Despite inflation and the potholes that companies are going through, some experts say that it is the right time to claim personal value in the form of a salary increase.
Are you thinking of asking for a salary increase, but do you think that the economic situation is not ideal? You could be wrong. This is how some experts consider it, who affirm that, in difficult situations like the current one, putting yourself in value within your company is more important than ever.
According to a renowned American human resources expert in Business Insider, when the economy is unstable, the most far-sighted entrepreneurs decide to reward their best workers with a salary increase. Considering the levels of inflation, the energy crisis, and the uncertainty that the war between Russia and Ukraine has generated throughout the world, it could be the perfect time to ask your boss for an improvement in economic conditions.
Moreover, in an environment that is compounded by the talent crisis that has put companies seeking to incorporate workers into their workforces in 2022 in serious trouble. If this is your case and you want to ask for a salary increase in the coming months, Here are some tips to increase the probability of success.
How To Successfully Ask For A Raise In 2022
Do not be afraid
One of the main reasons why many workers do not ask for a salary increase is the fear of a negative response and possible retaliation after requesting it. Getting that idea out of your head and beginning to value your own work is the first step toward improving economic conditions.
However, it is not always the best time to ask for a raise. In this sense, you should know that your success rate will grow if you have just successfully completed a project or intend to increase your workload and responsibility while your salary grows.
Prepare your arguments
Once you have made the decision to request a salary increase, it is important that you organize your ideas and collect all the arguments that you will use during the negotiation. It can be the average salary in your sector, an increase in your productivity, the benefits you report to the company, or the time you have been with the same salary. Only you know what can make your boss decide that it is convenient to improve your conditions.
The negotiation
It is the most important phase when asking for a salary increase. During the negotiation, you must clearly state your reasons, but also be willing to listen to the other party. And sometimes the answer is not very positive. However, you must stand firm and counter with real examples.
What If You Don’t Get The Raise?
If your worst nightmares come true and the company’s response to the possibility of a salary increase is negative, all is not lost. It is best to ask about the reasons for the decision and what you can do to improve and opt for an upgrade in the future.
Frequently Asked Questions About Reasons To Ask For A Raise
How to ask for a raise?
1. Ask for what you want in terms of salary, benefits, or other things that matter to you.
2. Be clear and concise with your employer.
3. Show interest and respect in the position your employer is offering.
4. Don’t be afraid to ask for more money.
How to ask for a raise, when you are underpaid?
1. Figure out your current salary.
2. Determine your target pay.
3. Research companies that have higher pay-for-performance ratios.
4. Find out what the median pay is for your position.
5. Talk to your manager and HR about getting a raise.
6. Don’t take no for an answer.
What are benefits of salary increase?
1. You get more money to pay your bills and enjoy life.
2. You can save to achieve financial freedom.
3. You may be able to get a raise if you deserve it.
4. Your employer is less likely to lay you off during a recession.
5. You’re more likely to get promoted.
How to ask for a raise in a small company?
1. Know your salary range.
2. Ask for more than what you’re currently earning.
3. Be honest about the benefits of your role.
4. Don’t expect a pay increase unless you ask for it.
5. Give a year’s notice.
6. Show gratitude for the job you have now.
What are types of salary increases?
1. Lump Sum – This is a single sum paid all at once. This can be a bonus or a raise.
2. Periodic – This is a series of payments over time, usually monthly.
3. Non-Periodic – This is a one-time payment or bonus.
4. Retainer – This is an annual payment to a consultant who is hired for a specific project.
5. Bonus – This is a one-time payment. This can come from a company or a client. It is given at a particular time in order to celebrate something.
6. Raise – This is a raise that is applied to a salary to reflect an increase in position. It can be a bump up to a new job or a promotion to a higher-level position.
How to get a raise?
1. Negotiate a flexible schedule that includes time for both you and your family.
2. Show your manager that you’re willing to work hard for the company.
3. Don’t just ask for a raise, show your boss how much money you save him or her.
4. Ask for what you want in your current role, rather than moving into a completely new role.
5. Don’t take no for an answer. If you really want to be considered, ask to move into a new role and negotiate terms in advance.
