So your best friend at work (read competitive bitch) got a promotion and is now making more money than you do?
Feeling like youve been dealt a rough deal?

Fikar not gal! Memsaab brings you ideas on how to ask for a raise and get it

Most of the big multinational organizations have an annual performance and compensation review in place. In other companies, your performance may be reviewed annually or half-yearly. But the compensation review might not happen that often. So the onus is on you to ask for a compensation raise. Asking for a raise can be a tricky business. You dont want to come across as too demanding, and yet you want to get what you are worth. So how do you go about the business of asking for a raise?

When?

First of all you have to get your timing right. There are three factors to be considered:

1. Company Policy: Every Company has standard policies on when salary reviews can be held in a year. Keep in mind when is it considered OK to ask for a raise.

2. Company Health: Dont ask for a raise if your organization is going through a financial crisis. Also bear in mind the overall state of the economy.

3. Point In Career: This refers to where you are in your career at the moment. It makes more sense to ask for a raise after a major success, or after completion of a project.

How Much?

Even though you should never come up with an amount, you need to have a range in mind. When your boss comes up with an offer, it will help you make quick decisions. Heres how to calculate the expected raise:

1. Compare: Do a little research and find out how much do people with similar roles get paid-in your company as well as in other companies in your area. Do not compare across geographical locations, as there are variations in salary structures across geographical locations.

2. Be Practical: Do not have unrealistic expectations. Raises are generally seen as a percentage increase. Do not expect an overnight flight to the top scales.

3. Focus On What You Deserve: Your employer is not interested in what you need. He will pay only for what you deserve. Keep this in mind.

In our next article in this series, you will get tips on How To ask for a raise. So if you have the found out the answers to When to ask for a raise, and How Much to ask for, just wait for the final tips on How To ask for a raise.