While asking for an increase in pay may seem intimidating, there are some straightforward tips to guide you through the task of asking for a salary increase. When asking for a raise in salary from your current employer, the most important thing to remember is to ask for your pay rise with confidence. The key to any negotiation boils down to your self-assurance and how cool you manage to stay during such talks. By carrying yourself with poise and conviction will illustrate to your employer that you have taken time to consider your case from various angles and are coming to them with a fair and reasonable request. By reading through these guidelines, you should be well equipped with the necessary tools to get a salary increase in a flash!
The best time to asking for a pay rise is when you know that you deserve one. This is always the first thing to be sure of before asking for an increase. Most companies use KPI's (Key Performance Indicators) or KPA's (Key Performance Areas) to access the value which you as an employee add to the overall company.
This is usually done in an annual, bi annual or quarterly performance review, where you and your employer will assess the extent of your performance based on your key performance areas. Described annual reviews occur once a year and usually a couple of months prior to the financial year end. Some companies may choose to do these quarterly or bi-annually. While it is during your official appraisal review that is the best time to negotiate a pay rise, you are actually allowed to ask for a salary increase when you are able to justify one.
When asking your employer for a raise, you will need to justify your request. Review your job description and responsibilities. From here you will be able to assess whether you have gone beyond the call of duty or if you have only delivered on the minimum requirements. It is important to quantify the contributions that you make to the company and the value that you add by assigning a value to your responsibilities and areas where you have assisted in saving the company money or earned additional revenue. The more concrete facts you can include in your justification will make for a stronger case when asking for a raise.
We all have an idea of what we think our monetary worth is. While we have this idea, it is vitally important to compare what you feel your worth is with your actual market value. While money is never a wholesome way to measure your worth, however, by clearly understanding the difference between the value of your role and your value as an individual, you will be better equipped in stating your case to your employer for a salary increase. Assess salary surveys and perhaps ask recruitment agents for some insight into what the 'going rate' is for someone with your level of experience and skill. From here you will be able to determine if you are warranted in your desire for a salary increase or not.
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