Great question! I wish more employees were proactive in asking for raises from their current employers instead of waiting for their annual increase, which is typically meager on a great day.
Did you know that the longer your at a company, the bigger the gap is between what you are making at that company and what you are actually worth in the marketplace?
But FEAR NOT! By being proactive, doing your research, advocating for yourself, and having a respectful conversation with your manager, you can get that raise and ensure that your salary remains competitive to the market.
So…how do you get that raise?
1. First things first…Do your research: Figure out what others like you are making at that company. Paysa enables you to see what you, given your unique professional DNA, should be making at a specific company. If you have not already, create a profile with Paysa.
2. Create a detailed list of all your contributions. Why do you deserve the raise? What have you done to go above and beyond. What has been the business impact of your work? This is the time to sing your own praises, to be your own greatest advocate. Do not be bashful or limited here.
3. Once done, have a respectful, data driven discussion with your manager which highlights:
- How much you love the job, working with the team, etc.
- What your contributions have been to date and how much more you will do in the future
- Your concern that your current salary is not in-line with competitive market salaries for people like you. Present your research here, including Paysa data.
End the conversation with reiterating how much you value working at the company, being part of team, but…it is very important for you and your family that your salary is market competitive.
At this point, ask your boss directly, what is it they can do help remedy the situation. You may not get everything that you want…but one thing for sure, if you dont ask, you will not get.
Depending on how your boss responds, you can decide on your next course of action – which may include looking for a new job.
For more detailed steps on how to get the raise or market adjustment, here is a Paysa guide that also includes how to handle the various objections you will get.
And for additional info, there is a good discussion on Quora.