It will increase your negotiating power. However, be careful, don't blackmail your boss you are going to quit if he doesn't give you a raise.
Show your accomplishments
Prepare a list of what you achieved, and your strong points, especially those that make you stand out.
Don't be greedy
Have realistic expectations about how much your salary can be increased, especially in the contect of the current company or market situation.
Pick the right time, i.e. when the boss is a good mood
Support your case with numbers or other objective information
For example, if you can idicate how much sales you generated, or how many leads you converted into buyers, it will make your case much stronger.
Show how much more you are willing to do, how you plan to improve further
It will show your boss he can count on you and your performance in the long run.
Be confident, but not arrogant
Wait for a year or so before asking the boss for a raise
Be reasonable when asking for a raise. Do your own research
Requesting a raise isn’t arduous
Asking for a raise, a seemingly difficult task, need not be arduous at all. Self-confidence in your abilities coupled with the right timing makes it easier.
Getting the salary you deserve keeps you motivated at work, enhances your lifestyle greatly, and indicates that you value your job. If you’ve been working sincerely for a protracted period of time, you shouldn’t hesitate to demand a raise.
Contemplate about your timing
Ponder about the length of your service in the enterprise, the time of the year, and the day of the week. Don’t entertain any thoughts of asking for a raise if you have been working in this enterprise for less than six months.
Thursdays, the best days to ask for a pay hike, are ideal for arranging a meeting with your Boss/Manager to discuss this issue. Similarly, the fourth quarter is conventionally the most suitable time of the year to request a pay hike.
Research your true worth
It’s essential that you have valid reasons for seeking an increased salary, other than “I want extra cash”. You’re automatically entitled to a higher compensation package if you’ve been entrusted with added responsibilities.
Notwithstanding, you should employ tools like the Salary Negotiation Tool in “Salary.com” and the relevant tool in “Get Raised” for researching your true worth. Using these tools, you can figure out the salary ranges in your industry for your specific designation and responsibilities. This will help you in negotiating for a higher salary.
Factors working in your favor
If you’re hesitant about asking for a raise, remind yourself of the following factors that are working in your favor:
• The enterprise you’re employed in has already invested time, training, and money towards employing you either full-time or part-time. Now, to hire a replacement, it’ll necessitate additional resources. Hence, in this aspect, you stand to gain.
• List out the special skills and qualities you possess presently. Think of the advancements you have made since joining this enterprise.
• Most employers desire to ensure that their employees are happy and satisfied as this enhances the enterprise’s overall productivity.
When asking for a raise, don’t mention personal reasons
This is extremely important. Avoid eliciting sympathy from your Boss/Manager by stating that you require more money to maintain your lifestyle. Your salary is directly proportional to your total output in the enterprise. It’s independent of your personal needs and expenses.
• Concentrate on all the positive contributions you’ve made to the enterprise like consistently meeting customers’ expectations, improving sales and service, putting in extra hours, and meeting deadlines.
Prepare a script — Use it
Write down everything you want to say. Rehearse it innumerable times — until you feel absolutely comfortable and confident. Practice in front of a mirror attaching great importance to your body language. Avoid employing an apologetic body language.
For your script, use this formula: “I’ve been working for X years in this enterprise, and I genuinely enjoy it. During this time, sales have improved by Z (the metric used for measuring performance), whereas my compensation package has remained static. I would truly like an increase of $A thousand per annum.” This figure A should be reasonable and ideal. Avoid telling your Boss/Manager the figure you’d settle for. You should hand over the prerogative of negotiating down to your Boss/Manager.
Schedule a meeting with your Boss/Manager on a “Thursday”
Schedule a meeting with your Boss/Manager on Thursday. You can make your request on Monday afternoon by an email. The contents of your mail should be, “I’d like to talk about my future with the enterprise. Can you spare a few minutes on Thursday?”
• Avoid scheduling a meeting during a frantic time when your Boss/Manager is tremendously busy or stressed out.
• Review employee guidelines or handbooks (if applicable) before deciding about whom you should consult for discussing your compensation package.
Emphasize your accomplishments
Make a list of all your accomplishments, awards, and tributes and appreciations of coworkers/customers. (“You saved us a lot of hassle!” and “Your help was vital in resolving the issue!” type of emails undoubtedly count as tributes!)
Demonstrate your real value to your Boss/Manager. When your value to the enterprise can’t be quantified in dollar terms, you should quantify it in some other manner.
Speak slowly on Thursday
Even though you’ve rehearsed your move innumerable times, you may feel a slight twinge of nervousness. Nevertheless, you’ll not be unduly apprehensive because you’ll be completely prepared!
You should avoid rushing into your manager’s chamber, steamrolling your accomplishments upon your manager’s face, and demanding a pay hike. This isn’t the right method of asking for a raise. Instead, you should opt to speak slowly. Speak calmly. Exude confidence.
Assess the financial health of your enterprise
Follow business news and research financial reports to assess the financial health of your enterprise. You should:
• Avoid requesting a pay hike when the enterprise is laying-off employees.
• Avoid requesting a salary increase if your enterprise is undergoing a financial turmoil.
When asking for a raise, avoid talking about your salary
Rather than speak about your salary, you should speak about your raise. For instance, “I need a $400 raise” sounds much better than “I need $4000 a month”.