If you have been working hard and your expectations have been exceeded, and you have not got a pay hike, now is the time to ask for a raise. A general rule of thumb says that annual increments must align with the rising inflation cost.

However, sometimes you find yourself working harder for your company that you want an attractive hike in your pay. Some people start their careers with low wages in the hope that their employers will increase their pay after some time.

The rising cost of living makes it arduous for you to fund unexpected expenses. It is not possible all the time to take out emergency loans for rent as it increases the financial burden due to interest payments. However, if you are getting attractive pay, you will be able to set aside money for emergencies, and you can easily avoid hinging on loans.

Preliminary steps to do before asking for a raise

Everyone wants good pay, but it is not that easy to ask your employer for a hike. Various factors are out there you should consider before asking for a raise – how long you have been working, your performance, the company’s financial condition, and promotion or increment policy.

Of course, it does not make sense to ask for an increment when your company’s business is struggling. Before you ask for a raise, you should:

  • Evaluate if you have learned more skills and call them out to contribute to the growth of the company.
  • Have a plan of how you will scale up your performance in the coming months to increase the company’s profitability.
  • Gather feedback

Tips for asking for a pay hike

You should be well prepared to ensure that you will get a raise when you ask for it. You can be intimidated while asking for a hike, but the following steps can help you to do so effectively:

Chose the best time

It is crucial you pick the best time to ask for an increment. For instance, if you have been up on that the company’s bottom line has been recently hit, you should drop the idea of asking for it. The best time for a salary increment is considered when:

  • Your performance is reviewed, and the management is satisfied with it.
  • You have completed a tough project and have shown to the company that you have worked above and beyond your usual standards.
  • You meet the management’s higher expectations.

Figure out what is the appropriate raise

You cannot demand outrageously higher increments. Salary trends in your field can tell you how much you should ask for.

You can also research job openings in the same field and see how much recruiters are ready to offer with the same experience and skills. Understand a pay grade system before you ask for a raise so your employer does not get offended.

Tell your accomplishments

When you ask for a hike, your employer will ask you why you think you should be given a hike now. You cannot make a lame excuse that your workload increased, so you should be given a pay hike. The workload keeps changing, so it cannot be a sensible reason for asking it.

You should instead tell your company what extraordinary contribution you made to the company’s growth. Jot down all your accomplishments and tell how they brought value to your company.

Schedule a meeting

Now is the time to schedule a meeting with your supervisor and HR manager. Although you can drop an email, it does not sound so professional. It is likely you will fail to express your points dignified and professionally.

Therefore, you should consider having a meeting in person. If you have been working remotely, you should discuss it on a video call. Make sure your manager has been in the loop about your plans.

The bottom line

You can easily pop money into an emergency corpus if you get a pay hike. You do not need to take out emergency same day loans for unemployed when you lose your job. Your savings will back you that time. However, there is the right time and proper way to ask for a raise, so you get it.