Can you defy the gravity and buck the slowdown and get a pay raise, yes you may be able to do it, if you play your cards well.
There are some years when in spite of hitting your goals and targets, you don’t seem to be getting the desired raise. That’s because there’s a global economic slowdown or your company could be cutting back on costs or even downsizing. If you have got a standard or very minimal raise despite good performance, you may not be the only one. However, there are some things you could do to ensure that you get a favourable raise.
Start with researching
To buck the slowdown and get a pay raise, the first thing you should do here is to ask around and try to get an estimate of the average pay raise across your workplace. Even if everyone has been given a meagre raise doesn’t imply that you would also be in the same boat. Alongside, do compare your salary to the standard market pay. Is it higher or lower? If it is higher then your company is trying to balance out your average pay scale at par with the market. If it’s lower, then you have a good reason to speak to your manager/ supervisor. Other aspects that you should consider or add to your research list are-
• Were you promoted to a higher-level position but not given a raise?
• Have you taken on substantial responsibilities but not more work? In this scenario of layoffs and negative decisions, having taken on a little extra doesn’t really give you a case to ask for a higher raise.
• If the number of employees reporting to you or under your supervision has increased drastically or beyond your areas of responsibility, then that’s another thumbs up to ask for a hike.
• And most importantly, set yourself a realistic salary expectation or hike that would likely be approved — and save you a lot of disappointment.
Now that you have your homework and research work sorted, it’s time to take the next step.
Put together a case for a raise
You should put together documents, charts or prepare a list of your accomplishments, targets and goals through the year. This would include the extra tasks you have undertaken through the financial year along with any extra holidays or days worked on, late hours and extra efforts. Once your case is set, you should set a time with your manager.
Talking to your manager
Make sure that you pick a convenient time to talk to your manager. It could be after a successful business meet or when you have just closed an important deal. The wrong timing could wreck your case even before you approach them. Be calm and composed; you are just putting forward your point. You have to sound confident and validate your point instead of stumbling and simply giving in.
You should start the conversation with three pieces of critical information — your targeted salary, accomplishments and also accolades. Start off on a polite note by thanking them for the increase, but that you were hoping for a little more considering your achievements in the past year. Then go and explain your point of view with the homework you have put together.
There’s a good chance that while the manager appreciates your efforts and your frankness, the budget for the year is already spent, or this matter is not in his/ her hands. In such cases, ask them on what you can do to boost your productivity and what kind of a timeline you can expect for a raise. And thank them for their time and assure them of doing better.
Though such financial lull periods are a part of every workspace, be hopeful that it will soon pass.