According to a survey from Payscale, only 37% of workers ask for a raise. We know the thought of asking your boss for more money can cause anxiety. But the odds of getting what you want are in your favor.
Payscale’s survey also showed that 70% of people who asked for a raise got one. Plus, with more jobs than candidates right now, it’s a job seekers’ market. With proper planning and good timing, you can ease your nerves and ask with confidence.
Preparation
Do your homework first. Even in the current market, your manager will expect you to prove why you deserve a raise. Going in unprepared will only hurt your case.
Here’s what you need:
- Recent Achievements. Start with important projects you’ve recently completed. Then think of times you’ve gone above and beyond to help the company.
- Specific Metrics. Show specific performance data to back up your achievements if possible.
- Increased Responsibilities. If your responsibilities have increased, and your pay hasn’t, that’s a good justification for a raise. But make sure it doesn’t sound like you’re complaining about the extra work. Express gratitude for them entrusting you with it.
- Research Your Industry. Use online tools like Glassdoor’s salary estimator to compare your current pay rate to the industry standard for your role.
Once you’ve put together an excellent case, practice delivering it to your significant other or a friend—you’ll gain more confidence if you do.
Timing
Preparation is half the work. Picking the right time to ask is the other.
When to ask:
- Annual Performance Review. Depending on your company’s policy, annual reviews may be the only time they consider raises. Here, your manager may offer you a raise unprompted. Don’t be afraid to negotiate if it’s below the market rate for your position.
- After a Significant Achievement. If your employer lacks a review process, ask right after finishing a major project so your achievement is fresh in their minds.
- Strong Quarterly Earnings. If the company is doing well and you’ve contributed to that success, now is also a good time to ask.
If you’re new to a company, it’s best to wait until your one-year mark. But if you’ve started strongly and can already show your worth, the six-month point is the earliest advisable moment to ask for a raise.
Hope For The Best, Prepare For The Worst
Go into the meeting with confidence, gratitude, and enthusiasm.
If things don’t go your way, remain graceful and tell your manager you’d like to discuss goals for achieving your desired salary. Consider asking for other perks, such as extra vacation time or telecommuting part-time.
If you’re good at what you do, you’ve proven it with metrics, and your employer still doesn’t pay you what you’re worth, it may be time to seek employment elsewhere. Employ Partners can get the ball rolling for you. We’ll connect you with top employers in Atlanta, Marietta, Woodstock, Canton, or Jasper.
Start searching with us today!
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