Talking money can be stressful, no matter how confident you are about your skills or performance, the prospect of that conversation drums up anxiety. Most of us feel awkward about initiating the conversation with our bosses and we also worry that we might sound greedy or ungrateful. Below are a few things to consider if you’re planning on talking to your boss about a raise.
Be sure it’s the right time – Picking the wrong moment to ask for a raise could harm your chances, so it is important to time this discussion well.
Consider how long it’s been since your last raise – Most companies revisit the salaries of their employees every year after a performance review is done. Based on your performance, you are given a raise, however, if you have received a raise in the past 6-8 months the chances of you getting another raise are pretty slim.
Reflect on your recent work – Look back at your last year of work tasks that you have completed since your last review and highlight where you went above and beyond your bosses expectations. Quantifying your work will help your boss see the value you are adding to their company.
Know what you are worth – Compare your current salary to the salary range of what other companies are offering for the same position as you. There can be differences in salaries based on geographical location such as Cape Town, Johannesburg, Durban, etc. If there is clear evidence you are underpaid compared to others who do similar work in your city of work, it will be easier for you to justify your pay raise.
Stay positive and enthusiastic – When asking your boss for a raise it can be uncomfortable and awkward. To help cut the awkwardness you should set the tone by being positive and enthusiastic about the work you have been doing.
Get ready for questions – Your boss will more than likely ask you why you think you deserve this raise so make sure that you have your answers prepared. Having a list of legitimate reasons and emphasising on why you are important to the company will help your boss make a decision.
Be specific – When asking for your raise be specific with the figure that you have in mind.
The outcome – If you got the raise you worked hard to earn, you need to continue to prove to your boss that they made the right decision and if you didn’t get the raise then you can always improve and prove your worth to your boss to build yourself up to ask in the future again.