6. Find the best opportunities outside of your current position.
7. Write an effective resume for any role you might apply for.
8. Network with your peers. They may be able to refer you to a job opening
What do you say when asking for a raise?
1. Do your research and look at what others have received.
2. Find out if it’s a normal amount or if it’s unusually high.
3. Find out the reasons why you think you deserve more.
4. Don’t be afraid to ask if you’re being underpaid or treated unfairly.
5. If you’re still unsure, then ask for other options or lower pay.
Why should I ask for a raise?
1. Ask for what you want.
2. Give your company a chance to succeed.
3. Know your worth.
4. Be realistic.
5. Negotiate.
6. Show your worth.
7. Get creative.
8. Don’t be afraid to ask for a raise.
9. You deserve to make more money if you’re working longer hours.
10. If you’re getting paid less than you deserve, you have a right to ask for a raise.
11. When you ask for a raise, you’re being proactive in your career.
How do you ask for a raise when you deserve it?
1. Ask for a small increase first.
2. Ask how much they’re willing to go.
3. If they say no, ask how much more than what you’re currently earning they’d be willing to pay.
4. Do research on the company you work for, and see how much they typically offer.
5. Let them know that if they don’t give you a raise soon, you’ll be looking elsewhere for employment.
How much of a raise should I ask for after 1 year?
1. If you’re on salary, ask for a raise every year.
2. If you’re on commission, only ask for a raise when you’ve made at least 25% of your sales target.
3. If you’re on commission, ask for a raise every time you hit your quota.
4. If you’re on commission, only ask for a raise every time you earn more than your target.
What are reasons to ask for a raise?
1. You can be more productive.
2. You can earn more money.
3. You can feel happier.
4. You can do more good in the world.
5. You’ll save more money.
When to ask for a raise?
1. If you’re new to the company, don’t be afraid to ask.
2. If you have more experience than your peers, ask for a promotion.
3. If you are underpaid compared to your peers, ask for a pay increase.
4. If you want to move up into management, ask to become the manager.
5. If your employer is hiring, ask if they would be interested in adding you to their team.
What not to say when asking for a raise?
1. Don’t ask for a raise during your first few weeks on the job.
2. Don’t ask for a raise if you aren’t willing to give anything in return.
3. Don’t ask for a raise if you’re not being productive.
4. Don’t ask for a raise if you don’t want to put forth the effort to improve your work.
5. Don’t ask for a raise if you think you deserve it already.
6. Don’t ask for a raise if you’re afraid of losing your job.
7. Don’t ask for a raise if you don’t have any leverage.
8. Don’t ask for a raise unless you want it.
9. Don’t ask for a raise if you can’t afford it.
How do you say asking for a raise?
1. Ask in writing, don’t be vague or rude.
2. Keep your expectations realistic.
3. Have examples of your past raises.
4. Write down how you spend your time, and where you’d allocate more hours.
5. Get feedback from your boss, they know the industry best.
What is the best time to ask for a raise?
1. During the interview.
2. At the end of the year, at the beginning of a new year.
3. Just after the holidays.
4. When you’re in the middle of the year.
5. During the summer.
How do you politely ask for a salary increase?
1. Have an honest conversation with your boss about your current salary and how far above/below the market rate you think you should be paid.
2. Keep things professional, and don’t be afraid to mention a particular industry salary scale or what you believe your value is.
3. Do your research ahead of time so you can present your request in the best way possible.
4. Be prepared to negotiate a higher salary if you feel it’s justified.
5. Remember, asking for more money doesn’t mean you’re greedy or entitled.
Conclusion
If you are asking for a raise during a slow period, you’ll likely be told that you are lucky to have been around for so long. However, if you ask for a raise during a busy period, you’ll have a much higher chance of having your request granted. As you get older, you should start asking for raises more often and with better timing than ever before. Your salary should rise automatically with your increased responsibilities, but if you wait too long, you’ll find yourself stuck at a lower salary than you’d like to be.
