Getting a raise at work can be nerve-wracking. Negotiating your salary is challenging, especially if you’ve never done it before. Ask for too little and you risk leaving money on the table; ask for too much and you risk coming off as greedy or ungrateful. Even if you think you deserve a raise and have done everything right, getting one isn’t always easy. But with the right approach, it can go from scary to doable. Here are some tips on how to ask for a raise at work. Getting a raise is something that most of us want but few of us get. In fact, only 25% of employees receive an increase in their wages each year. The main reason why this stat is so low is because people are afraid to ask their boss for more money–and understandably so! There are many reasons why asking for a raise might be…
Start by researching your industry.
When you’re asking for a raise, it’s important to have some numbers to back up your request. The best way to do that is to research your industry. Look at average salaries for your position, what your company pays its employees, and what the company’s profit margins are. This information will help you make a strong case for why you deserve more money. If you work for a company whose industry has recently been through a lot of change, you can also use that to your advantage. Layoffs, a shift in revenue streams, or a change in leadership are all events that could prompt your employer to offer you a raise.
Commit to the end date and amount you want.
The next step is to figure out how long you want to be at your job and how much you want to make by the time you leave. You can use that end date as the amount you want in your next salary increase. For example, if you want to be at your job for two more years, you can ask for a salary that’s 5–10% higher than what you’re making now (depending on the market). If you want to stay at your job, but you’re hoping for a bigger paycheck, you can ask for a promotion instead.
Find the right time to ask.
There’s no one right time to ask for a raise, but there are definitely wrong times. The ideal time to ask for more money is when your company is doing well, either because of a recent victory or a change in the industry. If you choose to ask during a time of turmoil, though, you risk making a terrible first impression. The last thing your boss wants to do is think about increasing your salary when he or she is worried about losing clients. If you can, wait for good news, like a profit increase or the release of positive company earnings. If those don’t exist, look for positive indicators, like an increase in company hiring or the addition of new clients.
Build your case.
Before you ask your boss for a raise, you should be able to explain why you deserve it. If you don’t, you’ll never get the raise you want. Start by listing the reasons why you’ve earned a higher salary. Include your contributions to the company, your educational background, your work experience, and the skills you’ve picked up since you started. You can also find opportunities to highlight these points in everyday interactions. If there’s a big project coming up, offer to lead the team or work on it by yourself. If you know there are upcoming meetings that involve clients, prepare some talking points and take thorough notes afterward.
Don’t forget to ask for more than just a raise.
A raise is, of course, the goal, but there are other things you can ask for that will make it easier to get what you want. – A flexible work schedule: If you’re a parent or caretaker and work long hours, you might have a harder time negotiating a raise. A flexible work schedule (FWS) is a great way to make up for that. – A promotion: If you’ve been at your job for a few years and have done a great job, you might be ready for a promotion. It’s an easier way to get a bigger paycheck than asking for a raise outright. It’s also a great way to show your appreciation for the company’s investment in you. – A larger sign-on bonus: If you’re switching jobs soon, a larger sign-on bonus is something your old employer might be willing to offer.
Conclusion
Asking for a raise is nerve wracking, but it’s worth it. You deserve to be compensated for all the hard work you’re doing, and getting a raise shows your employer just how valuable you are to their company. With the right approach, getting a raise at work doesn’t have to be scary. It can be doable–with a little preparation and the right amount of confidence.