How to Write a Pay Hike Request

1. ADVERTISE ABOUT CONTACT SEARCH LOGIN HR NEWS  STRATEGY  TRENDS  RESOURCES  SUCCESS STORIES  SUBSCRIBE NOW HRM MAGAZINE  Home > Trends > > How to write a request for a pay hike Compensation HOW TO WRITE A REQUEST FOR A PAY HIKE When you have been in the current position for more than a year and have no plans to move, then the next step is to request for a pay raise. Some companies give routine pay hikes across the board, including bonuses, but when you have been in a position for quite some time and are comfortable about your job performance, then it is time you asked for a pay hike. First, you need to convince the employer that your contribution to the company is worth the reward. When you ask for a raise, preparation is the key. Timing your pay raise request is essential. It would be best if you timed it along with the annual pay rise decisions. Next, find out the general pay scales for the same job position in the market, and finally, the competition if there is any. According to PayScale, in a survey of over 160,000 people, nearly 40% of the people surveyed said that they got what they asked for in their increase. Another 31% said they got less. PayScale reported that the most common reason employers said no to a requested raise was due to budgetary constraints—a rationale that many respondents said they didn’t believe. Post-Pandemic things have changed. It is both a tight job market on the one hand, and on the other, there is a problem of retaining high-grade talent. Job flexibility and remote working culture have opened the doors for people to jump to better paying jobs or better run organizations. Along with the above-mentioned preparations for a pay raise, read up on the contract you signed and what is mentioned about granting hikes. Most importantly, keep a ready reckoner of your contributions to the organization and any stellar performances that have brought profitability or better returns in terms of sales and services.

2. Document costs savings, productivity improvement, important projects achieved, and how you have contributed more than your job required. Use all of your earlier research to ensure that what you are asking for is commensurate with your performance. A successful negotiation for a pay raise is always merit-based rather than your need for extra money. HOW TO WRITE A RAISE REQUEST LETTER  Below is a sample of a well written professional salary increase letter. Name Address: Date Human Resource Manager, ABC Company, Dear Sir, This letter is a request for a salary raise. I have been working as a (job title) with your company for the past three years. During this time I have performed my duties to the best of my abilities, exceeding my supervisor’s expectations. I have contributed to the betterment of my team’s performance and have been an excellent team player. I believe my performance in improving the company’s sales record and work in the innovative product that has done so well in the market speaks for itself. Additionally, my current pay is 40% lesser than the average annual salary payable to my position. To match up to the current standard rates and my efforts, a salary hike of (amount) seems reasonable. Your consideration will be highly appreciated. If possible, I would like to meet you to discuss the salary hike in person at your convenience.   Your’s faithfully, {Signature} HOME ADVERTISE WITH US SUBSCRIBE NOW CONTACT PRIVACY TERMS SITEMAP CAREERS © 2021 THE HR DIGEST. ALL RIGHTS RESERVED. POWERED BY IDMERIT       