Most of us find it difficult to ask for a raise! However, conducting your research and making a strong argument can benefit both you and your boss. We break out our essential steps for asking for a raise:
PERFORM YOUR RESEARCH
First, conduct your research and learn about your industry and company's performance. Is your organization having difficulty meeting its objectives? Is the industry anticipated to expand as a whole? If possible, find out if any other employees have received increases or promotions.
Find out how the employment market is for someone with your level of experience. Is there a scarcity of candidates, or might you be easily replaced tomorrow? Investigate your market value and what comparable firms are willing to pay for your job. There are several pay guidelines accessible, as well as scanning the most recent job advertisements for similar occupations.
Just because you believe you're doing a great job doesn't imply people will remember it. You should be able to articulate why you deserve a pay raise.
CREATE YOUR CASE
Write down some of your most recent and significant accomplishments, ideally with measurable outcomes. Evaluate your previous review notes and sketch out how you've evolved and influenced the business since then. Examine how you fit into the company and whether you've become an important member of the team.
CHOOSE A TIME
Asking for a raise is not something that should 'pop out in conversation. A meeting with your manager will establish the tone for a more professional conversation. Consider their schedule and avoid selecting a date or time when they will be under pressure. If the organization is in the midst of a round of layoffs, this is usually not the greatest moment to hire.
PRESENT YOUR PITCH
Before you make your pitch, ease into it by going over your previous projects. Employees are an investment, and you want to be able to demonstrate a strong return on investment. It is critical to review not just what you have done but also what you want to accomplish in the future. You want to be able to demonstrate your dedication and potential contributions to the company's continued growth. You may also utilize this time to talk about potential promotions and other perks like training and bonuses.
BE PREPARED FOR THE RESPONSE
Don't anticipate an immediate response. Allow them time to consider it if necessary, but insist on a deadline. If you are evaluating alternative offers, be open to discussing them (but don't lie about it). If they do not give you a raise, do not issue an ultimatum unless you are ready to act on it. If they answer no, ask what measures you need to do to attain your goal. Request feedback on your performance and then take action!
WHAT TO AVOID
- Don't take it personally. It makes no difference if your child's school tuition or vet expenditures have recently skyrocketed. This is not about why you need money; it is about why you deserve a raise.
- Don't whine about being overworked or underpaid (even if you are). Maintain a professional demeanor while focusing on the positives.
- Don't compare yourself to your coworkers.
- Be assured but not arrogant. There is a narrow line between proclaiming your worth and being arrogant. Remember to connect it back to the reality that you care about the company and want it to thrive.