A recent survey conducted among the American workforce revealed that 83% of them are unhappy with the salary that they earn.
Over 50% of them have thought about asking for a raise on over one occasion. The issue is not with their dissatisfaction but their inability to approach the question with their boss or HR department. The biggest issue is that the vast majority of companies are highly unlikely to grant your request unless you time the request and be prepared.
A recent study conducted by the Harvard business school revealed that although women will ask for pay raises as frequently as men, their probability of receiving one is is low to non-existent. Less than 15% of women reveal the successfully received a raise when asking for one. When compared to 20% of men who received raises when asking for them.
Outside of the obvious bias these statistics reveal, they also show that regardless of your sex receiving a raise is difficult however we have discussed this topic with some experts and they revealed there are different strategies you can take which will lead to a higher success rate when looking for a pay hike
#1 Timing is everything
Any discussion surrounding a pay rise should never be a casual affair, these need to be professional from the outside. Arrange an appointment with your boss for a one-to-one discussion about your salary concerns and to outline what you expect.
It’s common for workplaces to schedule annual performance reviews and salary appraisals; it’s during these times that discussions regarding compensation are commonly addressed. The research shows that employers will not bring up the topic themselves, especially if you’re dealing with employees who are not considered being well paid to begin with. Important to that you address your salary.
Keep your expectations realistic and let your boss know the level of compensation you expect and deserve, so you’re fully prepared before you ever enter discussions.
An experienced life and career coach Catherine Thorburn believes the most opportune time to ask for a hike in salary is when you have some leverage. For example, if your boss has recently praised you for your performance or the company is struggling with staff shortages and keeping you is vital to the success. Whatever advantage you can have with discussing a pay raise if you can use this there are far more likely to concede to your demands then risk a lower head count that will cost them more.
Another thing to consider is your position within the company will directly affect their home processes as to whether you’re entitled to a raise or not. For example, if you’re a recent hire learning curve for negotiating a pay raise maybe too steep and asking for one may just be out of order. On the flip side, if you are a valued employee and I’ve spent a considerable length of time with the company, asking for a raise is perfectly acceptable.
If you know your performance has been exceptional and you freely do what is expected of you and taking on additional responsibilities, you have earned this pay raise and in the most simple terms if you have gone 12 months without a raise it’s time you ask for one. it’s advisable that you address the situation just before your annual review because your company will set its budget for the year to come and we can factor your pay raise into it
#2. Build a strong case
Unless you come prepared for your pay raise negotiations, expect for them to be difficult and worst to fail miserably. if you truly believe you deserve this raise, have a list of reasons a set of target figure and don’t be afraid to ask first
Do your research and before you enter any discussions have at least a basic understanding of what you’re worth what people in similar rules would the same experiences. You are getting paid websites such as Glassdoor and PayScale can help you with this
If you have a specific figure in mind, then ask for this otherwise we recommend that you always ask for 2 to 3% higher than what your expectations. For example, if you want a 10% pay raise it’s always advisable to ask for 13 to 15% because it’s unlikely that they will never give what you ask for.
To build the strongest case you need to substantiate your demands and back these up with data accomplishments and achievements. If you’ve proved your value and worth to the company present this during the discussion to set the strongest case possible. Don’t be afraid to cite specific instances where you went above and beyond to meet and exceed the expectations set in your job description.
#3. Remain calm and professional
Unless you’re exceptionally lucky, expect Perry’s discussions to be difficult. Professionals will always advise you to remain calm and carefully focus on how your work has contributed to the growth of the organization. Personal reasons have no part to play in pay raise discussions. Never discuss your financial situation or any other reason that you need the money other than that you’ve earned it
Although your personal reason for wanting a pay raise is genuine, remember this will be a business decision and your boss will need to see a return on his investment. Can he take the risk of losing you? How much would it cost to replace you? When weighing these two factors in decision will probably primarily professional and based on solid economic foundations.
#4. Expect to overturn a no
Even if your pay raise request is rejected, we always advise that you remain professional and calm, how d’you disappoint and be prepared to negotiate. Always thank your boss for their consideration and time and ask them for specific feedback regarding the discussion they may surprise you that given some time they reconsider their decision.
Remember that organizations cannot be expected to value you more than you do yourself. If you are doing a good job and can prove it. Ask for the pay raise you deserve and do so in a timely manner.