What is the best Way to Secure a Raise for yourself?
You work for your company with unmatched commitment and dedication, expecting a certain reward from them. The expectation might be in the form of appreciation or a raise. Some work with a goal of earning incremental dollar bills and others with a need for gaining recognition. There are also some who seek both.
In this age of cut throat competition and dynamic changes, performance is one thing that makes companies stick to their employees. Companies retain the high performing staff and dismiss the low performing ones. This makes it important for you to have a high performing track record.
If you have been at the same desk for several years, the reason is simple – “You have performed well enough!”
But is that enough? Have you been given the raise that you very well deserve?
Did you ever ask for a raise from your boss?
Ideally, every manager should throw a raise to the high performing employees. But this is not the case in every corporate. Sometimes, you need to convey what you want. Whether it is something as major as improving the technical infrastructure in your company or even something as simple as getting a coffee machine. For your concern to be addressed, they need to be conveyed to the senior management.
The same goes for your raise as well. Though people have a perception that your performance will be accounted for and a raise would be delivered you should not shy away from asking for it. But there is a caveat. You should know the skill on how to do it effectively. Before you even wonder how much of a raise to ask for. More than you asking for a raise, you should let the senior management realize that you actually deserve it.
Sometimes people put so much emphasis on achieving the desired outcome that they tend to forget the need of focusing on the process. Asking for a raise is not something that you can do frequently. You can just do it once or twice in a year and if you happen to mess it up, chances are you would have to wait for another year!
One year! That is quite some time! Nobody would want to wait for that long!
What is the best way to ask for a raise?
Generally people run up to their managers at the end of the year to ask for a raise. Practically, that should be avoided. Timing is also very crucial in giving effect to a raise. At the end of the year the senior management is already preoccupied with several things. Among many things they need to settle accounts, evaluate company targets and lay down the goals for the next year. This puts your request for a raise in the back-burner.
Chances are the manager must have already decided on whom to give a raise and whom not. The smart thing to do is to sow the seeds of securing a raise right from the start of the new financial year. You can do this by proactively sharing your wins with your senior managers and colleagues. This will give you a wide window to put in your demands and influence their minds in a positive way.
How will sharing wins will help to ask for a raise?
There is no shortcut to success. To become successful you need to continuously learn, improvise and execute in your organization. Just like there is no shortcut to completing your work, there is no shortcut to asking for a raise. You need to understand how the minds of senior managers work and act accordingly.
They give emphasis on evaluating the performances in a holistic way rather than paying heed to the superficial efforts that an employee tries to portray. A continuous and proactive approach of sharing your wins is an engaging and time tested way to secure a raise. Also, this makes your efforts highlighted along with the benefits that it has brought to the company as a whole.
Why sharing your wins can help you secure a raise:
Sharing proactively lets you engage with the manager
Much like how employees look forward to creating a good rapport with the manager, the manager too likes to have a personal relation with the employees. For smooth functioning of any business, employee-employer relation has to be based on a sense of understanding and cordiality.
Besides helping to achieve company goals and objectives this will also help alleviate the trust of the manager in you. You can talk about the personal ambitions and dream roles that you have within the organizational framework. Talk about the wins that you have secured recently and the benefits it has reaped for the company.
This will make the manager recognize your contribution to the company and notice your presence. Doing this will place you in a better position to ask for a raise, as the manager would be well educated about the sheer amount of work you are putting in for the company.
You may not need to build a better relationship with your manager if you are in a small business or family business. In that case, Raise Guide has an article on how to ask for a raise in a small business or family business.
Sharing makes everyone feel a part of the win
In any successful organization competition should not be elusive and participation should be submissive. You need to work with a feeling of respect and in perfect conjunction with other members of the organization. To achieve any goal, you need to have a team that coordinates well and works together to achieve the desired goals. Sharing your wins with them can be a great way to build up a strong bond between the team members.
This will not only inspire your team members but also build your credibility in the organization. Wins are not the work of one sole individual but because of the combined efforts of many. Sharing your wins with the team will make them feel a part of the success. This will also let them acknowledge your contributions.
Many senior managers consult the team members while evaluating the performance of their employees. Sharing your wins with the team members will help you win their trust and admiration. This will definitely reflect in the review they pass about you to the senior management.
Let them know when the win is still fresh
You surely remember the scenes from the movie that you have seen recently. But what about the ones that you had seen a few months ago? Haven’t the scenes from those movies become vague and blurry?
Surprisingly, the same happens with your wins as well. When you have achieved something, it is best to share it straight away. The memory of the win is still anew and talking about your efforts that resulted in the win would be the smartest thing to do.
The impact of your win lasts for a few days before it finally subsides. This is because the dynamic nature of the corporate world keeps on throwing new challenges every single day. As soon as one is over, another challenge is ready at your door. Communicating about your wins regularly will help you to build an enormous goodwill with the manager.
If you think that sharing about your win at the end of the year will secure you a raise, you are slightly mistaken. You would be just another rat in the race who is eager to pitch for a raise. So do it just when the win is fresh and capitalize on the gains from it.
The benefits of compounding
Do you remember learning simple interest and compound interest? How small amounts of money invested over a long time, gives higher return in comparison to a large amount of money invested for a shorter time. This is known as compounding.
Much the same way, proactively communicating about your wins will help you generate long term credibility in the eyes of the manager. Every time you speak about a new win, you will win your managers admiration. They love people who care and perform for the company.
Hearing about your wins will let them acknowledge your contribution in scaling up the organization. This will surely prove to be beneficial in deciding about your raise.
Tips to keep in mind while talking about your wins
While you might have developed the confidence to secure a raise, you should keep a few things in mind before doing anything:
- Always remember to be true and realistic in sharing. Do not get overwhelmed and start unnecessary boasting.
- Discuss at length about your individual contribution in the win. That is what is the most important thing.
- If you have finished the project ahead of the schedule, speak about that. Talk about the positive feedback you have received from the client.
- Focus on yourself and do not start comparing with others.
- Don’t make it evident that you are talking with an intention to ask for a raise. Be smart and clever in your conversations.
A well performing employee is considered an asset for the organization. There is certainly no problem to ask for a raise from your manager. Important thing is to know your true worth and pitch your value to the manager. Conveying your wins to the manager in a proactive basis will definitely bear fruits in the long run. And if you don’t get a raise immediately, Raise Guide has an article for what else you can ask for.
No company wants to upset their old and high performing employees. All you have to do is be smart and a little vocal in letting them know what you expect from them. This will not only secure you a raise but help you gain the recognition of the team members. A very difficult thing to do otherwise.
So start sharing about your wins in your company!