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How & When to Ask for a Salary Raise? [Step by Step Pointers]

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1st Mar, 2021
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How & When to Ask for a Salary Raise? [Step by Step Pointers]

One of the most nerve-wracking experiences an employee has to go through is asking for a pay raise. You’ve been working hard and giving an optimal performance, so why does it feel hard to ask for your worth?

Many people hesitate to ask for raises and continue working at a pay scale they do not deserve. If you are one of those employees who know that they should be paid more for their work, this article is just for you. This article will tell you “how to ask for a salary raise,” and we are sure that you will find it helpful.

Before we answer “how to ask for a hike”, it is important to know the right time to ask for a hike.

Should you wait for the appraisal cycle or ask for it when you feel it is correct. There seems to be no right way of doing it, and it is one of the biggest reasons people never ask for increments. Here are some points that you can consider before deciding the timing to ask for a salary raise.

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When trying to pick a good time to ask for a raise, 

  • Try finding out when your firm’s fiscal budget is planned. This will help you ensure that you are not asking for the impossible. 
  • You can ask for raises during your annual performance review when the topic of your salary is highly expected.
  • Raises may also be asked after working on a significant project and given an excellent performance.
  • You can ask for a pay raise when you know that your manager’s mood is good and things are looking relatively easy. Approaching a manager on days when things are hectic may not be so fruitful.

Now that you know, when you can ask for raises, it’s time to answer “How to ask for a salary raise.

When you are about to enter a meeting with your manager and have planned to ask for a raise, you must be fully prepared. Here is what you should have gone through:

  • All your recent accomplishments, along with the value you have brought to the organization.
  • Data/Numbers to showcase your worth.
  • Every appreciation that you’ve received for your work.

A little homework is necessary to justify why you need a raise. It will help you stay calm and confident during the discussion, and you will be able to answer every question that the manager asks. Mentioned below are the things you should keep in mind while discussing your pay raise: 

How to ask for a salary rise?

1. Be Clear in The Discussion

An effortless way to start the pay raise conversation is, to begin with, sentences that reflect your organization’s accomplishments and enthusiasm. You may start by saying: “I am looking forward to growing with the organization and would love to discuss my salary” or simply “I would like to discuss my salary, is this the right time?”

2. Do Not Beat Around The Bush

Be very clear about the number you are looking for and have everything in hand to justify your expectations. This makes you look confident and increases the chances of your manager agreeing to you.

3. Ask Important Questions

In case you get an idea that your manager is disagreeing with your terms, make sure to ask relevant questions. Remember that you need to be polite while asking questions. Questions are essential to understand the manager’s perspective, which further helps to forward the conversation.

Related: How to negotiate salary?

4. Keep a Check on The Way You Act

Another important factor to keep in mind while asking for a raise is how you act during the entire conversation. Your tone, enthusiasm, attitude, and everything is reflected in the way you present yourself.

Here are the things you should be doing:

  • Be Confident

If you are not confident, you won’t be able to convince your manager to negotiate on your terms. Therefore, be clear about your expectations and do not feel unsure about yourself.

  • Express Gratitude

You should always express gratitude for what you already have. This way, you will convey your dedication to work and willingness to continue in the organization with additional benefits.

  • Express Enthusiasm

While talking about pay raise, also share your views for the future. You may offer ideas that can help the organization improve its workflow and the ways you will implement the same. These ideas give a clear impression that you are a deserving candidate for pay raise. 

Also Read:  How to Manage Salary 

What to Expect After The Conversation

If your timing was perfect to ask for a raise and everything went well, you may get what you have requested. But there are times when the firm cannot afford to give you the desired hike and may ask you to negotiate. Be open to negotiations and do not be very adamant regarding your demands. You may politely carry out the negotiation and choose the best option that suits your needs. 

What to Do in Case The Raise Conversation Fails?

