Asking for a raise is an uncomfortable prospect for most of us but doing your research and presenting a valid case can be a great exchange for both you and your boss. We break down our key steps to asking for a raise.
Do Your Research
Firstly, do your homework and find out how your industry and company is performing. Is your company struggling to meet its targets? Is the industry as a whole expected to grow? If you can, try and glean whether any other employees have been receiving raises or promotions.
Also, find out how the job market is for a person with your type of experience. Is there a candidate shortage or could you be replaced yesterday? Research your market value and what similar companies are paying for your position. There are different salary guides available, as well as scouring the latest job ads for similar positions.
Just because you think you’re doing an amazing job, doesn’t necessarily mean they remember that. You want to be able to paint a clear picture of why you deserve a salary increase.
Build Your Case
Write down some of your latest and greatest achievements, preferably with quantifiable results. Go over notes from your last review and map out how you’ve grown and impacted the business since then. Also evaluate how you fit into the business and whether you’ve become an integral part of the team.
Schedule A Time
Asking for a raise is not something that you should just ‘spring up’ in conversation. Scheduling a meeting with your boss will set the tone for a more professional discussion.
Be mindful of their schedule and don’t pick a date or time where they will be under pressure. If the company is in the midst of a string of layoffs, now is probably not the best time.
Make Your Pitch
When you meet, ease into it by going over your recent projects before you make your pitch. Employees are an investment and you want to be able to prove that you have good ROI.
It’s important to not only go over what you’ve done but what you plan to do. You want to be able to show your commitment to the company’s ongoing success and how your future contributions will affect that. You can also use this opportunity to discuss promotion opportunities, and other extras like training and benefits.
Prepare For The Response
Don’t expect an answer on the spot, give them time to think it over if they have to but ask for and set a timeline. Be willing to discuss if you are considering other offers (but don’t lie about it). Avoid giving an ultimatum if they don’t award you with a raise unless you are willing to act on it.
If they say no, ask what next steps need to be taken to be able to reach your goal. Ask for feedback on your performance and then be proactive about it!
THINGS TO AVOID:
- Don’t make it personal. It doesn’t matter that your child’s school fees just went up or your vet bills went through the roof. This is about why you deserve a raise, not why you need money.
- Don’t complain about being overworked or underpaid (even if you are). Focus on the positives and remain professional.
- Don’t compare your performance to your coworkers.
- Be confident but don’t sound arrogant. There’s a fine line between being confident in your ability and making sure that you are valued, to being arrogant and unlikeable. Remember to tie it back to how you actually want the company to succeed and care about the business.