You’ve been working hard at your job for the past few years. It is now time to plan how to propose a raise to your boss.
What will I learn?
Everyone who goes out of their way at work has exceptional performance deserves a raise. But the question is how to propose a raise to your boss. We will discuss it below:
How To Propose A Raise To Your Boss – 3 Ways
If you’re trying to get a raise, there are a couple of things that you should know. Firstly, you need to understand what your company wants from you.
Secondly, you need to be the best at doing that thing. Here are three ways to propose a raise:
1. Make A Presentation:
The best way to ask your boss for a raise is to present. Later in the article, we will discuss what factors to consider when asking your boss for a raise.
Acknowledge them in your presentation, and you are good to go. Moreover, make the presentation to the point and includes facts and figures such as:
– Your performance in the form of KPIs.
– Market competitive salaries in your position
– Company’s sales and profits
However, do not bore your boss with too much information. Be direct and concise.
2. How To Propose A Raise To Your Boss – Write An Email To Your Boss:
You can also write an email to your boss to ask for a pay raise. In the email, mention the points discussed in the presentation point above.
If you have your presentation ready, you can add it to the email. Here is a sample email:
“Dear Sir/Madam,
I hope you are having a good day.
The purpose of this email is to ask for a pay raise. I have been working in the company for [mention duration]. My skills have grown throughout this time. Also, I have brought much sales and profit to the business.
It is now time to say that I deserve a pay raise. I have attached a small document with facts and figures about the reasons for demanding a pay raise. Please find the attachment below.
Regards,
[Your Name]”
3. Talk To Your Boss In A Professional Meeting:
A simple way is to discuss with him the said topic. Mention the reasons why you deserve a pay raise. Moreover, mention how it will benefit you for your future performance.
In the meeting, be professional, direct, and precise. Do not beat around the bush. Be ready for questions he might ask you. And be confident because it is your right.
4. Close The Deal:
After you’ve made your case, it’s time to close the deal.
Reiterate your qualifications and what you feel you deserve, then provide a timeline for when you’d like the raise to go into effect.
You might say something like, “Based on my experience and qualifications, I feel that I deserve a raise of [amount] per month.
I would like this to go into effect by [date].”
This way, you’re giving your boss a specific request to consider. You will come off as honest and communicative.
5. Be Open To Negotiation:
Keep in mind that your boss may not be able to give you the exact raise you want, so be open to negotiation.
Be willing to compromise on the amount or timeline in order to come to an agreement that works for both of you.
For example, you might say, “I’m open to negotiation on the amount or timeline of the raise.
What do you think would be possible?”
6. Thank Them For Their Time:
In the end, thank your boss for taking the time to meet with you.
This shows that you appreciate their busy schedule and are grateful for the opportunity to speak with them.
You can say, “Thank you for taking the time to meet with me. I really appreciate it.”
And once you have ended the meeting, make sure to send a thank you email or note.
This will help to solidify your relationship and show that you are truly grateful for the meeting.
Also, you can send a follow-up email after a week or two, reiterating your interest in the raise and thanking them again for their time.
This will show that you are still interested in the raise and help to keep the conversation going.
10 Things To Consider Before Proposing A Raise To Your Boss
The more you can do for your company, the more likely they will be willing to pay more for your services. It isn’t a hard and fast rule.
Many factors go into how much money companies are willing to pay their employees.
But in general, being able to do more means being worth more. Before asking your boss for a raise, it is time to consider many other things. Such as:
1. Do Your Research And Understand The Market:
First, you need to identify if your pay aligns with the market. A good way to do that is to get in touch with your colleagues working at different companies.
You can also check out salary comparison sites for this purpose. This market analysis will make you understand if asking for a pay raise is a good idea or not.
However, do not discourage yourself if others in your position are getting no pay raise. It depends on your skill and talent too.
2. Before Proposing A Raise To Your Boss – Calculate What Salary You Deserve:
Once you have the pay scale of your industry, it is time to calculate what salary you deserve. Include the working hours, your input, and market competitive salaries.
Do not be too greedy when asking for a raise. Know what you deserve and only ask for it. Moreover, take help from someone good with finances.
