You know you deserve a raise, but asking your boss to hike your pay is all about getting that confidence inbuilt in your stride. It’s always been in your mind in the things to do list. Yet pay stops, keep on sewing, and this may be your year to at least let it all out. So what you all can have your fingers crossed and hope for the best.
The compensation package in the US market recorded a not so substantial raise, but the main question here is how will you approach your boss for a raise, and on what grounds you will actually pitch him at the right time to make your request and finally earn the much waited raise.
How often you can anticipate a raise?
Compensation upticks are regularly conceded just once a year, despite the fact that its subject to the inclination of the economy and the interest of workers in your industry. It actually depends in the industry you are working with. For example, in highly competitive fields such as finance and technology ,it is much more easier to get a pay hike than compared with other areas of work.
It was a norm on the part of every industry to raise on an annual basis. But due to the stagnation of the economy at large and the downfall of demand of your field of work, it’s become less and less common these days. You have to actually ask your boss for a raise then to sit hoping for the best to happen.
You can actually anticipate a pay raise and ask on a frequent basis and get over with it when you happen to be an all star performers or make up a strong case about your achievements and counter questions about why the hell you are asking a raise so sooner than later. You can also ask for a raise on repeated intervals if you are associated with competitive industries like technology or the retain business, where quality manpower is needed. In these sectors there may be a pay raise of every six months, but may be very nominal.
What is the best time to ask for a raise?
Firstly, consider in mind these questions. When the company usually grands a raise, at the end of the financial year or at the end of the completed of work in the organization.
There may be no such rule also that when you can expect a raise. It’s better and ask your boss straight forward that when can you expect a raise. After all,it ‘s what you are getting in return investing your time.
But many people make the mistake to ask for a raise during their annual review only. Don’t do that. Its assumed to be too late to ask. At the juncture of the commencement of the annual review they decide on the budget and it becomes hard for then to consider your approach. You can start talking to your boss three to four months in advance before the annual hike happens.
In most of the organizations raises are made based on the performance of the candidate is usually evaluated and the percentage of the pay raise is derived.