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Is your salary falling short of your monthly needs? Here is how to ask for a raise

If you can no longer cover your needs with what you earn, or if you simply believe that you deserve more, reach out to your employer. Picture: File

If you can no longer cover your needs with what you earn, or if you simply believe that you deserve more, reach out to your employer. Picture: File

Published Apr 7, 2022

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It’s no secret: things are getting more expensive by the day.

Data from the recent March 2022 Household Affordability Index, which tracks food price data across South Africa, revealed that in the previous month, the average cost for a household grocery basket was R4 497,23.

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This is a drastic increase from last year - March 2021, when the same food basket was around R4 067,23. According to Investec chief economist, Annabel Bishop, the price of petrol could also increase by more than R2 per litre to above R23 per litre in April.

With all these increments, how is your salary faring?

If you can no longer cover your needs with what you earn, or if you simply believe you deserve more, you can approach your employer with this matter.

Here is how you can ask for a raise:

1. Research how the company is doing financially

You first need to determine if the company is still doing well financially. Have there been any retrenchments?

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Have certain budgets for various projects been decreased? If so, this may not be the right time to proceed with your request. Conversely, if the company is thriving, go for it!

2. Find out the average pay for your position

You must know the exact figures you are after. Use websites like payscale.com (a company that assists employees understand their worth in the job market) to determine the average pay for the type of work you do.

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This will help put into perspective what salary increases you deserve.

3. Have a great track record

It will be much easier to convince your employer that you should be paid more if you have been exceeding at your job, for example, hitting your monthly targets or going over and above on projects.

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Your employer will want to hear you justify why you deserve this raise. Have all your ducks in a row to make this process swift and successful.

4. Choose the right time

Only approach your manager when they are not busy. Pay attention to their workload and strategise when the best time to approach them is. It is also not the best time to approach them if they have been under a lot of stress.

5. Prepare

Make a list of all the reasons why you deserve this raise. These should be professional and precise. Practice talking to your manager so that you may not feel anxious or afraid when you approach the subject with them.

IOL WEALTH

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