How to Ask for a Salary Raise
For many of us in the workforce, the growth we expect to go through doesn’t only come in the form of responsibilities, promotions and experiences – admittedly, our growth also involves monetary value. Asking for a raise can be a touchy subject, but in a working environment with changing job descriptions, increasing industry demands, and increasing standards of living as well, asking for a salary raise should be normalized. Part of our job as a recruitment agency in Vietnam is to guide our candidates in achieving their career goals. Here are our tips on how you can ask your boss for a raise.
The first question to ask yourself is why should you deserve a pay raise? It should be clear to you why, so you can make a clear case to your boss later on. List your accomplishments, contributions to your team’s culture, and the additional responsibilities you’ve taken on. What are the highlights that have helped shape your team in the past few months or years? Be specific with your accomplishments so it’s easier to justify why you should get a raise.
Naming your number
There are a few things to look into before putting your ideal salary on the table. First, think about your tenure – there is a lot of value in your loyalty, and how long you’ve been performing and collaborating well in the company, and this is something you can leverage later. Tenure though isn’t everything, you do need to back this up with performance.
Second, where possible, look into the industry rates for your role based on your seniority level, experience, skills, and education. By researching the market rates you’ll be aware of the current rates of your peers in the industry, and you can demand a similar or a higher rate from your company. As this information isn’t always available publicly, speak to us or other recruitment agencies in Vietnam – they will be able to give you a range and market intel that will help you.
Meeting with your boss
Asking for a pay raise is also about timing. Consider the financial health of your company – are you seeing budget cuts and layoffs in different departments? Maybe it’s not yet time to talk to your boss about a salary raise. But when things start to look positive again, re-evaluate the timing to speak to your manager, such as during the annual forecasting and budgeting time that your company adheres to. This is when budgets for departments get locked in for the financial year ahead, so it’s key to plan a conversation prior to the new FY if possible.
Also if they can’t give you a monetary increase right now, think about what else they may be able to support you in – how about some money towards further study, or some new software that would help you perform your role better as well as add benefit to the company?
When scheduling a conversation with your boss, you might also want to consider their workload and mood. These small things can affect the way your discussions can go so try to make sure they’re available for this meeting. Depending on your relationship with your boss, they might appreciate a formal email first about your request for a salary raise, which you can later on talk more freely about in a scheduled meeting.
In this meeting, outline your accomplishments, why you deserve a raise, and prepare to answer any of their follow-up questions. Be sure to answer them confidently and properly so your expertise shines through. But you should also be prepared mentally and emotionally in case your boss decides that they can’t give you a salary raise just yet. Be prepared to negotiate and ask for what is possible, and when. Perhaps this means circumstances aren’t necessarily ripe for your raise, or maybe it means you should consider preparing for a career change.
Recruitment agency in Vietnam
The Talent Consultants, a talent staffing agency and trusted permanent recruitment services agency in Vietnam, know how difficult it can be for candidates to negotiate for their salaries whether during recruitment, or even during their employment. But we’re committed to helping our candidates navigate this uneasy terrain through consultations and career advice. Stay tuned to our blog to know more about the different things you can do to improve in your career.