Asking for a raise is stressful. You know you could use the money but don’t want to risk your job asking for it. Learn how to ask for a raise and receive the compensation you believe you deserve.
Be Prepared During Job Interviews
Money is a natural part of every job interview. Do your homework and be prepared to ask for the salary that matches industry standards and your experience. Ideally, it should leave wiggle room for negotiations, too.
Know How Raises are Determined
Before you start a new job or after your company’s management changes, ask for info about how raises are determined. Find out if you can earn more money when you learn new skills, receive a promotion or transfer to a different department.
Document Your Performance
Raises are often tied into performance, so prove to your boss that you are a valuable asset and worth more money. Document your performance over the past year, including any overtime you worked, projects you managed and goals you’ve met. Your solid numbers could influence your boss to increase your compensation.
Research Industry Standards
What do other people in your industry and position make? Do a little research and get figures so you can prove to your boss that you deserve more money.
Know Your Boss
Some bosses prefer a sales pitch and others crunch numbers. When you know what type of boss you have, you can create a raise request that appeals to him or her.
Schedule a Meeting
Your chances of getting a raise increase if you schedule a meeting to discuss it. Don’t try to have this talk in the hallway or after a stressful day. Set time aside to talk privately about a raise.
Time the Request
It’s never a good idea to ask for a raise after you made a big mistake or the company lost a big contract. Assess your timing before you go to bat for a bigger paycheck.
Practice Your Request
Initiating a conversation about money is easier when you’re confident. Write down why you deserve a raise and how much you want. Then practice your speech in front of a mirror or with a trusted friend until you’re confident enough to have a conversation with your boss.
Check Your Expectations
Even though you may deserve a raise and do everything right when you ask for one, your boss could still say no. Be prepared. Start tracking your performance and prepare for another conversation in six months or consider looking elsewhere for a job that does pay a fair wage.
A raise improves your quality of life and self-esteem. Consider these tips as you ask for your next raise at work.
