This blog post outlines a list of reasons for a raise, why employers should provide increments to their employees, and what workers should keep in mind before requesting a raise.
List of Reasons for a Raise
Before requesting an increment, assess your progress and whether you deserve this incentive. Evaluate your work and contribution to the organization. Here is a list of reasons for a raise.
- Continual Growth and Improvement
- Confidence and Readiness
- Positive Outlook
- Esprit de Corps
- Going the Extra Mile
- Reliable and Trustworthy
Continual Growth and Improvement
Employers look to promote employees who are interested in and skilled at an array of jobs. They also encourage their employees to take up new projects, undergo additional training, ask to do various jobs, pitch in ideas, and show continual development in their career through their initiative.
Confidence and Preparedness
You may have heard of the quote, “Confidence is the key to success.” There is so much truth to this quote. Many employers encourage and appreciate their employees to confidently ask for a raise. It shows that you believe in your work and are assured of your knowledge and abilities. Some employees get a promotion without asking for it but know that it does not imply that you need to wait around for a raise.
With that said, confidence alone is not the key. As the famous American tennis player Arthur Ashe stated, “the key to confidence is readiness.” You need to believe and show that you can put in the effort required for the responsibilities that come with a raise. You also need to be prepared to ask for a raise without any reluctance.
A positive outlook can do wonders for you, including getting that raise! Without going overboard and obsequious, show your boss that you have a positive attitude by taking on novel challenges and expressing eagerness to work on innovative and original ideas. Even in the face of problems or obstacles, try being optimistic and preemptive rather than dull and pusillanimous.
Esprit de Corps
Esprit de Corps translates to team spirit and refers to camaraderie. You feel pride and loyalty in being a part of a team. Every company appreciates a sense of team effort as it shows that you are interested in your achievements and that of your colleagues and teammates. The possibility of getting a raise is significantly dependent on your esprit de corps.
If you are approaching your employer for a raise, ensure that you mention your team’s commitment and how you and your teammates have benefitted from each other.
Going the Extra Mile
Doing just what you were hired for does not substantiate a raise most of the time. You need to be willing to go the extra mile and show the employer what makes you stand out and deserve a raise. Otherwise, it makes you request more money for the bare minimum you are doing.
Before expecting or requesting a raise, ask yourself if you are not just doing enough but are going the extra mile.
Reliable and Trustworthy
Creating an atmosphere of approachability and reliability around yourself increases your chance of getting a raise. Employers look to promote and bestow higher responsibility upon people who show traits of a go-getter.
Therefore, you must guarantee reliability by meeting deadlines without delays, being consistent in your job, avoiding absenteeism, and gaining a positive reputation among your colleagues. These and other related factors contribute to your likelihood of getting a raise.
Your organization giving you a raise implies investment in not only you but also the company’s future. Therefore, be ready with ideas for the company’s future, including novel ideas, project layouts, and short-term and long-term vision and goals.
It conveys a positive message to the employer that you are working on current tasks while preparing for and working toward its future. They become confident to invest in you as they believe that you are a real asset to the company.
Camaraderie does not indicate a dependence on your team. Along with team spirit, working independently and showing autonomy is highly valued and required for a promotion or a raise. Achievements for both individual and company gains by functioning independently are greatly rewarded.
Why Should Employers Give Raises?
Increments are not restricted to the profit of the employees. Employers also reap incredible benefits from giving raises to their workers. Some of the reasons for employers to give raises are given below.
- Team Goals
- Accuracy and Punctuality
- Value Creation
Raises are given when the company can afford them. Therefore, giving increments is closely associated with a display of achieving success and established team goals. It also benefits the employee and motivates them to work harder, thereby bringing about more success for the team and company.
Precision and Punctuality
Employees who are excellent at meeting deadlines and deliver precise work are incredible assets to the company. They are a significant contributor to and determinant of company success. Therefore, to retain such employees, it is imperative to provide raises.
Sometimes, employees go the extra mile or achieve things that are beyond their roles and responsibilities. They provide innovative ideas, assume responsibility, take ownership, and ensure execution, which ends up doing wonders for the company. All of this effort indicates value being brought into the company. It is vital to credit such values, and the appropriate way of doing it is with a raise.
Understand and appraise the employees’ growth by asking them to think about how they can progress and sharing these goals with you. By doing this, you and your employees help the company minimize expenses and maximize profits. It increases the effectiveness and efficiency of the company. Such continual growth and learning must be heavily rewarded.
