How to know that this is the time for Salary Hike?

When it comes to salary hikes many employees start hesitating and uncomfortable.

However, Salary negotiation is a Game of Time, you should what is the perfect time to ask for the raise and you should believe in yourself and most important you should be a master in communication, which means you should know how to put across your words to ask for the raise.

A)- Know the right time
B)- Believe in yourself
C)- Master in communication

When it comes to salary hikes many employees start hesitating and uncomfortable.
However, Salary negotiation is a Game of Time, you should what is the perfect time to ask for the raise and you should believe in yourself and most important you should be a master in communication, which means you should know how to put across your words to ask for the raise.
A)- Know the right time
B)- Believe in yourself
C)- Master in communication

Here are some key points to analyze the different factors to ask for the salary hike.

1-Market rate is high in comparison to the current salary

You need to do a lot of research and networking to find the Market Rate. There are few websites that can help you to find the best market rates. Such as (Glassdoor, PayScale, Ambition Box, and many others). You should know your worth before asking for a pay raise.

2-    What needs to be considered when you are underpaid?

It’s not just about money always, you may need to check few other factors as well.

Such as Insurance, Vacation, Work-life Balance, Work Culture, Chances of growth and learning.

3-    Have you got an additional Job responsibility?

Check yourself, is your TO DO list is longer than your monthly grocery list?

If so then it’s time to speak up.

“When you’re asked to take on responsibilities, not in your original job description or you’re supervising more people, these can be good times to ask for a higher salary,”

4-    Keep Track of your workload

Since you are working in the company for a long time and your boss has started demanding more from your side. Sometimes it is not a good idea to sit and keep doing the work asked. Keep a good track of your Job description and the work expectation and if you see it is exceeding then it’s time to speak and ask for raise.

5-    Keep an eye on Annual Review and the Goal Assigned

Starting off every year everyone needs to set up a goal and keep on track of the goal assigned. An annual review is a good time where you and your reporting manager will talk to each other one on one and will discuss the progress of last year and next year.

This is a good time to open up and ask for raise.

6-    The company revenue is going up and you have the proof in that contribution to the growth

The company is working on something big and in that mission, you are actively involved. As soon as you came to know that the project got published and the feedback is amazing then you need to check if you have contributed to the mission.

7-    Quantify your work to get raise

You need to keep a good track of your work and keep documenting; you should have quantifiable proof of your work while asking for the raise.

8-    Are you an asset to the organization?

Check yourself, is your Boss trusting you more than anyone else?

Are you an Asset to the Organization? IF yes then it’s time to ask for the raise.

9-    Going the Extra miles

You have your goal setting done and you have worked beyond the expectation. You have performed more than your asked goal. Then you have the full right to ask for a raise.

10- You created something super valuable for the organization

It’s time for Automation, keep working on improving yourself and your skillset. Identify the requirement and create something super valuable for the organization. If you are able to create something for the organization which helps them to get more revenue or to reduce the stress then you are someone who has shown super valuable performance for the organization and you must ask for the raise.

11- You got the promotion recently

Have you got the promotion recently, you will get a promotion only if you have performed very well for the organization and management has decided to give you a promotion. If you got the promotion then management has already acknowledged your effort and you can ask for the raise.

12- Keep an eye on your business goal assigned and make sure to complete it.

Many organizations set up the personal and business goal every year in Jan and employees are supposed to complete those goals before the year-end if they want a good rating. Keep an eye on your Goals and if you see that your goals have been accomplished before the due date then it’s time to speak up and inform the reporting manager and see the response, if response goes in your favor, then ask for the hike.

13- You should be a super valuable asset for the company so if you quit, they will lose

Are you someone who quit and they will lose? If no then start working on your skill from today itself so that you can be an asset to the Company and if you quit then it will be a huge loss for the organization. Check and do proper research and check what is the biggest requirement in the organization which you can learn and become an asset for the organization.

14- You are the only skilled person in a dedicated domain

And if you will be an asset of the organization then you will be the one and only skilled person for a dedicated domain and it will give you an extra added advantage to ask for the raise.

15- You are a Back up of your reporting boss

If you are the most trusted and valuable asset of the organization and you are the only backup of your reporting boss then you might ask for the raise when the right time comes. 

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Cheers,
Aamar Pratap Srivastava
International Career Coach

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