You have worked really hard for this company. You have earned them huge profits. So it is quite natural for you to feel the need to ask for a pay rise. But before you schedule a meeting with your boss to discuss your compensation, here are a few questions you should ask yourself.
Is the company in a good position to offer a salary increment? In these troubled economic times, many companies are finding themselves in a financial mess. If your company is also facing a similar problem, it may not be the right time to ask for a rise. But if you can prove that you are invaluable because you make them good profits, your boss might consider increasing your salary.
Is your demand justified?
What is the market rate for your job? If you are already earning what people occupying similar positions earn, your boss may not be all that interested in reviewing your request for a rise. Unless, of course, you can prove that you are an invaluable asset. But if you are earning less, you have a valid reason to ask for a rise. Check salary surveys and job advertisements to know the current market rates.
Prepare a business case
Your chances of getting a rise depend upon your ability to present your case with quantifiable facts and figures. Base your request on your performance as an employee. You should have a specific increase in mind. If your boss is unwilling to give you more money, you can ask for other perks, such as extra holidays or flexible working hours.
Now that you have gathered enough data to convince your boss, you should start writing them down. Build your case with solid facts and figures.
Ask your boss in advance for a meeting, so that he or she can choose a time convenient for him/her. You can do this by sending a short email. Here are a few phrases that you can use:
Dear (Name of your boss)
Would it be possible to set up a time to discuss my salary?
OR Would it be possible to set up a time to have a review of my performance?
OR Would it be possible to schedule a meeting to discuss my compensation?
OR I would really appreciate the chance to meet to discuss my compensation.
OR I would really appreciate the chance to meet so that we can have a review of my performance.
Please could you let me know a time convenient for you?
Please let me know when would be a convenient time for you?
I look forward to hearing from you.