How do you improve your chances of getting a raise? Before you make your way to your boss’s office to ask for more money, here are a few things to know. Chances are your boss is not excited to spend more money on his employees, however, if you can prove your value, they might be more interested in hearing your proposal.
The first thing to do is to account for all your work. Be clear and deliberate in how you are contributing to the growth of the organisation. By answering the following questions you will be able to better position yourself as an asset, rather than a liability. How are you adding more value to your company? What have you done to increase sales, improve performance and enhance the organisation? Once you have proved that the work you are doing adds value, you can move on to the next step.
Get salary estimates. If you feel the work you are doing is worth more, it’s important to be able to demonstrate the monetary value of your contribution. Ask around and find out how much people in your industry with your experience are earning. This will make it easier to ask for more when there is a standard you can work with. This is an invaluable negotiating tool as you walk into the meeting.
Research when your company gives raises. Knowing when your organisation gives raises will give you an added advantage. You can work ahead to ensure that by the time salaries are being reviewed, you have a leg to stand on. By scheduling a meeting close to or during salary negationation time, you have a better chance of being successful. Asking for a raise in the middle of the year might not work as well.
.Be prepared to take on extra work. If you show your boss that you are interested in taking on more responsibility, they might be more inclined to give you more money.
Remember, confidence is key. If you are not convinced that you deserve a raise, the person you are asking might not be convinced either.