobs, and some do overtime in order to impress their seniors. But, even after all the hard work, sometimes their efforts are not acknowledged as they should be.
If you want to convince your boss that you should get the raise you always wanted, here are four hacks you need to keep in mind:
1) Recognise your worth and market value
You must know your own ‘market value’ before you walk up to your boss and ask for a raise. Carry out thorough research and find out about the expected salary range for your current position and any other perks.
Once you have gathered all the information and find that you are underpaid according to industry standards, it is time to step up and take what you deserve. Having supporting factual evidence gives you a higher chance to convince your boss, as compared to just plucking a dream number from nowhere.
2) Share your accomplishments and prepare your kudos file
Next, make a list of your accomplishments and maintain a proper file that specifically highlights the areas that are of critical importance to your team/boss.
Figure out how much it would cost the company if they replaced you by calculating how much you bring to the table. Furthermore, bring up the arsenal of your achievements and bring your kudos file along while asking for the desired pay raise.
3) Be clear and specific
You must be very clear and specific about the agenda of your meeting. Do not attempt to pollute the discussion with unnecessary issues like comparing yourself with other colleagues. Instead, strengthen your case by creating the report based on facts and market research.
Be positive while conveying your points and convince him/her of how much you love your job. If you are unable to keep your cool and become overly emotional instead, the meeting will lose its purpose.
It is also only wise to be open to negotiation. There is a very high chance that your employer offers you a substitute for a pay raise in the form of allowances, stock options, performance-related pay, more annual leave etc.
4) Look for the perfect time to ask for a raise
Last but not least, it is crucial to wait for the right time before approaching your boss to request a pay raise. But what is the right time?
It can be when you or your team have performed really well and attained good results by successfully completing a project on time. In addition, researchers have shown that Friday morning is the best time to ask for a pay raise, because that is when the boss is excited for the weekend ahead.
Avoid having this discussion when the decision-maker is not in a good mood or facing issues with your team members.
By applying these tips successfully, you would have increased your chances dramatically to secure the raise you were looking for. If all else fails, know that you have tried your best and probably it’s time to seek another company which values you more.
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