Well, this is one of the possibilities that you may get no raise at all. It will be extremely disheartening, but you need to believe in your strengths. You must recover from it very gracefully and be ready to raise the conversation at another suitable time. If you are not getting the desired salary hike, you may at least ask for other perks such as:

  • Flexible Timings
  • Work From Home
  • Additional Vacation
  • Positional hike, and more
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Every one of us knows what we are worth for our organizations. Make sure that you do not underestimate your potential and ask for the desired pay hike. You may also consider doing some additional courses from upGrad to enhance your skillset and grow your chances of getting a hike. After all, you have been a good performing employee, and you deserve better career growth. 

Conclusion

It is best to upskill yourself with the latest technologies. Checkout upGrad’s top courses in Data ScienceMachine LearningDigital Marketing, MBA from LBS & Full Stack Development.

You can also check out our limited-time free courses to utilize this lockdown to upgrade yourself.

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Kamal Jacob

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Kamal is an experienced Online marketing consultant with a high degree of expertise in SEO, Web Analytics, Content/Technical planning and marketing.
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Frequently Asked Questions (FAQs)

1How is your salary determined?

Numerous factors determine the amount of monthly compensation one receives as a salary. Fair compensation is the foremost one. Budget availability for employees is an element governing how much salary one can receive and the increment scope. Demographic and market factors like place of service, cost of living in the city, availability of jobs, number of candidates untaken for the job, etc., all form an essential component for deciding upon the salary. Data regarding remuneration rates in the same industry at the same location for similar jobs can be extracted from market surveys, which have a supreme influence in ascertaining the salary.

2How to know if the salary being paid is fair?

Learning about yourself is the most crucial step to ascertaining fair compensation. Evaluate your knowledge and skills. Comparing it with the job description and other peers in the same industry would help get an idea about your worth. Searching for job offers for similar positions listed with salary is also a way to evaluate the market rates. Do remember that a job is not only about the pay received in hand but also the non-monetary benefits. Job content is one of those. The satisfaction derived from the work and job plays a decisive role in deciding whether the job is right for you. Many fringe benefits like car facility, medical benefits, travelling compensation, various reimbursements, etc., do not directly form part of salary but prominently affect the overall CTC.

3What is the difference between a salary and CTC?

CTC, which stands for Cost-to-Company, means an organisation's overall expenditure on its employees. This includes non-monetary benefits also apart from salary. Facilities like free meals coupons, medical insurance for employees done by the employer, cab service, subsidised loans, etc., can be availed by employees themselves on joining the organization but are not received as salary. Salary is the amount in monetary terms that an employee accepts, an amount credited to the employee's bank accounts.

4How is your salary determined?

Numerous factors determine the amount of monthly compensation one receives as a salary. Fair compensation is the foremost one. Budget availability for employees is an element governing how much salary one can receive and the increment scope. Demographic and market factors like place of service, cost of living in the city, availability of jobs, number of candidates untaken for the job, etc., all form an essential component for deciding upon the salary. Data regarding remuneration rates in the same industry at the same location for similar jobs can be extracted from market surveys, which have a supreme influence in ascertaining the salary.

5How to know if the salary being paid is fair?

Learning about yourself is the most crucial step to ascertaining fair compensation. Evaluate your knowledge and skills. Comparing it with the job description and other peers in the same industry would help get an idea about your worth. Searching for job offers for similar positions listed with salary is also a way to evaluate the market rates. Do remember that a job is not only about the pay received in hand but also the non-monetary benefits. Job content is one of those. The satisfaction derived from the work and job plays a decisive role in deciding whether the job is right for you. Many fringe benefits like car facility, medical benefits, travelling compensation, various reimbursements, etc., do not directly form part of salary but prominently affect the overall CTC.

6What is the difference between a salary and CTC?

CTC, which stands for Cost-to-Company, means an organisation's overall expenditure on its employees. This includes non-monetary benefits also apart from salary. Facilities like free meals coupons, medical insurance for employees done by the employer, cab service, subsidised loans, etc., can be availed by employees themselves on joining the organization but are not received as salary. Salary is the amount in monetary terms that an employee accepts, an amount credited to the employee's bank accounts.

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