There comes a point in every person’s career where their responsibilities outweigh their financial benefits. Regardless of industry or age, your job experience contributes to your employer. You add value to the company, and it is only right that you are valued in return.
Hoping for a raise? Make sure you get your money’s worth with these tips:
Timing Is Everything
When it comes to getting a raise, the first step to set the stage for your proposal. Be sure to schedule a meeting with your boss. Give yourself time to prepare and show that you are a professional. You don’t want your financial future discussed in a quick hallway passing.
Some things to keep in mind when scheduling your meeting:
- Find out when your company budgets for the next year. If you are asking for a raise when you know budgets are tight, you are less likely to get the raise, even when you deserve it.
- Some articles suggest discussing financial matters 3 to 4 months before your annual performance review, or after successfully completing a large company project or milestone.
- Psychologists pointed out that it can be helpful to aim for a mid-morning meeting on a Friday. This way your boss has had a chance to caffeinate and is likely in higher spirits with the weekend nearby.
Do Your Research
Before you discuss your current compensation with your boss, it is worth getting a second opinion. Research what other people in your position currently make and see where you fall on the curve. Some online tools to aid in your search include:
Take your research a step further: talk to people in your industry. Reach out to college classmates, former coworkers, or friends from your last networking event. Getting input from people you know can give regional insight and boost your confidence before the big meeting.
Document Your Efforts
When contemplating raises, employers often weigh contributions employees have made to the company. To give yourself the strongest case possible, take note of your accomplishments. Use recent, specific achievements and showcase the value you’ve brought to the company. Instead of writing “Successful new launch,” try:
- The new marketing strategy exceeded our target outcome by 10%
- Our latest email campaign brought in 1,000 new leads
- The webinar was a huge success and raised $30,000
Document times management gave you praise for exceeding expectations. Quantify your value with data- added views, engagement rates, followers; show you have added to the company’s bottom line. Build a case that shows exactly why you deserve a raise.
Be Clear & Concise
Make your request and be straight to the point. Acknowledge your achievements and how they have contributed to the company. Let your manager know that you want your salary to reflect your responsibilities and results.
“Thank you for meeting with me today, I appreciate it. I’d like us to discuss my performance as [current position], the contributions I’ve made so far, and how that positions me in terms of salary and opportunity here at [your company].”
Respond To “No”
If your manager declines your request, it is important to have a backup plan. If a raise is not currently possible, consider asking for alternative benefits. Additional vacation days, bonuses, or the option to work remotely are great options while you continue to work toward your ultimate goal. Follow up with questions about how to improve, such as:
- What would it take for me to earn a future raise in my current role?
- Where could I improve that would open me to future opportunities?
Schedule to discuss the topic again in six months or according to a timeline you set with your manager. If your manager is unable to give feedback or a timeline for a raise, it may be time to expand beyond your current company.