If you are wondering what to say when asking for a raise, you have come to the right place. In this guide, we will teach you exactly how to ask for a raise and get it.
1. Do some groundwork
Before you can think about asking for a raise, you must do your homework. You must, for example, find out what a typical employee with your education and experience is paid in the first place. Many online resources are useful in this aspect. Some websites you could consider using are Salary.com. Do keep in mind that salaries vary based on the location so the results you see and actually get may be higher or lower than the national average. Also, some sites might ask you to pay for the results of these surveys. But there are also some free reports put out by professional associations and organizations- so keep those on your radar as well.
2. Talk with a career management center
A career-guidance counselor can easily help guide you in asking for a raise. They can point you out to the right online tools and even give ball park figures of what you are entitled to earn.
3. Find out what the company can afford
A little bit of research as to what the company can and cannot afford can help you ask for a raise with confidence. You can also use a salary calculator before you ask for a raise in writing or in person. The company’s annual filings are reported to the Securities and Exchange Commission if it is listed. Alternatively, you might want to judge the company’s economical health by talking to people.
4. Practice
Once you have finished this groundwork, it is time to practice asking for a raise in salary. Make sure you have a number in mind. Build a case to support your request. Use facts about comparable roles and evidence of recent successes.
5. Choose the right time
The best time to ask for a raise in salary is after a performance appraisal. This is when your status is high and the boss would be in good mood. You can also consider asking for a raise after successful results of team work or completion of a project. Avoid making a salary raise request when the boss is preoccupied with other important matters.
6. Build your case
Whether you are asking for a raise in email or by writing a letter, here are some steps to help you build your case:
- List your achievements from past year-If you have sold more than your colleagues, show proof of documentation.
- If you have found out solutions that helped solve some problems or improved productivity, list it too.
- Show that your company needs you and that they should willingly pay you more for what you are worth.
- If the market shows you are below what your position pays, show proof/documentation of the same.
- Document your differentiators-how do you compare with them at that level.
- Show your boss that training someone new would cost him time and money as well.
- Be prepared to demonstrate the knowledge you have gained or the extra mile you have gone in mentoring or training someone. Bring kudos letters supporting these things.
- Determine what you are willing to settle for. Most bosses won’t be happy giving you 50% raise so you might have to wait for 6 months until the company has money to afford what you are demanding.
If these points show that you do not have a case, it is best not to ask for one. Wait for some more time until you have built a case on these terms.
7. Write out a raise email sample
Once you have built a case, write out these points and prepare a script for the boss. This script should basically highlight why you are a good employee and a valuable one at that. Make sure you practice what to say when asking for the raise so that you are able to say it without having to refer to the script.
8. Have a backup plan
If, despite these pointers your request is denied, then make sure you have a backup plan. You can start by asking your boss what more is expected from you or steps you can take to improve in order to get the raise you deserve. Ask to set up a meeting again after a few months. Whatever you do, do not threaten to quit. This will only put you in the bad books of the boss or, worse, on the layoff list if the company is in bad shape financially. You can naturally start searching for a new job if your company is indeed in a bad shape or in an otherwise favorable market or if you feel your boss’s argument lacks support.
More money- we all want it! Whether your annual review is coming up or you have a change in your life situation (marriage, new baby etc) that requires you to earn more, asking for a raise is the best way to get what you deserve. We hope these 8 steps help you negotiate a raise with a strong case and get it!