Is It Time to Ask for a Salary Raise? (10 Questions) | Pay Raise
Have you been consistently performing so well that it’s time to ask for a salary raise?
Before you walk into your manager’s office, remember there are a few factors to think through first.
10 Questions to Ponder Before Asking for a Salary Increase
- Do you achieve exceptional results at work?
- Has your performance contract expanded?
- Are you working overtime without extra pay?
- Are you indispensable to company operations?
- Has your paycheck kept up with inflation?
- Have you learnt new skills on your own?
- Have you been promoted?
- Is your company doing very well?
- Have you been offered a job at another company?
- Are you qualified to do a job that pays better?
You have been achieving great results and bringing exceptional value to your organisation, so surely you are deserving of a salary increase.
One has to prepare very well for this type of conversation and remember that a potential increase is not guaranteed.
1. Salary Raise: Do You Achieve Exceptional Results at Work?
There may be plenty of reasons why your organisation would be reluctant to present you with a pay increase. But there’s one argument that might trump them all: You are consistently achieving exceptional results at work.
Superior performance can translate into better compensation, more responsibility, and opportunities for career advancement.
For top-notch employers, the workplace is a meritocracy. This means that they reward their employees based on performance. If you’ve been working extremely hard (exceeding targets), then you are as deserving of an increase as anyone else.
That being said it can be intimidating to request an increase. Most people are too afraid to ask and assume that they’ll get one after getting good performance reviews annually.
But the truth is: Never assume that you are going to get a raise at work.
If you achieve stellar results, your best bet is to negotiate for a paycheck raise.
A by-product of meeting performance targets is demonstrating your value at work and to potentially seek a paycheck raise.
In other words, if you want to earn more money, you have to first show your superior that you are deserving.
2. Pay Raise: Has Your Performance Contract Expanded?
You’ve taken on additional responsibilities and done a lot of things that are outside the realm of what you were hired to do.
If you are executing significantly more than what is listed in your performance contract on a regular basis, it means that your employer needs to fairly compensate you.
While it’s true that a “performance contract” for just about any occupation is more of a loose outline than anything else, it’s important to remember that at some point, someone decided that a certain set of duties would clearly constitute the job in question.
And if those duties have become significantly more, it may be worth revisiting what you’re being paid.
It’s maybe time for the negotiating table when your responsibilities are going beyond and above your job scope and on top of your current work.
Here’s the point (at least in theory): when you are expected new and demanding responsibilities which require more time and effort, then you should be remunerated for it.
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3. Are You Working Overtime Without Extra Pay?
If you’re finding that you’re working extra hours without getting any “credit” then it’s time to act by talking with your superior and try to negotiate a higher income.
Ideally, you should “strike” during a period when work is less intense – year-end is arguably the most ideal time. Be diplomatic but firm.
Don’t forget to keep track of all the overtime you put in along the way.
It can be an important bargaining chip in your total compensation package. If you are of the opinion that you should get a salary raise, discuss this with “the powers that be”.
4. Salary Raise: Are You Indispensable to Company Operations?
Smart employees who understand the value they bring to a company are worth their weight in gold.
When you become indispensable to the organisational operations and are one of the employees that your superior relies on to keep the business running smoothly, then it grants you the influence to negotiate for a pay raise.
Prove you are critical to the company’s ongoing growth and sustainability, so that it will increase your “bid”.
5. Pay Raise: Has Your Paycheck Kept Up with Inflation?
Inflation is going to make your paycheck worth less and less because wages have not been increasing fast enough to keep up with the rising prices.
If you allow your income to grow behind inflation, it will be more difficult to pay off debts or save money.
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By understanding how inflation works and its affect on our lives, you can convincingly use it in the rationale to negotiate a higher salary.
6. Have You Learnt New Skills on Your Own?
By developing new skills independently from your company shows your employer you are committed to career growth.
Should you have learnt new competencies on your own initiative, or adopted new technologies or workflows to get more done, you’ll strengthen your organisational value.
Framing the benefits of your self-directed learning to the manager shows initiative and determination, and provides you leverage to negotiate for an increase of pay.
7. Salary Increase: Have You Been Promoted?
If you were recently promoted, your superior should be more than happy to grant you a paycheck raise. Unfortunately, it doesn’t always happen though.
Many people are afraid of coming off as greedy or ungrateful, so they don’t ask for the raise that they deserve.
Prepare your pitch and consider your recent job promotion as a reason and rationale for “wage negotiation”.
8. Is Your Organisation Doing Very Well?
If your organisation is in a strong financial position, it may be easier to seek a raise if you’ve been pulling more than your weight.
There are certain factors that will work in your favour. How does the customer base look? Are sales figures on the rise? Has the company recently attracted any high-profile clients?
As long as you’re in an industry that demands and delivers greater profits, then you can build a convincing case.
Prepare the facts in detail before putting them forward. Meerkat Motivation #meerkatmotivation
Demonstrate that the organisation is bringing in more money or business than ever before and that your contributions had something to do with it.
The takeaway here is that you have to back up your request with data, including that of your own superior performance.
Track your accomplishments so that you’ll have proof to show management.
9. Salary Raise: Have You Been Offered a Job at Another Company?
Probably the best tactic to ensure a salary raise is to show that another company has offered you a job.
It’s pure leverage, one of the advantages of being invaluable to the employer.
The secret to doing so effectively is to clearly communicate that you’re reluctantly/seriously considering the other company’s offer while at the same time, letting your employer know that they’d have to put forward a significant raise in order to keep you from leaving.
The fact that you’re receiving an offer at another company guarantees the belief that you’re worth the price tag.
10. Are You Qualified to Do a Job That Pays Better?
Whether you bring great life experience, a stellar education, or other advantages to the workplace, your qualifications should be considered in your pitch for a salary raise. Estienne de Beer #estiennedebeer | Meerkat Motivation for the Marketplace