• 10 Mar 2023

How to Ask for a Raise as the Financial Year is Ending Soon?

It's Appraisal time! Now, from March-April companies will start evaluating the past performance of their employees and will be preparing a name list of their employees deserving a raise. However, if you are not sure that your company is thinking about you, then you might want to ask them yourself. That’s why this blog will help you with the right way to ask for a raise as this financial year is ending soon.

Asking For a Raise With Ending Financial Year-

Well, sometimes you gotta ask for what you deserve. You need to remind people what you are capable of and what your worth is. An employee's value increases at a constant pace every year and the difference is displayed with their annual salary hike. Sometimes it gets very satisfying but other times it does not hit the mark. So, you will have to learn and adapt to a very genuine way of asking for a raise so as not to convey any negative vibes like sounding greedy, or selfish or you searching for the next job with search jobs by category filter.

Few Points to Know When to Ask for a Raise?

You should consider to ask for a raise when:

• Your employer portrayed strong quarterly earnings.
• Your performance index just popped off the roof.
• If you have unlocked an achievement.
• Getting underpaid for the same job as compared to others.
• You have more job responsibilities than you were hired for.
• You have completed one year successfully in the organisation.
• Got a promotion.
• You got a lucrative job offer from another company while searching for the latest job openings in India.

 

Do’s & Don’ts While Asking Your Employer For a Raise

Here are the Dos:

• Prepare yourself to be confident and kind while opening up to a discussion.
• Compressed your accomplishments, achievements, and wins to build a strong case.
• Schedule a meeting with perfect timing when the manager is comfortable.
• Perform market research and compile several good reasons describing why you deserve a raise.
• Ask the manager what else you can do to add more value to your work and performance.

Here are the Dos:

• Don’t discuss at a fast pace or ask for a raise in a forward manner.
• Don’t ask for a raise based on your performance if it isn’t backed by data.
• It will not work if you just randomly approach your employer for a raise. Be prepared and then set up a meeting.
• Leave the thought of open discussion if you are not prepared. Your appeal might get rejected without a strong case.
• Lastly, forget the thought about threatening the company to leave the job, there are many employees using Search jobs by category option to replace you.

Here are the Factors to Consider When You Ask For a Raise the Right Way With Ending Financial Year:

1. When You It’s The Right Time to Ask For a Raise

Every year organisations review the performance of their employees after creating a list and as per their evaluation they receive a raise or promotion. However, in some cases, the companies may not give you a timely raise automatically and you will have to show that you need one. So, if you surely know you are a deserving candidate then you should follow the chain of command and notify your manager about your achievements because of which you should get a salary hike. However, if you are denied then you can apply to another company to search jobs by category option. And with a new offer letter, you can show your new worth to your company.

Also Read: When to Negotiate Your Salary with Your Organisation

2. Know Your Value

Before asking for a salary hike you should research and find out about the worth of your job title and performance. Compare it with the current market value like what others are paying. If you find a great difference then you are underpaid and should ask for a genuine raise. In this scenario, you will sound very reasonable and not greedy. But remember that there are several factors that a company cannot ignore and creates a salary difference, like geographical location.

But what when you are already sitting at the top of the pay scale? In this case, general reasons will not be satisfying enough. You will be requiring additional research and causes to set you up at an increased salary cone. And if all the things failed then you can always search jobs by category, just kidding. But as for your research, there are several job posting websites that can tell you your exact worth with increasing experience.

3. Make a Strong Case

Before setting up a meeting with your Manager, build yourself a strong case as a weapon to win your case. Yes, this sounds exactly like fighting a case in court, where your appeal is just for a reasonable salary hike. A salary hike is a serious matter because there are tons of employees out there to search jobs by category to replace you for a low pay scale. That’s why you will have to show your value.

You are probably thinking what’s the need for such intense preparation? Am I capable enough for the company to give me a raise? Right? Always remember that at every point in life, you have to show people what your worth is. And that’s why you will need a strong case instead of just preparing a comprehensive presentation. But it does not mean that we are asking you to prepare a 30-40 page progress report. Your presentation can be short, up to the point, and filled with mind-penetrating words.

Tips:

• Keep your presentation in highlighted points.
• Compare the workload before and after you have joined the organisation.
• Talk about the responsibilities you are holding in the company and without your supervision what could go wrong.
• Open up about your accomplishments and how you feel working in this warm-hearted environment.

4. Consider Empathizing With Your Manager

During appraisal months, March-April, you are not the only one who is busy creating the performance review report. In fact, your manager is more indulgent in evaluating the work performance of your whole team for the appraisal month to pass the report on to the seniors. So, make sure your manager is in the best emotional state as an employee himself, when you approach him with your request. If you consider setting up an early discussion meeting then open your agenda prior to the meeting time, so that he knows what he is offering his time for.

Also, make sure during the conversations you should not sound negative, demanding, or rude. Keep your conversations steady and peaceful. Always focus on conveying the facts and being reasonable. Because there are several other candidates looking for the latest job openings in India, to replace you. However, do not worry if you have achieved great accomplishments like landing a new client, delivering a new project before the deadline, handling responsibilities perfectly more than you were hired for, etc.

5. Remember You’re Asking What Your Deserve

If you feel nervous about asking for a raise in your company, then you are not alone. Almost every employee feels cold and nervous about asking for a salary hike. There are so many doubts that strangle one’s mind like what if they replace me, what if they talk rudely, what will I do if they deny, etc. However, remember you have to ask for what you deserve not only in a company but also several times in life events. And you are not just bragging about your accomplishments and responsibilities. If you are a hard and smart working person then it automatically displays to others working in the same environment as you are. People while searching for the latest job openings in India, search for the best-paying and relevant job postings online. Similarly, it's also best for you to do the same in your current organisation and ask for the pay scale you deserve.

What to Do If a Raise Application Got Rejected?

Here are the few points to remember if your raise application is rejected by the employer:

• The best thing would be to remain calm and avoid heated arguments. Don’t show them that you are frustrated.
• Ask them for the reasons for which your appraisal request was denied. And if they are in your hands then show improvements in the next few months.
• Don’t just go home. If you are disturbed by the fact that you deserved the raise and still didn’t get the approval, then don’t just leave your job right away. Take your time processing things and searching for the latest job openings in India and then quit after finding the perfect opportunity.
• Focus on what you can do to improve yourself to get a raise in the next few months.
• Don’t convey negative vibes. If your boss has rejected your application then he will also be looking for your negative sides. Don’t show that you are affected even a little bit.
• Moving on to the perfect next job opportunity using search jobs by category option will be another right move if you are a top performer and your value outweighs the current pay scale.