Sunday, February 25

Negotiating a Pay Raise

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Asking for a raise is often difficult, but understanding on how to approach this question can make your task relatively easier and greatly increase your chances of success.

Understanding the Market

First of all you should know what someone in your position is worth in the market. What is the average salary for this position and the benefits associated with it. Only then can you evaluate whether you deserve a raise or not?

Being well versed with the Company Policy           

Also try to understand when does the company usually hand out a raise to its employee? Usually what is the metric by which company gauges whether an employee deserves a raise or not? When have your colleagues and seniors been given a raise? Meeting with the HR will also greatly help you get a feel of when a raise might be on the cards.

Evaluating your Worth

When making your case for a raise you should be able to clear quantify your accomplishments. How much value you have added to the organization while you have been working? Also have an understanding of how much would it cost to the company if they look for your replacement. The amount of training the new guy would have to go through, the project delays that will cost the company.  Once you are able to objectively evaluate how valuable you are to the company only then can you present your case in front of your manager.

Raise should not only be about Money

If a raise is not possible due to budget constraints or other issues try to get other value added benefits from your organization. Asking for a better health allowance, more paid leaves or flexible working hours should also be part of your consideration when asking for a raise.

Realize that things might not go your way

Be mentally prepared for not getting what you are asking for. There could be a variety of reasons for this from employers not agreeing on the value you bring to the organization to it just not being the right time to ask for a raise. In case of a ‘NO’ ask your boss what is it that you need to do to stand in line of getting a raise. Or when will your case be evaluated again. If still you are not satisfied by the response it might be time for you to move on to another organization where your talents and hard work are valued.

 

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Editor-in-Chief|Business Analyst|Beta Gamma Sigma Member (An International Honour Society that recognizes those who distinguish themselves academically as the "Best in Business").

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