HOW TO ASK FOR A RAISE WITH YOUR EMPLOYER

In today’s episode of talking ‘Salary’, there is one vital area we need to address – How to ask for a raise.

Oftentimes, your employers know when you deserve a raise; they may only choose to keep quiet till you figure it out. Other times, they might not even be thinking about all that and YOU need to be the one to start the conversation.

Talking salary raise is not as stressful as you may think and I’ll be sharing how to achieve that in this article, starting with when to request a raise.

When to Ask for a Raise

1. When the company shares the periodic earnings

Be an observant employee. If your company is such that does periodic appraisals, take advantage of that information. Use it to gauge how much the company should be worth.

During your performance review, your employer will discuss your employment with the company and will finally discuss a raise. If they don’t and you think you deserve a raise, that will be time to ask. Have the statistics of the company. Also, have a list of your accomplishments that shows how valuable you are to the company.

It is to your advantage to know when the company is doing well and when its financial report is slippery. 

2. You have just received a job offer elsewhere

You just got this job offer at this new company enticing you with more money and perhaps, a few interesting benefits. Having weighed your options, this is an opportunity to give your boss the last chance to do better.

Once you understand the financial capacity of your current workplace, it is time to speak to your manager about a raise. If they turn out unyielding, just take a bow and leave for another job.

3. You just got promoted

Getting promotions at times is like a pyramid. For instance, your first job role at an investment bank was as an investment banking analyst with lots of responsibilities. You were promoted to the investment banking associate level which demanded more work from you. Now, you are the vice president, which entails you overseeing the affairs of subordinates. That requires less work on your plate.

However the case, you must be informed about how much you’d be paid before accepting the new position. 

Nevertheless, if you have made the mistake of accepting the promotion and the pay isn’t good enough, demand that salary raise.

4. You have stayed a while in the company

It is not only your responsibility to make findings of how much you should be earning per time. It should also be the responsibility of your employer. In Nigeria for example, there has been a fluctuation in the cost of living due to scarcity. This affects organizations too and will affect your salary over time.

If you were earning ₦250k in the last 2 years, you should know when it’s time to start receiving ₦500k from the general statistics of your role.

5. You find out you are underpaid

 It’s sincerely not cool to be overworked at your workplace, but since you took the bait, the least they could do for you is pay you accordingly.

How you know can be determined by your level of experience, job role specification, and the number of years you have worked with that company. 

If your situation falls in any of these categories, then it’s a good reason to ask for a raise. After you have considered all these factors and the opportunity to negotiate arises, here are 5 steps to achieve a successful salary negotiation;

5 STEPS TO NEGOTIATE YOUR SALARY

1.     Wait for the right time

Timing is a necessary factor when bringing up your salary issue to ensure a successful negotiation. If you do it at the wrong time, the negotiation may be dismissed way before it even started.

One of the best times to request a raise is just after an accomplishment at work or when you notice the company is financially buoyant.

So, if the company just signed with a new investor and is celebrating wins, wait for the time your employer is open to a conversation.

2.     Be sure of the figure

Your salary estimate must be in line with what companies pay for that role. Show them factual evidence of the pay you are requesting. Use enough salary data and career research platforms out there.

Some of them are; Payscale, Glassdoor, LinkedIn, and Salaryexplorer, and Saalari. 

3.     Make your case

Getting a positive response from your boss is not just by stating facts about earnings. If they check your record, would they find you worthy of a raise? If so, how do you make your case?

•  Practice your pitch and expect questions, because there will be questions. 

• Prepare yourself with data showing the performance you bring to the table. Let your performance be the reason for a raise, not because you need it.

• Have the exact figure in mind in case they ask you.

4.     Maintain a positive tone

Whatever you do, please, don’t be rude or sound pessimistic. Use phrases like, “I know I can…”, “I believe I have…” and not “I think I can…”  

It may get to a point where your boss may respond by saying:

Uhmm, we love all you do here, but this is outside our budget at the moment.

Maintain your courtesy and keep your confidence intact. Give it some time and try again. 

Sometimes, a new offer may not happen for you immediately. Your manager may say they need to get back to you or talk to HR. If you leave with a yes, good for you, and if it’s a no or maybe, it’s not the end of the conversation. Give them a break – a month, maybe two. Then, revisit them with this offer. They’ll come around. If they don’t, keep your eyes on the streets. Talk to you again soon.