If you’re struggling with your daily expenses, it may be time to re-assess your salary. A survey by Bankrate.com reveals that 55% of employees have incomes that have not kept up with rising household expenses, despite the high inflation rates. Though about 40% of people received adequate raises in the past 12 months, Bankrate.com states that 39% of workers have been stuck with the same salary for a year.
It’s not easy to get a salary raise, but there are a few tips and tricks that can help you get an increase in your pay. If you want a better shot at getting a salary raise, here are a few strategies that you should keep in mind:
Develop your work skills and experience
You can’t ask for a salary raise without any reason. As such, you’ll have to build solid evidence to show your boss that you deserve a pay increase.
Emmanuel Ley, the co-founder of Fashion Stork, emphasizes that most employers typically hire based on professional work experience. Knowing the industry fundamentals is critical. But employers want to see your skills and work ethic before they decide you’re a valuable asset to the company. So before asking for a raise, take the time to develop your skills and experience for the role. Make sure you’re achieving significant feats in your workplace to demonstrate your competencies and attract your boss’ attention.
Learn how to ask for a salary raise
Once you’ve developed enough skills and experience, it’s time to communicate why you deserve a salary raise.
Striking a conversation with your boss may seem too aggressive. This is why it’s best to start the discussion with a formal letter. To be able to create a compelling letter, a guide to raise letters by LHH recommends that you start by discussing your achievements. For example, something like boosting sales by 25%, or taking on new leadership responsibilities for your team. Make sure your achievements and competencies are discussed in detail, so your boss can consider the facts. At the end of the raise letter, you’ll have to thank them for the opportunities, training, and increased knowledge that allowed you to get into your position today.
Discuss the average salary range for your skills
Now that you’ve opened up the topic about your salary raise, you should also take this opportunity to discuss specifics.
But instead of just citing any random number, Business News Daily recommends conducting online research about the typical salary range for your skills and experience to help you justify the amount that you’re asking for. Start your research on Glassdoor, Salary.com, or PayScale to determine typical salary ranges for your job title, skills, and location. By gathering relevant facts about your salary, you can increase your chances of getting the pay that you deserve.
Negotiate for a raise at the right time
There’s a right time for everything, including instances like asking for a salary increase.
Given that money talk can be uncomfortable, The Balance’s guide to when to ask for a raise at work states that you should first consider when raises are typically awarded. If raises are provided at year end, send your raise letter a few months in advance. You should also refrain from asking for a raise if your boss is having a bad day. Or if your company isn’t doing well, out of respect for the upper management.
It’s not easy to negotiate your salary, but it’s a necessary skill to learn. By learning the right tricks for this process, you can easily get the salary that you deserve.
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