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Asking for a Pay Raise
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Scarce resources and unlimited wants have been a topic of interest to the economists. Globalisation brought with it a spurt in the living conditions of human beings. Human wants are unlimited, but with the resources minimum they are in constant hunt for an increase in their income. Asking for pay raise is a common event that can be visualised in any field of work.

Asking for a pay raise can be compared to preparing for a major sales presentation. Without a proper background check and an excellent method of presentation, the individual fails to achieve the desired output. The first step before asking for the raise is to understand the company policy over increment. Many companies follow the policy where the hike in the pay is made after the annual appraisal submission with the human resource department. If such a policy is being followed, asking for a pay raise in the middle of the year will fail to get the desired result. Similarly, where the companies follow a fixed rate system of pay raise, it is not practical to ask for a hike.

On recognising the company policies, the next step is to have an objective unemotional approach. Emotional outbursts can only worsen the relationship between the employee and his manager. Conduct an analysis of the general market and industrial situation and the company profitability on a whole. If the market or the industry shows a downward trend or if the company is in the middle of a major transition, abstain from asking for a pay raise. If the market situation and the company wealth are moving positively, make use of the network to understand the pay in similar organisations for the similar role. If the pay is in parity with the general trends, the reasons for the pay raise should be valid and reasonable.

If the general trend is positive, think through the work performed during the past few months and sort out those which have contributed to the line of work involved. Customer appreciation over performance, the initiative you have taken which added to the work, etc are also to be pondered. The impact of your suggestions that added to the overall profitability is to be mentioned.

With a thorough study made, the next step is to identify the right person before whom the case is to be presented. He could be the immediate supervisor or someone high in the hierarchy with whom you have a sturdy personal relationship. The time of approachability is also equally important. Never present the case when they are in the middle of crisis or when they are busy. Watch the movements and ask for an appointment in advance to seek the pay raise. Always insist on a direct face-to-face meeting to state the reasons. One should be in command of his senses while stating out the reasons. Provide ample details of why you think you are fit for a rise.

If the company fails to give the hike, or remains unapproachable, analyse what it would cost the company to replace you in the organisation. Then approach other entities and attend the interview. If he is sure of his marketability give ultimatum to the current employer. This should be used as a method of last resort. If that does not work, submit the resignation and move to the other job in hand which has better prospects.

To be successful in the request for pay raise, one should always move to make oneself marketable. Confidence and knowledge can always succeed in gaining your objective.

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