Have you been working extra hours to complete a difficult project? Have you saved the company costs by implementing productivity improvements? Have you gone above and beyond the call of customer service? If yes, you might be thinking it is time to ask for a raise. Below are 5 tips you need to know before you ask for a raise.
1. Research an Appropriate Pay Raise
When considering asking for a raise, the first thing you should do is research the market pay rate for your field. Using salary calculator tools like
Salary.com and looking at salary surveys makes getting this information easier than ever. If you are already making the average pay rate in the market, asking for a pay raise could be difficult. It is best to familiarize yourself with your employer’s pay practices. If the standard practice is to offer salary increases once a year after an annual review, you are unlikely to receive a raise at any other time.
2. Know the Best Time to Ask
When asking for a raise, timing is everything. First, evaluate the financial health of your employer. Ideally, you want the company to be in solid financial straits; when employers are going through a rough financial time, they’re looking for places to cut costs, not add them. Next, make sure you’ve been on the job long enough to request a salary review. In most cases, you want to have a year of work behind you, a continuous track record of accomplishment that you can point to. After all, a raise is recognition of a job well done.
3. Build Your Case
When you’re ready to make your request, prepare a case that shows you’re bringing increased value to your employer. A successful negotiation for a pay raise is always based on your merit and accomplishments. Make a list of all your achievements you had in the last year and how they helped the company. This list also reminds you of your own worth and provides an objective basis for your demands. It is also good to prepare a list of long-term goals and objectives that will benefit the company in the future. This shows your employer you are thinking ahead and have the best interest of the company in mind.
4. Present Your Case
Set up a meeting ahead of time with your supervisor to discuss your compensation. You do not want to ambush your supervisor. Scheduling a meeting gives you privacy and a time you know you won’t be interrupted. Be straightforward in addressing your request for a raise. Tell your supervisor you are asking for the raise at this time because of the accomplishments and contributions you have made, and the additional responsibilities you have taken on. Once you stated your case, wait for your bosses’ response. If your boss says
yes, make sure you hold them to it. If they say
they need time to think about it, schedule a time in the near future to reopen the discussion.
5. Know What To Say If The Answer Is “No”
If your boss tells you he cannot provide a pay raise currently, ask what you need to do to make yourself eligible for raise in the future. A good supervisor will be able to show you what a path to a raise would look like. Then, it’s up to you to decide if you want to follow that path—and remember to reopen the discussion of a raise once you do.
Remember: Thank your boss for his or her time regardless of the answer they have given.
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