Recession Is Fading- Is It Right Time To Ask For A Pay Hike?

You’ve endured the recession and waited patiently for things to get better before you tried for that personal incentive called promotion from your boss. Now since things have started looking bright don’t you think you should start off with your professional upliftment program? Or do you think it’s too early? For some companies which haven’t been affected much by the recession, the economical improvement signals a new era of growth and prosperity. If you’ve been working well all this time and have been in the good books of your seniors, you can go ahead and ask for a promotion or a pay hike. But if your company was deeply wounded by the recession and is bandaging its wounds, it’s ethical for you to be patient for some more time and then strike upon an opportunity to speak with your seniors about a career upliftement or a pay hike.

Many people who have been with their companies through the tough times and have worked with 100 percent commitment towards the survival and progress of the company and have achieved success for themselves and their companies, actually they don’t need to ask for any professional elevation. Their bosses have automatically recognized their merits and have already rewarded them in a befitting manner. Well, those of you who feel are left out; you rightfully deserve to let your bosses know that you’re expecting to be rewarded. Don’t be shy because many times, though not intended that way, you don’t get what you want if you don’t ask for it. Here are some tips that you should follow before asking for a promotion or a pay hike.

Know your Market Value

You know that recession resulted in job cuts and organizations have few people. They want to retain people who’ve been with them through the thin phase. If you’ve played a key role in your company operations and made it survive the recession this is the right time for you to ask for a pay raise or a step up the professional ladder. As recruitment is slow and there are few competitors, it’s very likely that your request is going to be granted. If you weren’t one of the key members, you can still give a try but don’t get disappointed if you don’t get a very encouraging response because your higher ups have more urgent things to look into before they consider your requests.

Don’t Dream About High Hikes

You might have put in your best efforts but don’t expect very high salary hikes. A 10 percent increase is still quite an impossible figure right now. Yes, the reasons are very much valid. You can’t expect someone to pay you high when he himself doesn’t have the resources to. If you want a good hike, just wait for some more days and then ask for it when the company has bounced back to its pre-recession glory. Otherwise if a hike is urgent for you, be satisfied with a 1 or 2 % hike at the most. Also, be aware of the fact that many employers have become performance oriented and they are going to pay you more only if they think that you are an indispensable asset . So, do you think you have that in you? If you think you do go ahead with confidence. Otherwise just try to assess your worth to the company through performance appraisals etc. Let me tell you that even with a good appraisal record, no employer will retain you if you’re beyond his reach. So, make sure you’re asking for a reasonable amount. Find out what your contemporaries are getting and quote accordingly.

Strike the Iron When Is Still Hot

You must have already experienced that bosses are a moody lot. Naturally, if you put yourself in their positions you’ll naturally understand the kind of work pressures they take up. Rather they work more than you. Attending important meetings of the company, making business rules for the company and steering it to heights of success is no joke. Sitting at your computer you might thinking that you’re slogging more than your boss, who’s only sitting there giving orders. But, my friend, you’re seeing the grass from the other side. Things are not all that green for your boss. So, if you ask him for a promotion or a hike when he’s not receptive , you might get a negative response for which there’s every possibility that you’ll misunderstand and leave the company thinking that they don’t recognize your efforts.

Many people might advise you to approach your boss immediately after he appreciates you for your good performance. Don’t ever do that! There’s every possibility that your boss will misunderstand you and sum you up as a selfish opportunist who’s working for the company, not out of dedication for the organization, but only for personal gratification. Also he might think that you’re being pricy because you know that he needs you.

So, when is the correct time to ask your boss? Well, I think, you should take the opportunity just before or during your annual appraisals, when everybody is tuned towards that end. Suggest in a casual tone. At other times, your request might look out of place and driven by sheer personal interest, but when officially the appraisals are being done it will look as a normal routine demand and will  be responded to in the most appropriate manner.

Higher pay or higher position

Be clear about what you want. Do you want a higher pay or a higher position? Well, I have asked for a higher pay and not a higher position, because I wanted to grow in my career in priority to my company. Well, let me tell you about a personal experience. I worked as a soft skills trainer in my organization and I would conduct corporate trainings for my organization. My higher ups were so impressed that they promoted me to the level of a senior manager with the firm. Managing the company is a nice job, but I found that I was conducting less training sessions and was more involved in company affairs and meetings. I did not want to deviate from my main profession. I resigned from the post after a couple of months and got back to my work. Staying in touch with my actual work gave me ac chance in developing in that career and now I have a lot of organizations offering me the job of a trainer with them. By concentrating on my career and not on my company position, I’m an indispensable asset to the entire industry and not to my company alone. But this is my personal opinion and you can differ from this.

You have to do some introspection and assess what you actually want. Do you want to grow with the company or do you to grow with your career? This is a decision that I’d like to leave to you completely. By growing in rank you become a more integral member of the human infrastructure of the organization. You’ll have greater job security, and official status, but you’ll have to shoulder more responsibility at the same time. If you think you have it in you, you can always opt for a higher position. Be clear about whatever you ask for.

Don’t Give Personal Reasons for a Hike

Saying that you need a pay hike for making both ends meet during the recession is the dumbest thing that you can ever do! Every body is going through the recession. Do you think your boss will be impressed by such a reason? I agree that might be your real reason but in the world you’ve got to be a bit clever at times. Instead of personal problems show your value to the company. Make a detailed list of how you’ve helped the company band how you’d want to make it grow in future. Impress your boss with that and you’ll get your moolah! But never make any fake promises. Make promises and fulfill them. That’s your ultimate mantra to success in your professional field.

“Plenty of men can do good work for a spurt and with immediate promotion in mind, but for promotion you want a man in whom good work has become a habit.” – Henry L. Doherty