A good raise, a better raise, an awesome-looking raise! Who doesn’t want it?
When I used to work in IT companies, every time it came to asking for a raise, it was daunting for me. Many emotions would run through me. I would think about what they might ask me and how I would answer. I would ponder questions like: How much could I ask for?
Many of you may have gone through similar emotions.
My friend, who is an IT project manager, also went through a similar situation. However, she prepared herself for months to ask for a good raise. She was successful in her endeavors and received a 30% higher raise than her teammates in similar positions.
How did she do it? Here are key points based on her preparation and what I’ve learned from her:
You should start planning and researching well in advance before asking for a raise.
Asking for a higher raise is not an issue if you can show your value. If you couldn’t justify the value, then it’s an issue, even if it’s only a 2% raise.
Emphasize the importance of gathering necessary information to strengthen your case when the time comes. Here’s how you can do it:
Research the salary standards in your industry. Find out what other companies are paying for job positions similar to yours. You can ask your friends or people in the same industry for this information.
Research the standards for raise percentages in your industry.
Analyze all the perks that your company provides. If the perks are good, then you can be more flexible with your asking price. But if the perks don’t match industry standards, then you can definitely ask for more.
Gathering this information will help you determine a reasonable and competitive salary to ask for.
If you simply ask your boss for a raise out of the blue, it’s not likely to go very far. After all they’ll most likely ask “why” and you need a good answer.Business Management daily
Evaluate your performance since your last raise or salary increase. Assess the contributions you have made to the growth of your company.
Consider the number of projects you have successfully delivered. If your work doesn’t involve projects, take note of similar achievements, such as the number of sales or the percentage of merchandise sold, depending on your industry or job role.
Think about how you have helped the company save costs.
Take note of specific challenges you have faced and the strategies you have implemented to overcome them.
Break down your job role into actionable points and duties. Make them count.
Make it a habit to track your own weekly progress, regardless of whether your company has an employee progress tracking system.
Evaluate your best and worst weeks.
Create documents and keep concrete evidence that can support you in asking the raise you want.
Maintain records of your contributions, successful projects, and happy clients. positive feedback from clients, bosses, or colleagues. Take screenshots of positive feedback that you may have received from your clients, boss, or collegues. Tag them according to different projects.
If you have a good reputation among teammates, colleagues, or seniors, mention that in your records.
Documenting and maintaining your records in this manner will benefit you in the long run and give you a sense of achievement.
When you have sufficient data ready, you can add credibility to your request for a higher raise.
It’s crucial to consider the timing when you want to ask for a raise.
Aim to ask for a raise after you have achieved recent success, such as successfully completing important projects or receiving positive feedback from clients or your boss.
Consider the current circumstances of your company. Observe its financial health. Ask yourself questions like: Is the company’s revenue increasing or decreasing? Has the company recently implemented budget cuts? Has the company laid off employees?
When your company is facing financial or budget issues, it’s not the right time to ask for a raise. I suggest you avoid it.
After considering the right time, schedule a meeting with the person responsible for your raise and performance review. This could be your project manager, department head, director, or boss.
Inform the concerned person and request to schedule a meeting. Clearly communicate the agenda of the meeting, which in this case is “request for a raise.” Give the person ample time to prepare before the meeting.
Before the meeting, rehearse how you can express your achievements and contributions to the company. Reflect on the value you have provided.
Anticipate potential questions or objections and prepare your responses. These questions could be related to any mistakes you may have made.
This preparation will help you effectively communicate your case.
When the meeting starts, greet the person warmly and give a firm handshake.
During the meeting, make yourself comfortable and ensure your emotions are under control. Maintain good eye contact and speak in a positive and friendly tone.
Show enthusiasm for the company and your work. Demonstrate confidence and professionalism.
Start by asking your boss about your performance during the given period and their thoughts on your work.
Since you are asking for a raise at a favorable time, your review should be positive.
If the boss points out any mistakes or failures related to specific projects, you can respond by sharing the information you have already prepared. Explain what you have learned from those mistakes or failures and how you have applied that knowledge to successfully deliver other projects or tasks.
Share or describe the positive feedback you have received.
Discuss your challenging experiences and how you handled them. Highlight your contributions and how you saved money for the company. Talk about the smart decisions you made, etc.
Make the meeting a dialogue. Share your points and listen carefully to what your boss is saying. Pay attention to their concerns and comments and respond effectively.
When your boss asks about the raise figure you have in mind, let them know the specific figure or range you are aiming for. This will give your request more weight. State your request for a raise clearly and respectfully.
If the boss questions the raise figure, show them the information you gathered during your market research. Present industry standards related to salary ranges, raise percentages, perks, etc. to further support your case. Discuss the taxes you are paying.
Talk to your boss about your future life goals and how they can help you achieve them.
Highlight your value. Discuss any projects where you have significantly benefited the company, either by saving money or time.
Since you have all the data, logic, and industry trends prepared, your boss will appreciate your thoroughness, as you have saved them time that could have been spent on debates or lengthy discussions.
Your boss will understand that you are a valuable asset to the company and that they cannot afford to lose you. They will grasp why you are asking for a higher raise.
However, be open to negotiation if your boss persists. They may try to negotiate the final raise amount, and depending on the strength of your case, you may receive your desired raise or something close to it.
Congratulations on obtaining the “higher raise” and commend yourself for the efforts you have made and the thorough preparation you have done.
After the meeting, send a thoughtful email. Thank your boss for their time and express your appreciation for their understanding and consideration during the meeting.
Reiterate your commitment to the company’s success. Mention your enthusiasm for future opportunities within the company. Your boss will appreciate your ongoing dedication and positive attitude.
Consider the following points during your employment, as they will further help you when asking for a higher raise:
As you can see, asking for a raise requires careful planning and research. Your research and planning should be tailored to your job role and industry category.
Various factors play important roles in creating a favorable atmosphere for asking for a raise.
These factors could be anything such as the economic growth of your country, the financial health of your company, your performance, feedback, your reputation in the company, and your boss’s mental state and attitude at the time.
Hence, your results may differ, but the comprehensive guide above will undoubtedly help you present a strong case.
By following the above mentioned tips, my friend has received higher raises than her colleagues twice in the last two years.
So, be well-prepared. With a positive attitude, effective communication, and professionalism, you can navigate the process of asking for a raise. And, a higher raise will help you achieve your professional and financial goals.
Best of luck!
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