How To Negotiate A Salary Raise

It is a tough time economically and salary hikes are hard to come by jobs in India or abroad. But this should not stop you from being prepared to negotiate for a salary hike. Also, if you have been a star performer throughout, there is no reason why you should hold yourself back and don't ask for a salary raise just because others are not asking. If you have helped your company to make profits or if you have out performed yourself and done more than what was expected of you in the first place, you truly deserve a salary raise. However, just deserving wouldn't get you one. You would have to ask for it, demand it and justify your demand with substantial evidence. You would have to put on table what you did against what the expectations were. If your actions have outnumbered the expectations, you have a strong case in your favor.

Don't go to your boss randomly and ask for a salary raise. You would need a proper plan to approach him and put your demand forward. Obviously, your boss would be resistant to give in to your demand at first so you have to be prepared with all the expected arguments and counter-response. Firstly, fix a meeting with your manager. Don't mention the word salary hike at the time of fixing the meeting lest your boss should either turn down your request or get time to prepare to say 'No' to you. Just tell him that you want to review your work and hence need some time. Once that is fixed, start preparing your case. This meeting is not going to be any less important than an interview with your new employer. The success of the meeting will depend, to a large extent, on your preparedness.

Before the meeting, enlist on a sheet of paper all your targets and achievements. If you can quantify them, it will be even better. Also, enlist all the questions that you think your boss could ask. Then, prepare tentative answers to those questions. Have all the arguments ready in your mind. Also, before making the demand for a hike, have a clear estimate of industry standards in your mind. You could either talk to other people in the industry or use some salary tools available online to help you decide the right pay for your position. You could use this data and present it to your boss during the negotiation.

Another important thing to bear in mind is that the chances of your boss agreeing to your demand are not quite high as he/she would be reluctant to offer more money to get the same job done from you. In that case, you have to be first sure yourself that you deserve what you are demanding. You have to self-assess your worth and profitability to the company. Also, try to assess how useful you would be to the company in the next few years. Ask yourself if your achievement shave exceeded the expectations of the company and if you are sure that no one could have done this job better than you. Also, if you have been showing good performance consistently, it would be the right time to ask for a raise. If you are convinced of all these things, there is nothing stopping you. You have the right confidence and the right case favoring a salary rise for you.

During the meeting, present your case well. Show evidences of your claims. Talk about the positive impact that your role has brought on the fortunes of the company. Have a presentation ready to refer to. In this presentation, showcase your strengths, skills and achievements in the right light. Despite all this preparation, you should be ready for the scenario that your boss would simply turn down your request for a salary raise if the company budget does not allow it or if there are other constraints. For these factors that are completely out of your control, you have to be ready with a back-up plan. You can ask for a promotion in the same salary or some extra perks or incentives. You could also ask for a training programme to upgrade your skills. In all likelihood, your boss should agree to one or more of these. If not, there is always an option of job change.