Uncomfortable. Intimidating. Anxiety. Stressful. All of you would have gone through these and much more when asking for a raise. Is there any way of avoiding this? You cannot fully avoid this but there is certainly a way in which you can reduce such anxiety.

Here comes a list of tips that will help alleviate some of this 🙂

1. Timing

Like everything else in life, timing is critical. What do we mean by timing? Timing refers to a company’s policies and procedures in terms of time between reviews and raises; when it is acceptable to ask for a raise; current financial situation; economic scenario; personal work goals and objectives. 
So if you have had a major success, just make sure of the rest before approaching.

2. Make a plan
If you have been doing well, your boss would be expecting you to ask for a raise. But these days, doing well is not good enough to be given a raise. This is where you have to have a plan and a script. 
The plan must explore two important aspects: Your worth and What you deserve.

3. Know your worth
Examine all aspects of your job and find out your market value—inside and outside the company. Talk to HR heads and find out the kind of pay scales offered for jobs similar to yours. Also, explore the pay scales in your city/area as pay scales vary based on the city demographics. 

4. What you deserve
Talk about the value generated by you. If you can monetise your contribution to the company, it will help your cause that much better. You can do this by looking at the savings generated by you in terms of executing the task in lesser time/with fewer people and any other parameters that are applicable. 
So make sure that you track all your contributions and accomplishments. May be your boss knows about it already but it is not necessary that the decision maker responsible for the final statement on your raise knows about it. 
Also, there is a possibility that your boss may also not know. So, make sure that you keep a track of this.

5. Demonstrate commitment
While you track the accomplishments, also take into account the various initiatives taken by you, which demonstrate your commitment to your department and company. 
This could include any new skills that you have acquired to make the project/initiatives successful, and courses/training that you have taken by yourself to better yourself. 

6. Be open and flexible
Going into an appraisal meeting with closed mind is not a good idea unless you are willing to deal with the consequences. 
Being open and flexible is not about compromising; it is about being realistic. Even if you are the best performer, companies cannot give you a raise that pushes you to the top of the salary range in your bracket in one swell sweep. Most raises are done on a percentage basis. 
If you are unhappy, explore what the other options and perks that come along with the raise to see if it compensates for your expectation.

7. Know the company’s position
As stated earlier, you must have a good idea of your company’s position on raises. It would also depend on factors that you might not be aware of. So make it a point to know the hidden factors—such as your personal standing within the company. 
For, even if you are an excellent performer, if your personal standing is not very high amongst your peers and colleagues then it could impact the decision-making. For, the company’s interest is in having people that will help them achieve their objectives—both short and long term. 

Final Take
In the end, it is all about being prepared. Just as you would prepare for a job interview, prepare for asking raise as well. 

…It works …

~Himanshu~

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