You’re overdue for a raise. What’s the best way to ask for one?

It’s always important to keep an eye on your current and your desired salary. Before initiating any conversations with your RM or HR regarding the appraisal, you have to do some real ground analysis of the market and your current position. Every 4 to 5 years due to economic changes, the average position pricing of the position varies. To be updated with the latest data check below, - Check the online platform to check current payout details. - You can check with your industry colleagues. - Few of the job search portals have functionality to check the pay range. - Use can use the Naukri portal – salary navigator. - Use Glassdoor for salary insides. - Use PayScale, salary.com, salary expert tool, and CNN Money Cost of Living Calculator

When asking for a raise, it's important to prepare by gathering evidence of your achievements and researching market rates. Choose a good time to talk to your manager, and ask for a meeting to discuss your compensation. During the meeting, explain how you've contributed to the company and present examples of your accomplishments. Stay positive and professional, and be open to feedback and negotiation. After the meeting, follow up with a thank-you email summarizing the discussion. This approach can help you make a strong case for a raise.

Be in a position of information. When it is time to start the ask for a raise and/or promotion have your wins and highlights ready to start showcasing your success.

Make sure the timings are correct before starting any incremental conversation. Three factors determine a salary increase: performance on an individual, team, and company level. Among these three, one of the crucial factors is company performance. Avoid talking about pay increases or promotions whenever you learn that the market is not doing well or that the company is having financial issues, layoffs, or other challenges. There's a good chance you won't be thrilled with how the conversation turned out. Similar to this, there's a good likelihood that the salary rise or promotion talk will go well for you if the company is growing and doing well financially.

When asking for a raise, timing is crucial. Choose a time when your performance has been consistently strong, ideally after completing a significant project or achieving notable results. Additionally, consider the company's financial situation and schedule the discussion during a period when budget discussions are underway or when performance reviews are typically conducted. This increases securing the raise.

Once you finished your research related to timing and market conditions with pay range you have to be smart with your content. Before going into meeting you have to be ready with your numbers and achievements. Below are the points which you need to work. - List down your goal achievements - List down your contributions to the team and the cross-team functions. - How can you add more value addition to the team and company - Next goal - Share your commercial expectations as per market research and data

Steps: Research Market Rates: Research salary benchmarks for your role and level of experience in your industry and location. This data will help you justify your request based on industry standards. Quantify Impact: Whenever possible, quantify the impact of your contributions in terms of revenue generated, costs saved, or efficiency improvements. Practice Your Pitch: Rehearse your pitch beforehand to ensure clarity and confidence. Anticipate potential questions or objections and prepare responses to address them effectively. Focus on Value: Frame your pitch around the value you bring to the company and how a raise would be an investment in retaining top talent, boosting morale, and maintaining productivity.

When asking for a raise that you're overdue for, here are some tips to handle objections: Listen Actively: Allow your employer to voice their concerns fully without interrupting. This shows respect and gives you insight into their perspective. Provide Evidence: Use concrete examples and data to support your request. Highlight your accomplishments, contributions, and any additional responsibilities you've taken on since your last raise. Address Misunderstandings: Clarify any misunderstandings or misconceptions your employer may have about your performance or value to the company. Provide additional context or information to help them see the full picture. Offer Solutions: Propose solutions or compromises to address any objections raised.

To follow up when you're overdue for a raise, send a email or schedule a meeting with your supervisor to discuss your compensation. Clearly state your request for a raise and provide reasons why you believe it's warranted based on your performance and market standards.

You can set up a skip meeting (meeting with your manager's manager) if you have already discussed with your direct manager how you feel. Great to have a more senior level understanding of how raises and promotions are done within your organization.