Finances can be tough at any point in your career that is why most people look for ways to ask for a pay increase at work. Getting an increase gives you more funds at the end of the month in which you can use to strengthen your finances. You can reach some of the goals you have set early in the year faster or even address some pressing debt payments.
The reason why most people choose to focus their attention on increasing their take-home pay from their day job is to help them focus on one thing only. There are options to get a side hustle but if you are not too good at managing your time outside your primary work, you could burn out faster than you have anticipated.
This is why some people prefer to get a pay increase at work. They only have to worry about their job in the morning and get to enjoy the rest of their day at home with family or friends. This is why workers put in time and effort in proving themselves in the office and making sure that they take the path that leads them to their desired goal.
However, asking for an increase is easier said than done because you cannot just walk up to your boss one day and ask for an increase. There could be times where this can work but choosing to do this without much preparation can usually lead to a negative response from your boss. If you want to ask for a pay increase, here are a few things you might want to consider before walking through that door.
Is it a good time to ask for a pay increase at work?
One of the factors you need to look into is the timing of your request. Do your homework and check how the company is doing for the past year. Try to look at the bigger picture so you can decide if it is a good time to ask for an increase. The company you work for can go through a series of struggles and when it is in the middle of one, it might be a good idea to put off the request.
If the company is going through some small margins at the end of the year or there are talks of being bought out by another company, these are signs that you need to hold off the request. Management might be too preoccupied with the merger, the buyout, or even in looking for ways to end the year on a high note. They might even be affected by the US-China trade deal that has affected a number of companies in the US.
If you know for a fact that the company is looking at a good year in terms of earnings, then you can explore talking to your supervisor or the person who can make that decision for you. Remember that you have to prepare for this meeting because this can increase your chances of getting a positive response from your company.
Prepare for that meeting
You need to set up a meeting with your boss if you want to ask for a pay increase at work. One thing that can help you is to put yourself in their shoes. If someone comes in and asks you for an increase, you would need to prove their work and come in with supporting documents to make their case and help you make a decision.
That being said, it is best if you prepare for that meeting. Look at your performance at work and making a case for your request. You need to prove that you are worthy of a raise. One place to start with is your contribution to the company. Are you managing multiple accounts or is your workload more than when you started in the company?
You can take mental notes of all these in preparation for your meeting or lay them out in a sheet of paper. The bottomline is that you need to make a case for your request to help them make a decision in your favor. It would also help if you have spent time improving or acquiring new skills that make you more valuable as an employee.
You will have your own personal reason why you would ask for a pay increase at work. It is possible that you just want to go higher in the ranks and assure yourself that you are making progress. However, there may be times when money becomes an immediate necessity for you and your family due to changes in your personal life.
This can be anything from sickness in the family, big repair projects, or investment which did not pan out the way you wanted it to. You might even point out equality in the workplace because you found out that your colleague was earning more than you when you have the same workload. These may be valid concerns but it is best to stick to your performance.
If you have been creating and bringing in a lot of value into the company, focus on that and not on your personal issues in inequality. It is better to get a pay increase and even a promotion based on your own merits. This is more sustainable and a better stepping stone for future advancements in the company or industry.
Think about your future in the company
When you ask for a pay increase at work, you need to prepare for all possible outcomes including getting a no for an answer. It is a hard pill to swallow but you need to remember not to take it personally. There are situations out of your control that could make the company turn down your request at the moment and try your best to remain professional.
Be upbeat and look for another opportunity in the near future to ask for an increase but make a better case for it. You need to continue to contribute to the company’s growth and play a vital role in its success. Keep on improving and evolving as a person and as an employee as well. Take free training opportunities given by your company.
You can also spend on your own training because, at the end of the day, you will be the one to benefit from it. If you choose to look for a job elsewhere, your training reflects on your ability and increase your marketability and not on your current employer. That is something that sticks to your name regardless of where your career takes you.
Continue to network
Regardless of the response you get from the company after you ask for a pay increase at work, do not forget to continue building your network. Continue building trust among your peers and even with your supervisors. Join conferences and build your network outside your company and within your industry. There is a big value in knowing a lot of people because this can help open doors for the company you work for. It can also help you with your options in case you want to explore other opportunities in life. Forbes explains that networking can have a significant effect on your career potential.
Asking for a pay increase at work is not a walk in the park because you need to prepare for it to help yo u get a positive response. However, getting turned down should not deter you from putting out excellent work. It should inspire you to be better to improve your chances next time you ask for a raise.