Asking for a raise does not have to be intimidating. Read about your rights and how to request them here.
What you’ll discover:
What factors should I consider before requesting a raise or bonus?
What information should I gather before requesting a raise or bonus?
What is a reasonable increase or bonus to request?
What should I refrain from saying or doing while requesting a raise or bonus?
What should I do if my supervisor says “no” or “maybe” to a raise or bonus?
You have worked tirelessly throughout the year, taken on new duties, and exceeded your manager’s expectations. The issue is that your rising worth to the organization is not represented in your salary. If you wait for a raise or a holiday bonus, it may not come. If you think you are entitled to a raise, you must ask for it; nevertheless, there is a proper and wrong method to do so.
Table of Contents
What factors should I consider before requesting a raise or bonus?
Do not just go up to your boss’s door and ask for a raise, particularly if you are unable to articulate why you deserve one. Prepare as though you were going to a job interview, and be aware of your employer’s business cycle.
The majority of organizations conduct performance evaluations at the conclusion of the fiscal year. This is the time when you will most likely be given a raise, bonus, or promotion. If nothing is presented or addressed, this might be a good time to bring up the subject.
The day of the week or even the time of day may be important factors depending on the personalities involved. Try skipping Monday mornings or scheduling your meeting later in the week if your supervisor is more accommodating closer to Friday. When your supervisor is most open to discussing salary, you may help the meeting go more easily.
Most importantly, you must be honest with yourself and assess why you deserve a raise or bonus. Being a long-tenured employee may not be enough. The majority of increases and incentives are given based on performance and overall value to the firm.
What information should I gather before requesting a raise or bonus?
Several businesses undertake organized yearly performance evaluations based on quantifiable objectives, which are often referred to as key performance indicators, or KPIs. Some businesses utilize a less formal evaluation procedure, while others do not. You will need to create a pitch on why you deserve a raise in this case. Remember that the quantity you need is unimportant to your supervisor, so concentrate on your worth as an employee.
If you are making significant, tangible contributions to your company, you may feel comfortable asking for a raise. Avoid broad remarks about your worth and instead concentrate on your key performance indicators (KPIs) or other performance statistics, particular achievements, or feedback from colleagues. Mention how you accomplished or surpassed objectives, assisted others in the firm in meeting theirs, or took on more responsibility. Whenever possible, utilize objective data.
Many businesses have a somewhat inflexible wage structure. Raises and bonuses may be restricted to a particular percentage of your basic income and only available at certain times of the year in some firms. In certain circumstances, each department receives a lump amount for year-end incentives and must decide how to distribute it among the team members. Knowing your company’s wage structure as well as its attitude to increases and bonuses can assist you in managing your expectations.
What is a reasonable increase or bonus to request?
In general, you should ask for a raise of no more than 10% of your existing income. There are, of course, exceptions. A business with limited cash flow, for example, may be able to provide stock or benefits instead of a pay rise. Conversely, if your compensation is much lower than similar positions in your area, you may wish to argue for more than a 10% raise.
An internet search may be beneficial in discovering the typical salary for a certain position in a specific geographic region. Salary information on some websites is split down by characteristics such as years of experience, education level, location, and more. If you are eager to take on a new challenge, you may consider asking for a promotion, which usually comes with a pay boost.
You have the right to negotiate if you get a raise or bonus offer that you consider is too low. If you ask for too much, your manager may decline your request as long as you are courteous. Nevertheless, if you request a particularly large increase or incentive and are unable to back it up with similarly good performance indicators, you may jeopardize your reputation.
What should I refrain from saying or doing while requesting a raise or bonus?
When requesting a raise or bonus, you must strike the correct blend of confidence and humility. In other words, you should know your worth and be prepared to explain why you feel you deserve the additional cash without sounding entitled or demanding it. It all comes down to attitude and tact. It is generally best not to discuss deserved or requiring a better income. Simultaneously, avoid seeming regretful when requesting what you feel your efforts are worth.
You should also avoid:
Complaints about your workload or degree of stress.
Threatening to leave.
Unpreparedness or inability to measure your efforts.
Discussing how much people in the organization make.
Bringing it up at the wrong moment or with the incorrect person.
If you suspect there is a gender wage discrepancy, you should speak with a lawyer or your company’s human resources department.
What should I do if my supervisor says “no” or “maybe” to a raise or bonus?
If you are certain that you have earned a promotion or bonus, hearing no or maybe in return might be devastating. The last thing you want to do in this circumstance is show signs of being irritated or disappointed, since this is unlikely to work in your favor. That doesn’t mean you have to be pleased about the rejection, but it can be in your best interests to maintain your cool and keep your cards close to your chest.
For example, you may have been a good performer for some time, but your company just would not let you go. If this is the case, you may wish to look for work elsewhere. Maintaining strong relations with your supervisor and coworkers may put you in a better position to ask for professional recommendations and preserve a favorable professional reputation.
There might be other reasons why your company is unable to grant you a raise that have nothing to do with you, especially if the answer is perhaps. Maybe your manager believes that you deserve a raise and is looking for a method to make it happen.
