5 REASONS YOU SHOULD ASK FOR A RAISE EACH YEAR
Raises don’t come by easily. While some organizations periodically review employee’s salaries, others only give salary increases when demanded by the employee. So if you don’t ask for a raise, you are less likely to get a fair value for your contribution to the company.
There are several arguments as to why you deserve a raise; from an increase in responsibility and performance to other factors. In this article, I have listed five top reasons why you should request for a raise every year.
To Earn More
The most important reason why you need to ask for a raise is to earn more. Every year the cost of living increases, making it more challenging to live comfortably on your salary. Getting a raise will significantly ease the struggle.
Your salary increases whenever you get a raise, providing you more money to spend. If you get a 5% raise when your salary is $70,000, then you will earn an additional $3,500 to cover your expenses.
2. It Proves Your Worth.
Requesting a raise establishes your contributions and highlights your value to the company. If your work is central to the success of the business, your boss will be more convinced to give you a raise, because it is easier to keep you on the job than to employ and train a new employee. Gather adequate information to present to your employer as proof of your effort on the job and why you need a raise.
3. It Increases Your Confidence
Asking and receiving a raise shows that the company values you as an employee. When you request for a raise, your employee will review your contribution to the company. So when the new pay is approved, you feel confident that your contribution as an employee is valued by the company. It draws your boss’s attention to your quality of work, talent, and skills and makes you visible for more employee benefits.
4. To Be Able To Save For Retirement
Some employees don’t enjoy the company’s retirement benefit. But even if you do, getting a raise can help increase the amount you get, especially if there is a match in the company. The higher you make as a basic salary, the more you can put aside to your retirement plan.
It is even more essential to ask for a yearly raise if your company has no retirement plan for employees.
5. It Speeds Up Career Opportunities
Talking to your boss about a raise highlights your leadership qualities and brings you into the limelight for career progression opportunities. It shows that you are someone who knows what you want and is willing to take the necessary steps to achieve it. Additionally, it shows that you have a clear career path and puts you in the running for the next promotion opportunity.
Conclusion
Experience has shown that a salary increase of less than 10% can be demanded. Your approach when asking for a raise shouldn’t be to complain, instead try to persuade your boss, by highlighting the reasons why you deserve one.
It is easy to keep silent and feel stuck and powerless. But by sending that one mail requesting for a raise, you benefit way more than you can imagine.
