How to Ask for A Raise – Make a Plan
The best way to get your next job is to be great at your current job and ask for more. And the same goes for asking for a raise. Do a great job, make your contributions known, and work with your boss to create a plan to help you get to the salary you want.
Saying or acting as if you’ve been treated unfairly and that your talents aren’t being recognized may be true, but it may also get you the reputation as a negative whiner. People want to work with positive and appreciative people. Demonstrate both when asking for more.
Below are eight steps for asking for a raise:
How to ask for a raise step one: Write down the accomplishments you’re proud of since your last significant pay increase.
How to ask for a raise step two: Find out what your job pays on the open market. Jobs are assigned a value and a pay zone that is often transferable across industries. For example, if an entry level accountant at a big four accounting firm is earning $60,000, the pay zone is likely $50,000 – $70,000. If said employee asks for $64,000, that’s realistic. If they ask for $85,000, they’ll be seen as out to lunch. If an employee wants to earn $85,000, with their current level of education and experience, they’ll have to switch careers.
How to ask for a raise step three: Learn your company’s philosophy on compensation. Companies often deliberately decide to pay in the top, middle, or lower part of pay zones. For example, if an industry like sports or entertainment is glamorous and lots of people want to work in that industry, jobs are likely to pay less. Perhaps a company has great perks and benefits, and in exchange, pays less. Alternatively, some companies want to be known as providing the highest compensation and will pay for it. Knowing where your company falls on the compensation spectrum will help you determine a realistic number to ask for. Your Human Resources representative can answer these questions.
How to ask for a raise step four: Be prepared to present and talk about the impact you’ve made on your organization. Focus on accomplishments and how you’ve changed the business, not on how hard you’ve worked. Results get rewarded.
How to ask for a raise step five: Don’t give an ultimatum, unless you’ve already discussed a pay increase a few times, nothing has changed, and you’re ready to leave. Instead, work with your manager to create a realistic plan to get you to an agreed-upon pay rate. Put the plan, with specific milestones you need to hit, in writing and agree to discuss results quarterly. Managers may be hesitant to promise a future pay increase, but will support written work-related goals, which will help you make the case for a pay increase.
How to ask for a raise step six: Don’t be afraid to ask for a raise. You may not get the raise you want, but nothing bad will happen for asking, providing you do so appropriately. The initial conversation could sound something like, “I love working here and am really enjoying my job. Because of my contributions to our organization, I feel I’m worthy of a pay increase. Can we schedule a time to talk about what might make sense? And with your permission, I’d like to send a list of my most recent accomplishments. Would that be ok?”
How to ask for a raise step seven: Discover who needs to support your pay increase. Your boss may not have the ability or authority to give you an increase. Subtly ask what they can do. That could sound something like, “Who needs to participate in the decision to grant me a pay increase? Is there anything I can do to assist with sharing my accomplishments or making the case for an increase?”
How to ask for a raise step eight: Once you know what your job pays across industries and your company’s philosophy on compensation, ask for a realistic number that will make you happy. If you’re asking for large increase, consider incremental raises over a period of months. Ask for something that’s easy to say yes to.
If you think you deserve a pay increase, don’t be afraid to ask. Ask in a positive way, focusing on the value you’re adding to the business. Be patient and work with your boss to create a plan to get where you want to be. The worse you’ll hear is “no.” And if the answer is no, you’ve planted a seed and opened the door to the next conversation.