You may believe you deserve a raise, but asking for more money can be uncomfortable, intimidating and risky. Nine tips teach you how to ask for a raise the right way.
Discover the value of your job.
Every job, including yours, has a value. Research the going rate at other companies for the responsibilities you perform. This figure helps you calculate a reasonable raise for your duties.
Consider your earning potential.
A variety of factors affect how much money you can make. Your education, credentials, number of years in the field and location play a role in your potential earnings.
Focus on the value you bring to the company.
Show your boss that you’re invaluable to the company. Have you increased sales by 20 percent in the last quarter or recently completed a certification course? Share specific accomplishments, relevant skills and everything you plan to do for your company in the future as you focus on your value to the company.
Put yourself in your boss’s shoes.
A boss who’s assertive will appreciate if you get to the point and boldly ask for more money while a boss who values data will want a chart that outlines your performance. Know your boss’s personality, interests and goals as you plan your raise request.
Schedule a face-to-face meeting.
A conversation about your raise should happen face-to-face, not over the phone or by the water cooler. Schedule a meeting to improve your chances of getting a yes.
The best time to ask for a raise is after you’ve achieved a goal, solved a problem or mastered a challenge. Avoid asking for a raise after a big mistake or when your company is downsizing.
Ask before your performance review.
Typically, companies make compensation decisions before they schedule annual performance reviews. Try to plan your raise conversation several weeks in advance of your scheduled review to give your boss time to consider additional compensation.
Maybe you do have financial pressures and desperately need a raise. However, you’re more likely to get what you want when you stay calm. Keep the meeting focused on how you help your company rather than how a raise will help you.
Be prepared to handle a “no.”
Despite following these tips, you may get a “no” from your boss. Decide if you’ll quit, ask for a raise in a few months or forget it. You can also ask for feedback that will help you get a raise in the future and request another meeting to revisit your raise.
Receive the compensation you want and deserve when you learn how to ask for a raise. It’s as easy as following these nine tips