Asking for a salary increase is something deeply rooted in the culture, but here we are still “afraid” of asking for something that surely corresponds to us if we have been doing our job well. Let’s see what you can do if you want to ask your boss that it is time to raise your salary.
Choose the time to ask for the salary increase
The first thing you have to do is find the right time. If you have been in the company for a while, you already know if it works well or not, and you will even know how to detect the signs that indicate if you are in a moment of prosperity or if problems are coming.
Follow the internal protocol
Your performance may be so good that you deserve a salary increase. But if you ask for it inappropriately or to a person who has no decision-making capacity on this issue, your request may fall into a broken sack.
Prepare your exhibition
Surely in your company, they already know how valuable you are, but if you are going to ask for a salary increase, you will have to “sell” a bit, highlighting all the good you have contributed and that you can contribute.
Prepare the documentation
As we have just pointed out when talking to your boss, nothing about looking at the “chop” with the script to defend your arguments. But what you should have on hand and show your interlocutor are the documents that can help your argument.
Don’t focus only on yourself
It is clear that if you are going to ask for a salary increase, the conversation will revolve around you, but you should not forget to value the company.
Let your boss see that you are comfortable with your work and that you value what the company brings you. Precisely because of what you contribute to the company and what she brings to you, you want this relationship to be long-term. A salary increase would help strengthen that relationship.
Ask without demanding and without specifying
If you have decided to be brave and take the step of asking for a raise, do not back down when asking, but do it with discretion. Experts advise not to ask for a specific figure. Instead of asking for a certain amount of money, propose to your interlocutor an upward revision of the salary range.
The good news about asking for a salary increase
The 2019’s report of the Wall Street Journal reveals American growth in wages will increase next year because many economists predict a competitive labor market will continue to raise employee’s pay. According to the recent private-sector forecasters, around 63.6% of wages will increase next year, and 5.5% of wages will rise fast and substantially.
Workers who have $150,000 income or more than that received the requested amount of the time, 70%. That rate is 25% in comparison to those who earn $10,000 to $20,000 every year. The research report of PayScale (compensation data and software company) estimated the poll of over 160,000 people.
According to the survey of 40% of workers, they got an increment in their salaries with the exact ratio as they requested. But, the remaining 31% of people claimed that they got less as they asked for it. Budgetary constraints compel people to ask for a salary increase. Budgetary restraints are a rationale that the majority of respondents don’t believe.
The majority of employers only consider increment requests. There is no salary increase, even for valued employees. In a world full of talents, employee retention is a major concern for around 66% of organizations. This ratio is in comparison to a 59% rate for the year 2018. The turnover rate of a powerful market has increased as per the belief of 47% of HR and business leaders.
Asking for a salary increment is scary
Such kind of request is somewhat scary whether you have done effective planning. It becomes a crapshoot when you ask for a salary increment without planning and preparation. Also, you lost the best chance of getting consent for pay raise. As a result, the employer gets an opportunity to ignore this request. He/she will never want to discuss with you again unless you contribute to your job or something changes at the workplace.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
