Pay Raise Interview Preparation Guide

A pay is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, pay can also be viewed as the cost of acquiring and retaining human resources for running operations and is then termed personnel expense or pay expense. In accounting, pays are recorded in payroll accounts.
Pay is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Pay is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual pay.

Pay is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. As I told you about the pay before, pay raise is just that it is the increase or increment in your wages, salary or pay.

If you feel like you have been doing an excellent job at work, do not be afraid to approach your employer for a raise. Many people are afraid to ask for raises even though they know they deserve them, making excuses like, the economy is so down right now or I will never find a good time. If this sounds like you, then it is time to stop getting in your own way and to start making a game plan for getting the higher salary you deserve.

Here are a few tips to ask for a pay raise:
☛ Gathering information
☛ Building a case
☛ Asking for a raise
☛ Dealing with a refusal

Getting a pay raise in most industries is hard to achieve unless you have some leverage. Leverage can consist of such things as getting another job offer performing above and beyond your job description consistently, effectively, and regularly.
☛ If you are a star employee, a good company will often be able to find a bit extra to keep you satisfied. Be aware that it is a fairly standard tactic to tell you that the business is already over its annual budget, to try and deter you from asking. This means that you need to know your worth as assessed against objective criteria (see below) and be persistent.
☛ If you have already negotiated a pay deal with your boss, it may be harder to ask for more. Your boss assumes you are happy with the amount you're getting and isn't not likely to be favorably disposed to adding more financial burden to the company without good reason.
☛ Be careful about using another job offer as leverage. Your boss may call you on it, it is important to really have such a job offer and be willing to take it if you are rebuffed by your boss. Be ready to walk that plank.

☛ Make sure you have leverage.
☛ Have realistic expectations.
☛ Know your company's policies
☛ Know what you're worth - objectively.
☛ Gather some market data for similar positions.
☛ Keep abreast of the trends in your industry.

Read the employee handbook (and company intranet, if you have one) or better yet, talk to someone in human resources. Here are a few things you should figure out:
☛ Does your company require annual performance reviews to determine your salary?
☛ Do salaries advance according to a fixed schedule or rank?
Who can make the decision (or ask for it to be made)?

It is easy to believe you are worth more, especially if you feel as if you are giving 110 percent every day but you need to demonstrate this objectively by assessing your worth against that of others in the same industry. Many employers say they do not give a raise until the employee does 20% more work than he did when he was initially hired. Here are few things you can take into account when you consider your worth:
☛ Your job description
☛ Your responsibilities, including any management or leadership tasks
☛ Years of experience and seniority in the company's line of work
☛ Your level of education
☛ Your location

Subscribe to and read at least one trade journal regularly and make it a point to discuss the future with your colleagues.
☛ You should also keep your eyes on the horizon and regularly envision the path ahead for your company and for the industry. Make it a point to consciously set aside time at the end of each month to critically examine the path ahead.
☛ The very act of anticipating needed actions will serve you well in day-to-day operations and in salary re-negotiaon.
☛ You will be leading the way into the future and enhancing the company's ability to capitalize on the changing market.

☛ Prepare a list of your accomplishments.
☛ Review your work history.
☛ Consider your future value to the company.
☛ Decide what level of pay raise you're looking for.
☛ Do not be afraid to ask.
☛ Choose the right time.