Few people have the problem of being overpaid at work. Most workers believe that they are worth more than they are being paid, and in some cases, they may be right. What are some steps that you should take if you are seeking a raise from your current employer?
Research Pay Scales for Similar Positions
The first step that you should take is to research the average pay or pay scale for your position or positions similar to it. You should take into account your location, your experience and any other factors that could make you worth more or less than the average salary.
Research Your Employer’s Policy Toward Pay Raises
If you find that you are underpaid or are worth more than your current salary, it is time to research your employer’s pay scale. This will help you decide how you should ask for a raise. In some cases, you may need to be promoted to get a raise or simply have to wait until you have hit a length of service requirement.
Be Direct With Why You Believe a Raise Is in Order
When talking to your boss or the person who makes decisions related to pay raises, you should be direct as to why you deserve the raise. For example, you should point to industry averages or ways that you have performed above and beyond your job description. Doing so will give your boss or decision maker clear points to ponder when making his or her decision to increase your pay.
Decide If a Pay Raise Is Really What You Want
There may be situations when other perks may be better than an increase in salary. For instance, winning the right to work from home or the right to take an extra week of vacation each year could be more appealing. Alternate forms of compensation may be more palatable to your employer if they are in the midst of a hiring freeze or otherwise don’t want to increase your pay.
Be Patient When Waiting for a Decision
While you may be tempted to get your raise right away, you may have to wait for your request and approval to work its way through the corporate chain. If you haven’t heard back about your request in about a week to 10 days, you may want to ask again or start looking for other jobs if you don’t think that your request will be granted.
If you are looking for a raise, you have to know how to ask for it appropriately. Unless you can make an objective case for more compensation from your employer, you may seem out of touch and quickly fall out of favor with management.