The number of employees that are lucky enough to manage a raise this year is very low. I don’t really believe in predictions and forecasting, but if the same condition persists, the number could be much lower next year. How is it possible for you to manage a raise amongst thousands of individuals striving for the same appraisal? How are you different from the rest?
Last night you met an old friend of yours who just got laid off. You have already met seven such guys this week. Forget about the rise, you are feeling fortunate enough to have a stable job, which you don’t want to lose by asking for an appraisal. It’s just not the right time to ask for it. You work even harder because you are not sure whether it’s safe to waste a single minute in such an environment.
You think you are not good enough just because the recession hit our country? You very much deserve it and yes, during this period of declining economy.
Have you ever heard any individual getting fired just because he asked for a raise? I haven’t. It this happens it is sure to appear in the newspapers. I haven’t read such article either.
Ok. People don’t get fired just by asking for a raise. But you are aware that the company’s financial position is not that sound. Then why ask for a raise? Because it will save you from being fired. According to Garfinkle, a career coach, your boss or your senior will definitely have greater respect for you, if you have the guts to ask for a raise. Remember, you are asking an appraisal when employees are being laid off. If you can ask for an appraisal at such a time, your boss will think, you definitely are working harder. Chances are quite low or nil that they will be handed over a pink slip. How’s the idea?
A way to begin
You cannot just directly jump on the topic of raising your salary as soon as you enter your senior’s cubicle. The market is worse than ever. Companies have been hit tremendously and your boss is an owner of one such company. So, it’s vital to remember that he is more pressurized than ever. The best way to ask is something like this, “Sir, I understand the situation that our organization is going through. The financial stability is quite unsteady. However, I have been achieving lots of things to boost the productivity and earnings of the firm. I would appreciate if you would agree to take another look at my cost to the company (CTC).”
A key skill that you need to carry along with you while you negotiate on the raise is confidence irrespective of the place, time and period. However, confidence comes with enormous preparation. If you have achieved something significant, get the number on the desk, jot down the list of your skills and the financial impact each had. You can include these points:
- Targets Achieved
- Successful Projects
- Bottlenecks resolved tactfully
- A contribution of innovative plans and its impact
- Feedback by your coworkers
- Performance of your team
- Amount of Expertise acquired
These pointers along with actual figures are quite difficult for any employer to turn down. If these don’t work or to complement these with some more confidence, try these strategies:
Do you know how much you are worth? Ask the Human Resource Department. The costs involved in hiring and training a new employee is more than 1.5 times of your income. Also, it doesn’t include the amount of hardship your immediate seniors would face after hiring a new employee on your behalf. The raise you are asking is much less than 1.5 times and the hassle.
Do the impossible. Think of an amount that you would never dare to ask as an appraisal. Now, get the statistical data that would complement your argument. And try your best to ask for that impossible amount.
While negotiating, don’t try to express your emotions. Concentrate on statistics. Do not say “My team actually listens to what I say.” Instead say, “I increased the sales of my team by 30% and the turnover is reduced by 40%.”
When can you ask for a raise?
An ideal period to ask for an appraisal is every 12 to 15 months. And if you feel that the amount you received to quite less, it’s completely fine to ask again in another 6 months. You are not asking for charity, it’s your hard work that you are pricing.
But how are you supposed to know that your income is not at par with others at your level? Simple. Log on to Salaryexpert.com or Jobnob.com. If you learn that your salary is lower than what you should get, ask for a bigger amount aggressively.
Also, it’s always wise to ask for an appraisal after you have accomplished something great. Of course, for the company. Or when you think your boss feels proud of you. It’s also important to consider the mood of your boss. Try to approach on a day of the week when she is less stressful.
Your preparation should be like you are definitely going to get a raise. However, when it comes to expectation, be ready to be rejected.
You are more likely to hear sentences like “I understand, but this is not the right time to grant you a raise” Or “You are doing well. You will definitely get it next year.”
“No” is a motivation
A rejection is a gateway to try other methods of asking for a raise. As soon as you listen to the cynical statements of your boss, try to reaffirm your arguments but with a softer tone and in a positive manner. As her i,f any perquisites are viable, if not a raise. If you are given no raise or any other benefits, ensure that you fix a reassessment meeting after half a year. You can ask you boss what he or she expects from you to get a raise. Jot it down and start working enthusiastically.
Alright. You have got enough of strategies to get a raise. However, it may seem quite intimidating to get started. Begin with simple things. Initiate the process by checking the income calculator. Always remember, your boss will never come to you and offer you a raise. Go and explain to him why you are worthy to get it.