How do you ask for a raise in salary?

How to ask for salary increment?

If your recent browsing history is brimming with ‘how to ask for salary increment,’ ‘salary negotiation tips,’ and ‘salary increment letter samples,’ you’ve landed to the right source.When you feel underpaid, you either ask for a salary increment or opt for a career change. Your boss noticing the accomplishments and offering you increment is undeniably an ideal but rare situation in today’s corporate world.

No matter how long your achievements list is, you’ve to wait for years before asking for a raise you deserve. A pay raise request to a manager becomes stressful and challenging at times. Listing accomplishments, and having a polite conversation while asking for a pay raise counts as key salary raise tips.

Here’s a list of tips to follow while drafting a salary increment request letter.

Salary negotiation tips

Salary Raise Tips While Asking For an Increment

Salary increment decisions by the manager are highly influenced by performance reviews and appraisals. However, at times your work remains unrecognized and you receive much less than what you deserve.

Asking for a raise can be the ultimate solution amid dire straits when you’re not being paid enough.

Determine the value of your job position Check out salary comparison websites or engage with peers to know your worth in the market. Research on competitive pay, compare market pay rates with your pay scale. This provides you a better idea of the right salary to shoot for while writing a salary increment request letter. While discovering online tools, ensure to focus on job responsibilities each title mentions.

Know your company’s compensation practices Knowing your company’s pay practices and increment policies tops the list of rewarding salary negotiation tips. Learn about increment duration, compensation range and pay approach followed by your company. Decide over time to ask for increment and negotiate salary according to your company’s pay range.

You’re worth more money Be confident about your work and that your skills bring higher returns to the company. Ask for an increment by listing the goals you accomplished and targets you hit successfully.

Schedule the meet wisely If your company follows a persistent performance review cycle, schedule your meet before that. You can also ask for salary increment on attaining a remarkable target or milestone.

If your company is going through frequent layoffs or if you screwed up while working on your last project, you must resist asking for a raise.

Don’t beg for what you deserve Never beg for a raise you know you deserve. Ask for a raise with confidence as you add a greater value to the company’s performance.

Explain why you deserve the increment by demonstrating your achievements and how they benefited the business.

Show your value by elaborating responsibilities you’ve taken on. Working for long hours isn’t enough to justify a raise. You need to prove how you’ve gone above and beyond to resolve challenging situations.

Know your boss well When it comes to negotiating a salary increment, some managers prefer having a one-on-one conversation the rest prefer doing it over an email. While many get convinced by data-driven presentation, for some of them a polite request might work.

Plan curating your salary increment request letter by knowing what works best with your boss.

When is it the right time to ask for a salary increment?

You’re satisfied with the current job position but can’t ignore the fact that you’re paid much lower than the minimal paycheck. It has been several years since you received an increment. You’re fed up with a steady 5% increment since you joined the company. There’s no motivation left to improve your self-confidence as well as dedication for the job.

It’s time that you need to give these nerve-racking situations a hard nudge and prepare for a salary increment request. When you ask for salary increment, timing of the pay raise request, the company’s economic position, and the market situation often influence the manager’s response.

The best time to discuss increment with your manager includes: During annual/quarterly performance reviews When you’ve chalked marvelous accomplishments When your manager seems highly satisfied with your work At the end of the financial year