Tips On Asking For a Raise
Asking for a raise has to be on the top 5 list of every person’s most dreaded type of conversation. It doesn’t have to be! We give ourselves so much anxiety because we assume the outcome will not be favorable or we assume that the other party won’t want to have the discussion. I am here to tell you that salary, promotion, and raise conversations are good, healthy, and expected to occur. Don’t limit yourself by self-imposed beliefs and instead remember that with some practice and research the conversation won’t be as painful as it seems. Also, if you don’t ask, it’ll definitively be a no. Ask. For you, your future self, and for women everywhere!
Do any of these scenarios sound familiar to you?
• I should earn more but are afraid of asking.
• I should earn but we’re in a pandemic and they will just say no.
• Some of us negotiate only a little for fear that the job offer will disappear.
• Some of us negotiate some and then say, once I'm in the job, I'll prove my worth and then negotiate some more.
• Some of us don't negotiate at all and hope that they see our value and pay us justly.
• Some of us wait until our end of year/annual review to make the request
Whichever category you fall into, I've put together some tips based on mistakes I've made in the past on how to approach your boss if you want a raise.
Start by answering these baseline questions to evaluate if you should ask for a raise. Whether you want or deserve one, merely saying "I want a raise" won't fly with your boss. That's why it's good to be prepared with facts because you can't argue with facts.
Can you justify your raise based on merits from the past six months to a year?
The answer should be yes. Make a list of all of your accomplishments in the past year. Now, take a step back and look at the list again. Are any of those items part of your required day-to-day job description? If so, put those on a secondary list. Of the items remaining on your original list, how have these accomplishments positively impacted the business? Try and quantify these accomplishments. Have they resulted in increased revenues? Better productivity? Find a way to showcase how your efforts are the reason your team’s results were achieved.
2. Do you and have you gone above and beyond in your day-to-day tasks?
This is where your secondary list comes in handy. Yes, you were hired to do a job and you do it well. You do it very well in fact that you continue to go above and beyond because that's just the kind of employee you are. Highlight how you go that extra mile as a cherry on top of your data. Highlight how those extra hours or projects, have demonstrated your ability to multi-task, prioritize what’s important to the overall business, positioned you and your team as an evangelist for that topic, and resulted in incremental revenue or a positive outcome with the project.
3. How much dinero do you want?
Be prepared to talk dollars and cents. How much of a pay increase do you want? You don't need to have an exact amount (and if you do, good for you) but keep in mind that the standard raise is typically between three to five percent. Do the math and see if that number is reasonable to you. If you feel you deserve more, be ready to justify it with data. Do you know that your colleague with the same credential and the same role is making more? Calculate the difference between your colleague’s salary and ask for that much. Having a range shows that you have done your homework and are prepared.
4. Is it a good time to ask for a raise?
Timing is oh so important. If your company is in the middle of layoffs (downsizing) or not performing well then perhaps this conversation could wait a bit. However, let's say that you are in a role where you are singlehandedly outperforming your peers and picking up the slack in order for your company to meet its goals then you could leverage this negative situation to your benefit. Demonstrating how you're riding the wave (ups & downs of a business) and positively contributing despite the poor performance elsewhere, could be a great conversation starter for picking up more responsibility and helping the organization get back on its feet. Other things to consider related to timing: How long have you been in this role? If less than 6 months - my advice is to wait a bit longer before asking.
Also - if it’s review time, please do not assume that you will automatically receive a raise. If you expect this to become the norm, I suggest booking quarterly review sessions with your boss to track your accomplishments and then during your mid-year review make a formal request. If at first, you get a no, ask for a time 3-6 months in the future to have this conversation again. Also, don’t be afraid to ask your boss directly, what she/he suggests would help improve your chances of getting a raise.
SO, YOU ARE CERTAIN THAT YOU WANT A RAISE, HAVE DONE YOUR HOMEWORK & CHECKED IT TWICE.
WHAT’S NEXT?
Here Is A Checklist To Guide You:
Set a meeting with your boss. This is an important topic thus it requires the undivided attention of you and your boss. Keep it to 30 mins and remember that good timing is key. Are performance reviews coming up? Scheduling this type of mtg during your performance review is a good strategic move. If you don't get performance reviews at work, ask for one.
Lead with the facts. Focus your conversation on your achievements and results. This is the time to showcase why you deserve the raise.
Practice. Rehearse what you plan to say and how you will ask your boss. I find mirror pep talks to be truly helpful. Don't feel comfortable having a one-sided conversation with yourself? Ask a friend or a trusted colleague to hear you out.
Prepare yourself for a no. There's a 50/50 chance that the answer will be no. However, if it's a no right now, ask your manager when would be a good time to broach this topic again. Not only will it show that you are handling rejection well but now your boss is well aware that a pay raise is top of mind. If you don't ask, how will you know? Don't let the fear of rejection stop you from getting what you want and deserve.
Finally, Be Proud Of Yourself For Taking Charge Of Your Finances And Career!
I Know These Conversations Are Awkward But Think About It This Way: Every Time You Stop Yourself From Having This Conversation, You're Leaving Money On The Table... Why Would You Walk Away From Money?
Next some extra guidance? Get in touch with me for a 1:1 consultation.
I also found a great article on the importance of normalizing salary conversations among your colleagues. I know many of us have experienced the frustration of knowing that a peer with equal or less experience that you who makes more money. Check out the awesome Ellevest money talks, salary negotiation article here.
Homepage Image courtesy of Tong Li
