If you feel that you are overdue for a salary increase at work, here we have a theory that you will find interesting.
Generally speaking, the reason why you’ve not gotten a raise in your salary is because every organization’s primary financial goal is to minimize expenses and maximize profits. As a result, management may not openly initiate the conversation to increase your salary until you do.
Yet, asking for a raise at work is one conversation that many people find awkward because it involves money. I get it; I’ve been there and I totally understand. I put this guide together to help you navigate this conversation better and confidently ask for a salary raise.
Companies reward value, not just time.
Internalize this information; companies reward value. People who bring a certain value to a company have more potential to get a raise in their salary if they ask for it, irrespective of how long they’ve worked for.
How does this matter to you?
The first and best step to take towards positioning yourself for a salary raise at work is to become valuable. Value is interpreted differently in different companies to mean different things, but fundamentally, it is the same thing across board: a valuable person is an asset to an organization.
Setting yourself up as an asset or an employee of high value in an organization is not easy or random. In fact, it is one of the most strategic things you can do for your career or financial trajectory in any organization. See the next point.
Be as strategic as possible.
Simply being valuable is not always enough to get that raise in your income. This is because you are often not the only valuable employee in the organization and if they reward every valuable employee, the organization may run into debt.
You should be valuable and project that value across board, but also be very strategic. Take initiative where it matters the most, improve on your soft skills, develop a business perspective, and be reasonable in your request.
In the long run, a raise is not an opportunity to ask for a 100% increase in your salary. If you want to increase your salary by that much, it may be easier to accomplish if you simply got a new job. Asking for a raise is making your organization’s management see your value and reward it.
Ask for a raise, but be reasonable.
Most organizations turned down requests for salary increases during the pandemic for very obvious reasons. Yes, you often have to openly ask for a salary increase before you get it, but also be very reasonable in your approach.
It is important to read the environment and understand where the business is at the point before you ask for a raise. Ask for a raise at the point where your case is stronger and more likely to succeed. Don’t show desperation, show value and relevance.
You need to understand that in the long run, not everyone who asks for a raise and demonstrates all the necessary tips will get one. Businesses have to assess their capacity to facilitate salary increases for their employees before they can offer it. In most cases, however, being prepared and covering all your bases will give you more leverage than most people.