Asking for a raise can be tricky.
Oftentimes, employees miss out on extra money because they lack the necessary skills and information to negotiate for a better deal.
Is this happening to you?
Discover 3 steps that will help you strategically ask for a raise at your job.
1. Know Your Worth
Research the market value of your role:
Use sites like Salary.com, PayScale, and LinkedIn to compare your current salary with those of similar positions at other companies.
Consider your industry, your company's size, and the benefits they offer (extended healthcare, etc.).
Contact recruiters to review your resume and provide you with "a realistic salary goal for your position and experience" to negotiate.
Evaluate your contributions:
Note your accomplishments over time (the past 6 months, the last year, and your entire time with the company).
Describe the impact and benefits of your accomplishments on both your team and the company as a whole.
Back up your achievements with specific numbers and data, if available.
By considering the current pay rates in your industry, as well as evaluating your own performance, you can set a realistic and fair salary expectation for your request.
2. Prepare for the Conversation
By failing to prepare, you are preparing to fail.
— Benjamin Franklin, American politician and inventor
Choose appropriate timing:
Consider the company's financial situation. If they're financially healthy and growing, it might be a good time to ask.
Check when there is a convenient time to talk about a pay raise with your boss (for example, during one-to-one check-in meetings and annual employee reviews).
Having recent achievements on the job will strengthen your case.
Plan out conversation points to cover:
Show appreciation for working at the company.
Discuss your plans to further contribute to the company's success in the future.
Consider how your goals can align with your boss's interests or priorities.
Anticipate potential objections:
Build a strong case regarding your performance to justify a raise
Consider your employer's priorities
Prepare responses and rehearse talking points for a potential "no" and "yes"
When might be a good time to talk to your boss about pay raise?
3. Follow up
Your boss might not give you an answer right away. If you don't hear back after a week or two (or the time you both agreed to), check in with them.
Here is what you can do after the conversation:
Send a follow-up email summarizing the discussion and any agreed-upon next steps.
Keep doing good work and going above and beyond to prove that you deserve the salary you want and deserve.
Clarify the new responsibilities that may come with the new raise.
If you think you're underpaid and would like to get what you're worth:
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