Asking for a salary increase can be a touchy subject, certainly not an enjoyable prospect. However, you can simplify this task if you initiate action at the right time and conduct some research prior to entering discussions. The more prepared you are, the more rewards will pass your way. In today’s world where companies are leaner than ever before, going above and beyond your responsibilities and expectations is common. As you take stock of your work and build a business case to advance your salary, you will be surprised to see how much you have accomplished throughout your tenure and what you have been asked to do, shifting the mindset for greater compensation.
Proceed with caution when asking for a raise. Often, companies will ask you to assume additional responsibilities. This is the time to put forward a business case for a salary increase. Seize on this opportunity, especially if your performance has been acknowledged by management.
Another chance to initiate a conversation is when the company has performed well, and finances are sound. Again, research the company’s financial reports and strike while the chatter over the recent corporate quarterly or annual earnings report is hot. Back your case with some examples of your own performance.
Finally, another option is to wait until your annual performance appraisal. A few weeks prior to the anticipated review, open a constructive dialogue with your boss about a potential salary increase based on an assessment of your accomplishments and how you have assisted the company or the department in reaching its goals.
A salary increase may not be at the top of peoples’ agendas as it can lead to misinformation and awkward conversations. So be firm with your request and support it with facts and figures.