Asking for a salary increment can be pretty nerve-wrecking. It is not as easy as it sounds, and you really must prepare a solid argument before raising this issue with your boss. If you’re looking for one, don’t worry, we’ve got you covered.
While the increasing cost of living might call for an increase in pay as well, this isn’t a valid reason to demand for one. Instead, you need to ask for a pay increase based on your own performance and work commitment. So, if you’re seeking a salary increment, you have to make sure you deserve one.
More often than not, companies do not voluntarily give out salary increment because they try to keep their overhead costs low. But that doesn’t make asking for a pay increase impossible, you just have to come up with a strong argument.
Here are some strong reasons that could call for a salary increment:
1. You’ve Increased Your Qualifications thus, Contributing More to your Company
Have you recently updated your skills by earning a new certificate or picking up new courses? Reskilling and upskilling are good grounds for asking for an increase in salary. By upgrading your skillset, you are showing your employers that you are adaptable and a motivated individual.
I have a friend who works in the marketing field. She started as a diploma holder and was paid an entry level salary. After a few years of working for the company, she decided to pursue a degree in marketing. She had applied the new skills she picked up during her degree at work and it proved to be beneficial for her company. Following that, she asked for an increase in her salary because of her added qualifications. Her boss readily agreed to this because she proved to be updated in her knowledge of the industry.
In this sense, updating your qualifications is a good reason to ask for a salary increase because it shows your willingness to stay relevant in your field, displays that you have current knowledge on market trends and highlights that you’ve acquired new skills that could be useful for your company. Even though attaining these qualifications don’t come cheap, it makes you a valuable asset in your company and can potentially increase your asking rate.
2. You are Essential to the Company’s Success
Have you secured huge deals or created tangible improvements for your company in the recent months? This is a good basis for your argument. If your company is able to secure a huge profit because of the work you have done, you should be reaping the benefits as well.
For example, if you’ve increased the revenue of the company by creating new and successful projects or have brought in a substantial number of clients for the company, you become valuable to the business. I have a friend who works as a writer for a local fashion magazine. She is the only beauty writer in the team, and she has been working for the company for an extended period of time.
She raked a substantial audience who followed her articles closely and added to the company’s viewership. However, she felt that she wasn’t getting paid appropriately. She then gathered the evidence of her contributions to the company and showed it to her bosses when asking for a pay increase. Because her contributions to the company was tangible and significant, her request was accepted.
All in all, to ask for a pay increase, you must show that you are worth the investment and how much you have contributed to your company.
3. You Contribute to the Cost Savings of the Company
Are you doing more than your job requires? Are you wearing multiple hats in your company? This could mean that you are a skilled asset to your company. Your role in this company is saving personnel cost and it could be a good argument to ask for a pay increase.
I have a friend whose working title was as a production crew in his company. However, after picking up new social media marketing skills from a diploma, he started managing the company’s social media channels. This job was previously done externally but he managed to get it done inhouse, saving money for his company. This additional workload became a strong basis for him to request a higher pay, because he was helping the company reduce manpower while saving financially.
So, if you find yourself wearing hats that aid the company in saving money, it might be a good basis to ask for a raise.
If you don’t have any of these reasons yet, don’t worry, you can still work up to a pay increase. Start by stepping up your performance at work, show more initiative to your bosses and pick up new projects to lead. Show them your capabilities of executing your tasks well and pick up new qualifications that will boost your performance at work.
Earning a pay raise doesn’t come easy, but it’ll be worth it!
