Reasons for a Salary Raise

Reasons for a Salary Raise

There is a wide pool of employees who have a feeling of not getting fair wages while this may be true for most of the resignations given to the companies, other factors do contribute to the resignation but salary issues do play a big part. The issue of salary raises cannot be ignored. Every year with the cost of living increasing and expenses needed to keep up with the times and salary remaining constant for most people is making it more difficult to make ends meet. Salary remains constant but not the expenditure. This is the reality but all these factors cannot be the reason why you want a raise. The reasons have to be something related to your work, skills and the kind of expertise you bring into the organization, and the profit increase in the company you are working at because of your contribution. Here are the Reasons for a Salary Raise.

This is a genuine reason to ask for a raise. If you just go asking for a raise without your responsibility increasing. In that case, management will not review it and say no to your request at an instant. The best way to go about it is to have a backup of evidence on why you want a raise and show them how you have grown inside the company. This argument will prove to be effective when asking for a raise, regardless of whether you get the raise or not, it will at least keep them thinking about it. This will make you have a better chance of getting one in the future.

When is the best scenario to ask for a raise?

Asking for a raise all depends on the reason, timing, and the work responsibilities that you are doing. The job title also matters, therefore, have a calculation about the current salary given to your job type along with the responsibilities attached to it. This will give you a fair idea of how to ask for the right amount. The last thing you want to do is ask for a lower rise than the one suited for your role and responsibilities. 

So, do your research well and get ready to face your employer. It is also good to know that such discussion should be done face to face. This is quite a sensitive subject and both employees and employers find it daunting to have this part of a conversation in the workplace. Nevertheless, this is part of a growing career and one day or the other, this has to happen. 

While asking for a raise, do it with the right attitude and not begrudgingly. Why? Because this puts you in a better position than the one you are putting out this request to. It has to be done with the right attitude. 

Jeff Bezos Career Advice
Jeff Bezos Career Advice

What does it mean to have the right attitude? It means to have this conversation with the right motives and not just ask for a raise because your expenditure has increased or you feel like your seniors are earning more than you so you wanted to join their salary club. No. Asking for such petty issues will not put you in the right spot. 

Ask for the raise for all the right reasons, which is:

  • if you find yourself adding value to the company and the people you work with if your skills have improved considerably and those upskilled courses are helping the company achieve more.
  • If there is a substantial contribution to the reputation of the company, profits, and networking, this thing calls for attention. And if your employers or the management is not recognizing it, it is time to have a little knock on their door for a genuine chat. So, these are some of the ways you can have a conversation about salary raise. 

Why do you need so much homework before you go in for the discussion?

It is because this is a matter of your value and reputation at hand. It is about the value your company places on you. This conversation can make or break your trust in the company and can show you the sides or parts of the company that might shock you or surprises you in a good way. It always has only two outcomes when you have the conversation. 

  • One, you might be shocked to see the company that you genuinely care for to have put up so many extra hours and efforts hardly recognize your contribution. In short, they are ready to replace you when you bring up the topic of salary raises.
  • The second thing is you may find out how genuinely they value you, by the way, they make adjustments to honor your request. Some who genuinely put a value on their best employees even go to the length of promising them remuneration in other ways other than the raise, if there is a cash crunch at that time.
  • But for that not to happen it is best to raise this issue only when you know that the company is doing well financially and there is recruitment happening and annual profits are increasing. Without making these considerations, one is not encouraged to talk of salary raises.

A genuine reason has to be highlighted or acknowledged. If there is a blind eye to the attention needed and is ignored, frustration starts to build in. This affects productivity and from any standpoint, this is a disaster building up. From the employer’s or employees’ viewpoint, this frustration must be avoided at all costs. Don’t you think so? 

  • Most of the employees struggle to tell the management why they need a raise because it’s a tough negotiation. 
  • You need to be ready to tell your stance and be ready to take no for an answer.
  • They may not agree with your request, so taking notes and preparing for what to say and how to negotiate must be done before talking. 
  • When you ask for a raise, be ready to listen to your employer’s point of view too. Some may have a genuine reason why they cannot do the increase.
  • If that is the case, wait for the dust to settle and ask for the next appointment until they arrive at a consensus or give you a timeframe that you are comfortable with, like say 3months/6months, etc. 
  • Whatever the decision made will determine your staying or exiting from that company. Be ready with any decision coming your way from your boss and if it is not up to what you expected, take the high road and leave with integrity. 
  • There will always be another company that will compensate you for what you have worked for. Always maintain a positive outlook on life and things will work for you.
  • Let them know how you love your work and the responsibilities that you are given and it would motivate and help you more if you are equally compensated for it. 
  • This kind of positivity cannot be ignored and it will open the door for you to be heard with empathy. So, half of your work is done, the rest is up to your boss/employer

Here are some specific reasons why you need a salary raise.

