To help you with preparing to ask for a raise, I asked HR managers and CEOs for their best insights. From communicating challenges you overcame to presenting tangible numbers and results, there are several tips that may help you ask for a raise in the future. So, what's one thing to consider when asking for a raise?
Preparation Tips for Asking for a Raise
Communicate Challenges You Overcame
Your boss and company must see your real growth. Therefore, instead of raving about your achievements, narrate the stories of how you encountered a challenge, made a superior result, and solved an issue. When we're nervous, we often demonstrate the victories. But, taken out of context, those victories may be challenging for another person to understand. Therefore, you need to communicate the whole story without telling the brief. It will show your boss how you think, how you approach work, and how you will take on cumbersome responsibilities in the future. So, never forget to consider proper communication.
- Eden Cheng, PeopleFinderFree
Consider Asking For Perks
It's understandable you might want a raise for doing impressive work. However, if the company has a tight salary band, you might ask for perks instead of a monetary raise. For instance, you could ask for a more flexible schedule until the company can pay your target salary. As long as you continue to meet employer expectations while you are waiting for your monetary raise, enjoy the perks you can negotiate for yourself in the meantime.
- Janice Wald, Mostly Blogging
Prepare for the Worst
One thing to consider is that you may not get it, and it is important to be mentally prepared for such a scenario. The best thing one can do in this situation is to ask their boss, "What would I have to do to get a raise?". In that way, you get a list with all requirements, and you can use it as leverage during your next negotiation about the raise.
- Magdalena Socha, PhotoAiD
Ask for More Than You'd Settle For
It's important to do your research on how much you should be making in your position/industry. With that number in mind, you can decide what amount you would be happy settling for. Whatever you would be happy with, ask for more in your meeting so that you have wiggle room when the company (likely) counters you with a lower number.
- Kristine Thorndyke, Test Prep Nerds
Make Sure Your Industry is in Good Shape
Especially in post-corona times, economic conditions are dynamic. Over the last two years, some industries have suffered more than others. Consequently, employees should study the shape of their industry and their company before asking for a raise. In some cases, the company might not be able to increase the payment at the moment.
- Tomek Mlodzki, PhotoAiD
Expect a Waiting Period
When you ask for a raise, don't expect an immediate answer. Your boss likely won't have the permissions required to immediately increase your compensation. There are additional leaders involved, budgets to consider, and other employees who may have recently asked for a raise as well. All of these factors may be taken into consideration, which may take some time. Don't give up, but don't be disappointed if you walk out of the room without a bigger paycheck.
- Logan Mallory, Motivosity
Determine Why Your Boss Should Give You a Raise
Think about your level of contribution to the team in the past year and what giving you a raise would mean for your boss. Has your performance indicated that you've made significant impacts to the company? Would giving you a raise retain you and push you to work harder? Putting yourself in your boss's shoes will help you think of ways that you can spin your request for a raise to make it mutually beneficial. When you do meet with your boss, make the initial conversation career-focused, including a performance review and what you and your boss's goals are for you moving forward. From here, you will better understand what exactly you can bring up when you do ask for a raise.
- Jacob Dayan, Community Tax
Come Into The Meeting Well-Prepared
Asking for a raise and salary negotiations are not something to be taken lightly! With every negotiation you initially complete with a new company, the rest of your salary increases are based directly on that number in most cases. You need to make sure it's a salary that's fair and worthy of the time you are sacrificing away from your family to go to a company and gift them 40+ hours each week.
Here are 5 key takeaways:
Identify your range, considerations of the proper range, and remember the lowest number is typically what recruiters remember.
Research the role, industry, and geographical pay rates on Glassdoor or Salary.
Figure out your Unique Selling Proposition (USP) and value offerings that relate to the targeted role and re-emphasize this at the negotiation table.
Evaluate reasons to negotiate your salary (education, experience, skills, cost of living, multiple offers, etc.).
Discover ways to increase your perceived worth.
- Matthew Warzel, MJW Careers LLC
Plan a Year Ahead
An employee should plan well ahead of time when asking for a raise. A year before, have a discussion with your boss. Tell them your goal of getting a raise in 12 months. Offer to achieve specific goals and ask if there are any others that you could achieve that would help the company's bottom line. I suggest an opening to the discussion such as: "I would like to talk about specific goals I can achieve over the next year to earn an x% raise. I can assist our company in reaching its financial goals by doing x, y, and z in order to show my commitment to our success. Are there any others I should add? Does this work for you? If your employer isn't open to this discussion, then spend the next year looking for another employer.
- Jean Prejean, Guardian Computer, LLC
Consider Your Timing
When asking for a raise, the main thing to consider is timing. Showing your skills and possibilities to contribute to the project within the right time is essential as this can define a yes or no. That doesn't mean you should wait for the perfect time because it will never come. But yes, you should be aware of the movements that facilitate the acceptance of your request. Usually, they happen at critical moments (for those who like to take risks) or soon after outstanding achievements.
- Thaina Geniselli, Financer.com
Present Tangible Numbers and Results
Don't JUST ask for a raise. Raises are usually given when an employee consistently delivers high-quality work that positively impacts the organization. And if you're not sure if your work is providing those types of results or if you can be doing more to achieve success… ask! When you have tangible numbers and results to share with your manager, present them meaningfully, reinforcing the value and impact you bring to your organization, and ask to chat about a compensation adjustment based on your recent performance.
- Mike O'Callaghan, eMoney Advisor, LLC
For additional tips, see my feature in How To Ask For a Pay Raise on Wealthy Single Mommy.