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Home > Trends > Compensation > How to write a request for a pay hike
HOW TO WRITE A REQUEST FOR A PAY HIKE When you have been in the current position for more than a year and have no plans to move, then the next step is to request for a pay raise. Some companies give routine pay hikes across the board, including bonuses, but when you have been in a position for quite some time and are comfortable about your job performance, then it is time you asked for a pay hike. First, you need to convince the employer that your contribution to the company is worth the reward. When you ask for a raise, preparation is the key. Timing your pay raise request is essential. It would be best if you timed it along with the annual pay rise decisions. Next, find out the general pay scales for the same job position in the market, and finally, the competition if there is any.
According to PayScale, in a survey of over 160,000 people, nearly 40% of the people surveyed said that they got what they asked for in their increase. Another 31% said they got less. PayScale reported that the most common reason employers said no to a requested raise was due to budgetary constraints—a rationale that many respondents said they didn’t believe. Post-Pandemic things have changed. It is both a tight job market on the one hand, and on the other, there is a problem of retaining high-grade talent. Job flexibility and remote working culture have opened the doors for people to jump to better paying jobs or better run organizations. Along with the above-mentioned preparations for a pay raise, read up on the contract you signed and what is mentioned about granting hikes. Most importantly, keep a ready reckoner of your contributions to the organization and any stellar performances that have brought profitability or better returns in terms of sales and services.
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