Asking for a Raise

After all the hard work you have done throughout the year, you feel you deserve some extra money in your pocket, but how to ask for it. You can as well leave your current job and start working for another employer and get the kind of hike you want. But if you want to stay back and still want a hike, you have to ask for it. You would need detailed preparation and planning while asking for a raise. Moreover, you will also have to consider the time when you ask for a raise, the pay practices of the employer and the rates of pay for similar positions in the industry.

Asking for a Raise Tips

Familiarize with the Pay Practice
There are several things you need to consider before you sit down for negotiating a raise. The first and the most important thing you should do is to familiarize yourself with the pay practices of your employer. If your employer gives a salary raise once a year, there may not be any use of you asking for a raise at any other time. Similarly, if the company declares that they would give a raise of say 5% for all employees, your chances of asking and receiving a hike is slim, but if that's not the case, your chances are brighter.

Research
Research of the current trends in the job market would do a lot of good while negotiation. Moreover, you can also opt to network with other employees in other companies but in similar industry, so as to know how competitive you are and how much raise can you ask for.

Determine Your Contribution
Once you have completed the research, you need to list down points and areas where you have worked for the growth of your company. The point here is asking yourself, why do you deserve a raise, what is it, which you have done all these months which is different from others. Make a list of all that you have achieved for the company and how your achievement has helped the company grow. Make notes of how you have saved additional costs for the company or may be important projects you've accomplished. Moreover, you can list additional responsibilities you have taken for the company's growth.

While meeting your boss, you would need to provide hard facts to support your demand, so, you have to do your homework well. If you are not sure of your performance, it can be a good idea to ask what you need to do exactly, by which you would be eligible for a pay hike in the near future. If you want to be successful in asking for a pay rise, you need to remember that it's always based on what you have accomplished and your merit and not on why is money required.

Be to the Point
While asking for a rise you need to come to the point directly and be straightforward while requesting. Mention the reasons for asking for a raise at this point of time. This is where you should mention your contributions and achievements and be prepared with all the facts and figures. Moreover, you also need to be specific with the kind of raise you are looking for.

Never Threaten to Quit
In case your boss says that he is not able to give you a raise at this point of time, you need to ask what you should do to get a raise as soon as possible. Always remember that there are differences between employees who perform their job as expected, and employees who exceed expectation. In case you don't get a raise, never ever threaten to quit. You are never going to get a raise. Moreover, you should not use an offer from another employer to negotiate a raise. You are bound to fail. During the process of your negotiation your employer would come to know what is your expectation from the company and if you use an offer while negotiating, you will never ever get what you want, even if the employer was thinking of giving you a plum assignment.

So, preparation and planning are the two most important things you should do while asking for a raise. It may be somewhat scary for some, to ask for a raise, so you should be prepared to hear a negative answer all the time. If you don't plan and prepare, you are bound to fail, and if you fail, you have lost a good chance to get a raise.