Can anything else be more stressful than approaching your boss for a hike that too at the time of recession? If you think you really deserve a hike, you got to talk to your boss it. But if you have no idea about how to discuss it with your boss here is a list of things can help you face your boss and ask for a raise:
Be reasonable: Before asking for a pay raise, make sure you first do some research work about common pay levels in your field. Find out how much money are your friends or ex-colleagues making working at the same post. Try and be realistic and keep your company’s financial picture in mind before talking about a pay raise. Most companies are going through a tough time currently, so you need to prepare yourself for a salary raise that’s lower than you expected. Or wait until the company starts performing well.
We understand that it’s not easy to ask for a hike at a time when companies are in a cost cutting mode. We suggest you write down your skills and your accomplishments and rehearse a brief presentation with a colleague or a friend before talking to your boss.
Fix up a meeting with your boss: Please don’t do the mistake of discussing your hike with your boss via email, at the water cooler, or over the phone, instead fix up a meeting with your boss. Tell your boss the amount of experience you have and the kind of hard you’ve put in for the firm in the past few years. You never know your boss may be convinced and it may help you negotiate a higher salary.
Take initiative in learning new skills and take on so9me responsibilities without being asked. Such steps could distinguish you and get you a higher pay even without asking.
Consider negotiating for perks: If your boss is not willing to give you a raise, have a Plan B ready. Try asking for other perks besides cash, such as additional vacation days, increased job flexibility, education benefits or cell phone allowances.
Never use your bills or living expenses as a reason for a raise: Remember, your cost of living is not your boss’s issue or responsibility. Your raise should be solely based on merit, not the new car you recently purchased.
Your timing needs to be correct. If you present your appeal directly after your boss has received some bad news, s/he will be less receptive to your request and might refuse. So, talk to your boss when s/he is in a good mood. If you are likely to complete a valuable project in the near future, wait until it is done. If the project turns out to be a huge success, ask for a raise, as your success will be fresh in your boss’s memory.
The above may be mor or less applicable to countries like US or MNCs based in India where ad hoc performance oriented hikes are granted. We have heard of employees getting hikes more than once in a year or rather half yearly performance basis regularly when meltdown or recession were not in he picture. Now it may be different and an employee might have to bring to his boss’s notice his extra- ordinary performances beyond the call of duty resulting in recurring substantial benefits or savings to the company.
If the performance is Good or V.Good it is just considered as ‘doing your job’. Only perfomences rated as ‘outstanding’ are recognized and if Company’s financial position is good the employee may be considered for a hike (of course after achieving “Outstanding” and “extraordinary” performance)