It is true that how much you keep is more important than how much you make.
But if expenses are equal, your income is a big determining factor to how much more you can save.
Have you been working hard and bringing much value to the organisation, yet afraid to ask for a pay raise? Today is the day, you convince yourself that you need to break out of this cycle and seek for what you are worthy of.
People are often afraid to ask for pay raise as they think that they would be judged or possibly even fired. You need to first get this out of your mind before you can move on to the following steps to reach your goal.
1. Research on how much you are paid in the market
Firstly, know how much you are worth in the market!
You could ask around if you have friends in the same position as you or even use platforms such as Glassdoor or Linkedin.
Linkedin is the world's largest professional networking platform. Make valuable connections especially with those in the same industry as you!
And do not stop there, use their messaging function to have real time conversation with them!
They even provide you with the pay based on your experience level!
2. Keep a document of what you have contributed to the company
For any event that you have done exceeding what is stated for your role and it generates value for the company, record it down in your own document.
Over your years in the company, your document should slowly accumulate. When it is of appropriate length, pick out the more outstanding ones and use these to reason your pay raise.
3. Timing
Monday blues are real, avoid asking your boss for a pay raise on Monday!
Personally, I think that the best time to meet your boss is on a Friday before noon. Everyone is usually excited for the upcoming weekend which livens up their mood on this day.
Of course, you also need to take into account your specific company situation. If you have just gotten your pay raise recently, chances of getting another raise is unlikely.
Moreover, with the current covid situation, with the highest unemployment rate in the past decade, you might want to delay your pay raise request.
Understand that the economy is not doing well and it is affecting everyone. Budget might be tight during this period.
4. Start the negotiation on a positive note
After doing the above preparation, here comes the actual game plan.
Knock on your boss’s door, walk in with confidence. Kick off your negotiation on a positive note! Show him/her your passion for the company and not mention the reason why you want the pay raise upfront.
Imagine you are the boss would you rather hear5. Request for your pay raise in percentages
If you have been asking for pay raises in terms of dollars and they are not effective, try asking in percentages!
Percentages are often more acceptable than quoting your pay raise in dollars.
The reason is simply percentages don't seem like real money to many people
Think in terms of investment:
Tell consumers the fee for a $100,000 investment is 1%, and they won't think it's very high. But say the fee for that $100,000 investment is $1,000, and they will think it's much higher, even though the dollars involved are the same.
It's simply that 1,000 is a much bigger number than one.
Click here to read more!
6. Follow up meeting
It is likely that your boss might not give you an immediate answer.
However, this is not the end. If you really want the pay raise, be persistent. Suggest when would be a good time for the next meeting.
Else, your boss might just brush it off and forget about it. You definitely do not want to be waiting to no avail.
However, life is tough, you may not get what you want all the time 🙁
If you manage to get your pay raise, GOOD JOB and be grateful.
Continue to do well in your work. Prove that you are worthy of your pay raise!
Suck it up and keep on working if you really love your job! Else if you are able to find a job with better pay, hop on or use this as a negotiation point with your boss!
Little tip from me is to keep your Linkedin updated. I have a few friends who are employed based on their Linkedin account!
Just some things to think about hmm...
You might not want people to find out that you are doing a job search while still being employed.
If your employer realises this, it could reflect badly on you as an employee. What if you were initially on the list to get a promotion, this would really bring you out of the picture....
Just what I would do to protect myself, I would not share that I am looking for a better paying job to my colleagues because I wouldn't know how fast information spreads.
Heres an article which might be helpful while you search for jobs on Linkedin using the incognito mode 🙂
To conclude..
According to a 2018 study, Women made 500 billion less than men.
Women need to own their value, ask for what they deserve and close the wage gap.
Know what the others earn. Be confident. If you can convince your friends why you deserve a pay raise then you can certainly do so to your manager/boss.
Companies are totally fine not having to pay more, it is up to you to get what you deserve!