It's been two years since you joined VPBank. You love your work and colleagues, your personal achievements are all good, but there is one thing always bother you: "Why haven't I got a raise yet?" This is not a rare situation, but are you willing to make a change?
Researches have shown that most business owners agree for a raise if the employee mention it and show determination during negotiation. Besides, after interviewing 149 recent hired employees to learn the effective strategy in salary negotiation, psychologists at Temple university and George Mason university also pointed out that those who avoid talking about payroll in job interview or employee evaluation meetings rarely get a raise. So the solution is: Don't wait anymore!
CareerBuilder Việt Nam wants to share some advice to help you succeed in your raise request.
Understanding your true value
Don't wait until you want a raise that you start to learn about your value. Every employee's responsibilty is to know what you do and what you're going to bring to the company. However, understand your true value and knowing what you deserve is extremely crucial in salary negotiation.
Don't start off the conversation by saying "I deserve a raise because I've been working here for a long time", this doesn't mean anything and won't convince anyone. First, research carefully for informations, know "who I am" among the labor market. What is the salary range for your profession and field? Next, evaluate your every behaviour, working process and results at the company. Does your existence an important link to the company? Why do they need you? You always excel at what you do and results in great achivements? After understanding all these things, you can think about asking a raise.
Choosing the right time
Surely you remember your childhood story, as we always wait until our parents are not busy and in a good mood that we come and ask for a new toy or school tuition. For the obvious reason, we all that those are the moments they are more likely to accept the offer. This doesn't differ from a raise situation. Asking for a raise is always the right time for you, but not always the right time for your boss.
Choosing the right time generally includes the time and space for the conversation, the listener's mood, the company's business results and budget, and your performance in reality too. With such a sensitive topic like money, you have to choose a private and smart conversation. Consider mention it when your boss is not "drowning" in plans and projects. you should bring the topic up when your boss is happy with your performance, such as constantly closing big deals, exceed yearly business goals, excel at a new position, or at your 3/5/10-year celebration working for the company, etc...
So when is the worst moment to ask for a raise? Even if you feel like you're really deserve a raise, don't ask for it when your company budget is low! That is when business firm are restructuring human resources or business results don't look well. Don't bring up the topic too late after your boss had already divided the budget for the whole year. The most likely respond will be: "I'll consider that next year" Besides, asking for a raise when The Board of Directors and accountance department are really busy preparing for tax and audit reports are also very bad timing.
Understand yourself is one thing, speak up and make others appreciate who you are is another thing. Negotiating is an art and always in need of preparation, especially when you're not a genius at debating and convincing.
If it's the right time, but you have poor speaking skills then it's likely you won't receive any raise either. Your boss won't be convinced, or you don't prepare enough to get what you want. So once you step into the "battle", be strong and do not back down, even when your boss shows signs of refusal. In the end, this is just another conversation, you won't lose anything afterwards if doing it right. Everybody is busy, so you have to present what you want clearly! Be calm, polite and confident. Ask to briefly present your values and desires. The most important thing is that you can show the need and sned your messenge with determination. The worst thing to do is to start out with passion and then cool off, finally, compromising when meet refusals or end up comforting when don't know what to do.
In the mean time, while asking for a raise, do not always focus on the money, there are other benefits your should consider, such as:
- More holidays
- Rewards or responbility allowance
- Flexible working condition
From the beginning, list out the targets about what you get after negotiation. Maybe your company cannot grand you a raise right away, however, you can still go for other major benefits.
And when it doesn't work out...
Not every raise request, whether it's reasonable or not, will be accepted. That is why we are always nervously waiting for the results. But what is your reaction when it all comes crashing down? Be professional and believe in yourself. Don't be bitter and just try to see the positive side of everything.
A reasonable decision always based on something right, and you need to assure you will accept the truth. There might be something your boss use as a decline, which you had already anticipated. The worst case scenario is when you're company doesn't seem to be in any trouble, yet they ignore and take lightly your offer, as well as your value. Despite the fact that everything you present is convincing, your boss still vaguely evaluate your performances and say you're not yet deserve a raise. It seems nonsense, but it could be a good thing since you will realize the evaluation culture at your company, or if you cannot see a bright future ahead, you can always consider a change.
A raise offer can be a good measurement for every employee to self-evaluate. On a career path, everybody needs to constantly improve their skills and upgrade their virtue. Prepare and invest wisely so that everytime you walk into that negotiation room, you're the one in charge.
Be confident and ask for a raise when the time comes. Give yourself the opportunity to discover your true value. It would be such a bliss and encouragement when you're success. However, when things don't work out the way it should, you can come back after 6 months and continue to ask for a raise, or you can quietly plan another path. Whichever it is, always remember "The attitude towards success or failure is the thing people will remember about one's virtue and career". Good luck on your request!
CareerBuilder Việt Nam