1. You have soft skills that are benefitting the company’s overall value and development:- one cannot underestimate those employees who bring in extra to the table. They have top-notch people skills. 

They bring their leadership skills and such employees are seen adding value to people they work with, no matter what the position. They are faithful and loyal to their work and other clients have also recommended several times their professional conduct and expertise to their management. 

Such employees deserve a raise big time. Why? Because of their contribution to the company’s public image and management which leads to an increase in profit. If you are one of those employees, this is a good reason to discuss your salary raise with your employer or boss.

2. If you are having an extra burden of workload other than your own and you find yourself doing most of the boss’s work and there is no compensation for that overtime work. It is sad to say that most small companies get away with taking more from their employees and not having to lay off for their extra hours.

 Big companies on the other hand do pay for those extra hours and it would be concerning if they didn’t. Anyway, if you find yourself in this category, please have the courage to talk about salary raises. 

If you feel like you are taken advantage of, you must deal with it before it starts affecting your mental health and disrupting your peace. If this is not handled the right way, this can affect your next decision. So, be calm and discuss without any inhibition.

3. If you are an optimistic person and you have been a mentee to many of your colleagues and your mentorship has been bringing positive results on your colleague’s overall personality and how it has impacted the company’s turnover. 

You have a good case built up to ask for that raise that you have been waiting for because it is not every day that a company will find an optimistic person who has a mindset of growth.

 This is a rare occurrence. Only top employees add value to the people they work with. This is a trademark of a seasoned leader. This is valuable and the company has to recognize it. 

Your zeal and passion for people are not mediocre things. On average, some grumpy employees complain about everything under the stars but you happen to be one with a mindset who believes in having to work on yourself before expecting from others. Is not everyday companies meet people with both their IQ and EI intact in one candidate.

4. You completed skill courses and this is impacting the company’s growth and credentials. Your client’s testimonials are proof of it and your colleagues agree to it that the company performance has substantially increased after you joined. 

Extra qualification taken on the job is a huge factor to ask for a raise. If you feel your contribution is huge and it needs remuneration and there is evidence backing it up then why not. Go ahead and discuss a raise. You deserve it.

5. If they said to give you a raise after some months of your joining. Some companies do that to retain the best candidates with a promise of better pay in the future. This is okay as long as the company keeps its word. This is a genuine reason why you need to discuss a salary raise.

6. Another reason to ask for a raise is if you find yourself constantly frustrated because the pay and your potential value do not match up. It is time to ask for a raise, however, while asking for it, it must be done against more responsibility to be given to you, one that is fitting for you. This stance will work more than just asking for a raise. 

Why? It is because your employer has already placed a limit to the value by its market value. Therefore, if this is not letting you grow and causing frustration because it is not enabling you to perform at your fullest extent, you may ask for a bigger role or responsibility and with that salary, a raise will fit into the equation.

FAQs ABOUT REASONS FOR A SALARY RAISE.

1. How should I prepare beforehand for the talk about the salary raise?

The first and foremost thing is to know about the company’s current compensation policy. So before you ask for the raise, make sure to look at the total rewards and compensation package and decide accordingly.

The second step is to do research on the market role and your current pay. Calculate the value you bring to the company and compare your remuneration with it. 

2. Is it recommended to know about the process of promotions and raises of the company before I ask for the raise?

Yes Of course. It would be the right thing to do before you approach such a discussion. Many factors go into such decisions and most companies have a fixed time of the year where they conduct such formal reviews to determine the raises and salaries.

3. How should I calculate my overall salary raise negotiations and stay realistic in my approach?

One of the wisest approaches is to understand how your company thinks about rewards and compensation and also the value you bring into the company. Discern the timing of discussion and above all, a good understanding of knowing what is important to you will go a long way in helping you to decide a clear and understanding negotiation, etc.

Conclusion

Employees are also people that work for remuneration, no employee is working for a charity, with that in mind, salary negotiations are not a thing to be afraid of.  A boss that has maturity will understand your stance and may even offer you a better job role and salary that is befitting for you. That management who are selfish and egotistical will take your request for salary raise as a personal attack and if that happens be happy and walk your way into freedom to a better company. However, negotiations should not be done in a demanding way, it must be neutral and genuine and remember you are just asking for something that you have already earned. So be confident and be ecstatic about it and when you are discussing it, do it with a passionate standpoint of your work. 

Reasons for a Salary Raise

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