You are contemplating how to ask for a raise. You have your reasons, but are they the right reasons? Chances are, your reasons center around your expenses being too high and your current pay just isn’t cutting it. That may be true, but guess what? That reason will NEVER get you a raise. Imagine walking into your boss’ office saying, “Hey Boss, my rent just went up. I think I should get a raise.” Can you hear the violins playing? You’ll get little, if any, sympathy. Times are hard for everyone.
So then what do you do? Well, we’re here to share the top 5 reasons to ask for a raise. These are justifiable reasons that will get your request considered. Note: The justification of these reasons will determine if you actually GET the raise.
5. You haven’t received a raise in two performance cycles.
This sounds like it should be higher than #5, right? Well, this is where you often get the “budget” objection. “We just don’t have the money to give you a raise.” However, if it’s been more than two cycles, it’s likely that there’s something your boss can do for you. You just have to show him/her WHY you should get the raise based on your performance over those two cycles.
4. You have received a sudden increase in your responsibilities.
These days layoffs often drive companies’ needed increase in productivity of its employees. Think of it like this, the company has just let go a ton of people. There has to be some money freed up. Now would be the time to over-perform because in the few months following, your request for a raise has a high probability of being honored.
3. You recently received a prestigious company award.
Merit is always important. Winning an award proves your worth. It can’t be “Employee of the Month” or something similar. This has to be an award that means something. One that makes your peers jealous. Then you know you have the right one and should ask for a raise.
2. Your peers make more than you and you outperform them.
If you find out one or more of your peers makes more than you do and you’re outperforming them, you have to ask for a raise. This is an imperative because you have data that says you’re undervalued. Don’t be afraid of retaliation for talking salary with peers as you don’t have to reveal how you know their salaries. The fact that you know them will be enough to start the process of increasing your salary.
And the top reason you should ask for a raise….
1. You received a job offer from a competing firm.
When you get an offer from another company, your boss realizes that you’re serious about leaving. If you truly want to stay at your current firm, then ask for a raise. They will likely come back with a good counter-offer. Leverage has its privileges.
There you have it. Ask for a raise because there’s a business reason for them to do so, and your chances of getting it skyrocket. Have you recently asked for a raise? Tell the story in comments!
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