If you really want to ask for that pay raise but don’t know when to do it and aren’t sure how to conduct this conversation, check out expert Pete Lowe’s tips for setting the stage – and the arguments – before talking to the boss.
1. Get involved in relevant projects
For starters, the top recommendation for anyone considering asking for a pay raise is to be part of the team that is involved with the most relevant future projects for the company to generate revenue or decrease costs. “These projects have a lot of value for the company and if you become a key player, you have more alternatives to request a raise,” says Pete.
2. Consider budget negotiation
It should also be remembered that the request for salary increase cannot arise overnight. “That is, if you want to have a raise, you should start talking to your boss right now, as the corporate budget is negotiated,” says Pete. That is, if you are unable to enter the amount of your budget increase, you will hardly have good news.
3. Take on more responsibilities
Another important point is to take more and more responsibility and then make the increase request. “An English-speaking professional in an area who needs to negotiate overseas, someone who acquires skills in various tasks in the same industry are examples of actions that create conditions for an increase request to be made in due course.”
4. Be competent
In the corporate world, it is not enough to be competent. You need – and a lot – to look competent too. To do so, they must be able to present their work to managers and be perceived by leaders. “The best way to get a raise is to demonstrate that you have the capacity to be promoted to a higher position.”
5. Be known
Another essential tip is to pay attention to the fact that who promotes someone to manager is the board. “So it’s no use being known only to your manager, you need company directors to know you too.”
6. Consider the context
Anyone considering asking for a raise needs to consider the general conditions of the economy. “As the salary is part of a budget, depending on the company’s market, worldwide may have made its result much lower than desired,” explains Pete. “So that makes the context unfavorable for someone to ask for a raise.”