Nowadays, it is straightforward and typical for employees to switch jobs or even careers. Therefore, rewarding loyalty is crucial. People who stick around are likely to believe in your company and what it stands for, know a vast deal about the organization, and have vital knowledge, skills, and experiences to give to other organizations. You can appreciate such dedication through consistent raises. It would also incentivize more people to remain loyal.
You must incentivize and reward employees who take the initiative and put in the effort to help the company become better. Several great employers increase their employees’ pay when the latter least expects such increments to appreciate the workers’ sheer initiative and hard work.
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How Frequently Can Employees Anticipate a Raise?
Usually, employees are given raises once a year. It is also determined by the economic weather and the company’s employee demand. Fields with higher competition and demand are likely to give raises more often.
Ever since the economy has been down, you are unlikely to get automatic raises. Nowadays, the need to request raises has become a more common practice.
Situations in which you can expect to get raises on a more regular basis include:
- You are a consistently excellent employee;
- You work in the foodservice industry, where you can expect regular minimal raises; or
- You work in a competitive field like finance.
What Should You Keep in Mind Before Asking for a Raise?
Here is a list of considerations you should make before asking for a raise.
- After a Refusal
Timing is one of the crucial elements to consider before asking for a raise. You cannot walk into your employer’s cabin anytime and demand a raise. Not every situation is conducive to such requests. Therefore, keep in mind the following considerations regarding the timing of your request.
- You have completed a vital project;
- A couple of years after the probationary period;
- At a time when your boss is likely to be free and responsive;
- When the company is financially well;
- When you are negotiating your pay after the probation; and
- If you have taken on more responsibility
Do not exaggerate your expectations while asking for a pay raise. Ensure that you request something realistic and reasonable. To do that, make sure you have the following information.
What is the current market rate for your job?
Are there regional compensation deviations?
What are other comparable organizations providing?
Avoid requesting an increment if you have not performed your job well. To assess your performance and gain assurance for the same, see if you have fulfilled some or all of the things mentioned in the first section of this blog.
After a Refusal
If your request for a raise was rejected initially, do not get disheartened. Understand the reasons for their refusal and what their expectations are for you to receive the requested raise. After a period of meeting those expectations, you can negotiate for higher pay again.
Moreover, you can try asking your employer for an increase in other innovative ways, such as a company car, a bonus upon completion of a crucial goal, or even a company pension plan.
This blog post covered the list of reasons for a raise, why employers should give higher pays to their employees, and the considerations employees should make before asking for a raise.
Frequently Asked Questions (FAQs): List of Reasons for a Raise
What is a typical and expected increase in salary?
A typical and expected increase in salary is somewhere between three and five percent. A pay raise is primarily determined by the employee’s and company’s performance, the industry, and where the organization is situated. Raises are not always monetary benefits; they may include non-monetary perks that are not accounted for in increment-related surveys.
How do you show your boss you deserve a raise?
Here is a list of ways to show your boss you deserve a raise.
Practice your negotiation skills;
Understand your organization’s performance and health;
Do not personalize your request;
Take the initiative instead of waiting around for an increase; and
Have your colleagues speak highly of you.
Can I expect a 10% raise?
It is unrealistic to expect a 10% raise as, on average, salaries have seen around four to five percent increase. A raise of 10% is typically reserved for workers whose pay is not competitive with the market.
What are some things you should never say while requesting a raise?
The following is a list of things you should never say while requesting a raise.
“You are not paying me enough.”
“I demand XYZ% increase.”
“I deserve a raise.”
“I have waited long enough for a raise.”
“I am in so much debt, so I need the raise.”
“ABC is earning more, so why should I not?”
“I do so much around here.”
“I will resign if you do not pay me more.”
Experteer Magazine. (2018, January 17). Demand more salary: Four good arguments for why you deserve a raise. Experteer. Retrieved from https://us.experteer.com/magazine/demand-salary-four-good-arguments-wage-increase/.
Matt. (2014, April 23). 14 Reasons to Give Your Employees a Raise. Under30CEO. Retrieve from https://www.under30ceo.com/14-reasons-give-employees-raise/.
Salary.com. (n.d.). 7 Reasons to Ask for a Raise. Retrieved from https://www.salary.com/passages/7-things-employers-look-for-when-giving-raises/1/.