After you are sure of what numbers to put on the table, go to your boss. You do not want to stammer with exact numbers if your boss asks, “How much raise do you want?”
3. Consider What You Offer To The Company:
You need to identify if your job performance is satisfactory or not. If it is, you should consider what all you need to excel in the future.
Understand what you are worth in the company. What are you offering to the company, and what are you getting back?
Determine the KPIs your boss has made for you and whether you fulfill those KPIs or not. Make a list of your accomplishments and contributions to work.
Once you understand your performance well, you can convince your boss for a raise. Moreover, you will put numbers on the table as per your skill.
4. Prepare A List Of Reasons Why You Deserve A Raise:
Using the information from the previous task, prepare a list of reasons you deserve a raise. The reasons can be:
– You have been in this position for over six months or a year.
– You have been loyal to the company for a long time
– Your performance is exceptional
– You bring more leads or sales for the company than others
– You have accumulated vast experience
– Your company is giving others a pay raise
– You have devised ideas or methods to increase efficiency at work
– Your work has been profitable for the company
There are many other reasons, determine which ones suit you. Once you have them at hand, it will be easy to negotiate with your boss.
5. Before Proposing A Raise To Your Boss – Do Not Forget Company Benefits:
Employee benefits are not only insurance. Benefits include more than health care and retirement plans. Companies are offering their employees many perks and advantages other than a paycheck.
Data reveals that 70% of millennials want paid time off from work to volunteer. Moreover, data shows that 73% of millennials want flexible working hours.
These are some of the benefits that complement a paycheck. Therefore, understand your company’s policies and employee benefits program at your work.
While asking your boss for a raise, mention these benefits as well.
6. Make Sure There Is Room In The Budget For A Raise:
Before asking your boss to increase your salary, make sure he can. Companies have a selected budget for wages. Not every time a company can give a pay raise.
It is possible that they do not have the budget for it. Therefore, your whole planning will go down the drain if there is no budget.
Sometimes bosses have to cut down funding from other departments and give salaries. As an employee, you should know the status of your company.
You can talk to HR about it. However, HR won’t share private details. However, they can help you know if asking for a raise now is possible or not.
7. Before Proposing A Raise To Your Boss – Prepare For Rejection:
When demanding something from the boss, there are chances of rejection. You should know what to do in such a case. Have a backup plan ready.
For example,
– You can ask again after some time; meanwhile, you should enhance your performance.
– If you see no growth in the company, it is time to switch then.
It is the most crucial part of the plan: rejection. It will help you avoid disappointment.
8. Understand What Your Company Wants From You:
Understanding what your company wants from you is a big part of this plan. The best employees are the ones who understand what the company needs them to do.
Before you can understand what your company wants from you, you need to understand its values. Every company has its own unique set of values. For example,
– Customer focus and innovation
– Sustainable growth
– People development and engagement
– Financial performance
– Quality of work
Once you know the values, work on them, and only after mastering them go for a pay raise.
9. Decide On An Approach That Works Well With The Company:
Different companies have different systems for a pay raise. Some give bi-annual raises, some annually. Moreover, who to ask for a raise is crucial too.
Understand whether your boss is eligible to provide you with a raise or not. If not, then go to the person who has the power.
Whatever the system is in your company, try to follow it. Otherwise, you will get a clear rejection, and all your efforts will go to waste.
10. Timing Is Everything:
Ask your boss when he is available for a meeting. Likewise, please make an appointment with his assistant or PA.
Please do not propose a raise to your boss when you meet him in the hallway. Follow the proper protocol to have a meeting with your boss.
Conclusion:
Before asking for a pay raise, make sure you deserve it. There are many ways to ask for a raise, such as:
– Presentations
– Emails
– Direct meeting with the boss
Before planning how to propose a raise to your boss, there are things to consider such as:
– Company’s budget
– Market salaries
– Your performance
– Availability of your boss
– Company’s system of asking for a raise, etc
We hope you get the next pay raise with the tips mentioned in this article.
Last Updated on 9 months by Shahzaib Arshad
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