If you believe you're overdue for a pay increase in your job, you may be planning to ask for a raise. Before you approach your boss with a request for a higher salary, consider the following tips for negotiating a raise.
1. Research as Much as Possible Beforehand
Before you start negotiating, make sure you're prepared and as knowledgeable as possible. Find out about the earnings of other people in similar roles and with similar experience. That doesn't mean you need ask coworkers what they earn, but you can probably find helpful information online. It will give you a target from which to start.
2. Make Sure the Company is in a Position to Offer a Raise
It might be tough to get a raise at a time when the company isn't doing well. Get a sense of how things are going.
"Familiarizing yourself with the company's financials and performance over the past few quarters can help you determine whether it's growing and earning high profits," says the editorial team at Indeed. (1) "A company that's experiencing stagnation or decline may not be able to offer raises. This research also can guide your actual negotiation process. For example, if the company's growing but its growth has slowed, you might consider aiming for a lower raise than you would ask for if it were growing more quickly."
3. Wait for the Right Time
Try to pick the right time to ask for a raise. Don't choose a time when there is a lot of chaos happening in the company or when your boss is preoccupied with a major new project. Be sure to get their full attention when the time comes to have the raise discussion. Set a time for the meeting that isn't hectic.
4. Be Ready to Explain Your Value as an Employee
It’s important to demonstrate your value to the company. The more specific, the better, especially if you've made a significant impact.
"Describe how your accomplishments have positively impacted your department and company as a whole – and provide specific numbers and statistics if possible," explains Marci Martin at Business News Daily. (1) "For example, you could say, ‘In the past year, I generated 5,000 leads for the company, which is an increase of 8% from the prior year. The resulting sales equaled $58,000 in new business.’ It’s hard for any manager to turn down a request when presented with numbers like those. The stronger the data you provide, the greater case you make for a well-deserved raise."
5. Be Flexible
Remember that this is a negotiation and be prepared to be flexible if you aren't offered exactly what you're hoping for. Your boss may express gratitude for your contributions, but the company isn’t financially able to offer a raise at the present time. If they indicate that they will be able to consider a raise in the future, it might be worth sticking around and giving them a chance to make good on that. It may be that they can give you a raise, but not as much as you were looking for. It's up to you to determine if it's enough for the time being, but consider the time you've already spent in this job. Changing jobs to something less familiar now might not be worth it unless the salary or benefits are much better.
6. Role Play
If you're nervous about asking for a raise, it might help to do role-playing with a friend or family member to practice what you plan to say and prepare for how your boss might react. It won’t be exactly how the real thing plays out, but it can increase your comfort level and help you make adjustments to your strategy before you have the actual talk.
7. Follow up
Whether or not you are promised a raise, it's a good idea to follow up when the time is right. If you aren’t getting a raise now, try again at a later date, considering the factors that went into the refusal. If your boss says you are getting a raise, follow up to let them know you appreciate it. If it doesn't show up on your paycheck, check in and give them a reminder.
Asking for a raise is rarely a comfortable conversation, but it's an important one when it comes to getting paid what you're worth as an employee. Be prepared when you set out to negotiate.
1. https://www.indeed.com/career-advice/pay-salary/how-to-negotiate-raise
2. https://www.businessnewsdaily.com/8101-asking-for-a-raise-tips.html