How do I ask my boss for a raise?

The boss is asking' how can I get you to stay', and the employee replies 'money'.

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.

Did you know?

If you feel your job responsibilities have increased, or if you've been performing exceptionally well, asking for a raise might be the best way to get paid what you're worth. Typically, pay raises range from 3% to 5%, but if you have a good reason, you can even ask for a 10% to 20% increase.

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.

A woman saying, 'I know what my worth is'

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.

Did you know?

According to a new study, there are no gender disparities between how Australian women and men negotiate for their salaries. Nevertheless, the research showed that despite asking for higher salaries as often as men, women were less likely to get the salary they requested.

2. Prepare for the Conversation

A woman saying, 'one must prepare for any event.'

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"

Quiz

When might be a good time to talk to your boss about pay raise?

During lunch breaks

Quarterly employee reviews

When your boss is in a bad mood

Whenever you feel like it

Did you know?

Expect to be asked about your achievements, future plans with the company, and why you think you deserve the raise. Negotiations on the details of the raise may be necessary, and you might need to reach a compromise to move forward. It's important to document "any promised or conditional future raises...in writing."

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.

A man saying, 'I'm gonna follow up'

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.

Did you know?

If you don't get the raise you want, there are several options available to you. You can ask your boss for feedback, build a portfolio of your accomplishments, or work towards a promotion. If those options don't work, looking for a new job or transitioning to a new career may be the best way to increase your salary.

Take Action

Hand over money with text of 'you'll get a raise'

If you think you're underpaid and would like to get what you're worth:

Use PayScale's salary calculator to check if your salary is in line with industry standards.

Prepare and rehearse responses to ask for a raise.

Check out this Byte to learn how to ask for a promotion in the future if a raise isn't possible.

How do I ask my boss for a raise?

Asking for a raise can be tricky.

Is this happening to you?

Did you know?

1. Know Your Worth

Research the market value of your role:

Evaluate your contributions:

Did you know?

2. Prepare for the Conversation

Choose appropriate timing:

Plan out conversation points to cover:

Anticipate potential objections:

Quiz

Did you know?

3. Follow up

Did you know?

Take Action

This Byte has been authored by

Michelle Wang