1. Proper Timing
The key to a successful raise request is proper timing. Many employees make the mistake of waiting until the company\’s annual meeting to request a raise. In any case, this is too late. By that time, the company\’s budget for the following year is more or less ready and there is often no room for new expenses. 17] Find out when the company\’s budget for the new yearwill be prepared and make your request at that time. Plus, of course, it is also a good idea to request a raise when you have been professionally successful. Have you completed an important project? Brought a new client to the firm? Or got a promotion? These are the times when you should put your name to your proposal. In addition to the company\’s situation and your performance, you should also consider your boss\’s current mood and your own. Wait for a time when both parties are in a good mood and there is no rush. Take advantage of the fact that you have been with the company for some time and know your boss well. Do they tend to be grumpy in the morning? Do they time their requests to the afternoon? Or, conversely, do they rush home after work? Stop by in the morning.
2. Be realistic
Research the market and company conditions before actually making a request. If the company is doing well and salaries are rising in your industry, this is a great time to submit an application. Of course, don\’t expect your boss to approve twice the salary. Ideally, ask for a 5-15% raise,and be prepared to negotiate.
3. Argue based on facts
Once you have successfully negotiated a raise, argue professionally, calmly, factually, and using data. Discuss company conditions, industry conditions, and your contribution to the company. Use specific examples to explain how you have contributed to the company, mention projects you have worked on, and remind your manager of your accomplishments. Showcase the skills you have acquired since joining the company. Leave out family and financial situations… Even if you need money 100 times over for a new mortgage or a growing family, you are unlikely to impress your boss. Similarly, threatening to move to another company is counterproductive. Even if you receive a lucrative offer from a competitor, such behavior comes across as unprofessional and makes your boss think you are someone who is only staying with the company for the money.
4. Don\’t take failure as the end of the line
Even if your boss rejects your offer, don\’t take it as a sign of reluctance or personal animosity. In many cases, it may simply be because the company\’s situation cannot afford to give you a raise. Another reason might be that the company has a set career path and the boss is not willing to back down from it. Even if the answer is negative in the moment, it is normal for the boss to remember these requests and may reconsider your proposal if the company\’s situation changes. In any case, it is important to continue to assert yourself even after receiving a negative response, and you should make it clear that the negative response will not affect your job performance.