We all have financial goals \u2014 budgeting, saving, investing, retirement. To get there, you need money to work with. And the more you have to work with, the better!<\/p>\n\n\n\n
One of the best ways to increase your income and secure your personal financial health is to ask your boss for a raise. It can be an intimidating process to ask for a higher salary \u2014 but it\u2019s well worth it. <\/p>\n\n\n\n
These 8 steps can make it easier to ask \u2014 with a better chance of succeeding.<\/p>\n\n\n\n
Ready to ask your boss for higher pay? Do these 8 things: <\/p>\n\n\n\n
Ready to learn more? Let\u2019s get started. \ud83d\udc47<\/p>\n\n\n\n
Key considerations for timing:<\/p>\n\n\n\n
Before making your raise request, be sure to assess your company\u2019s health and overall standing. <\/p>\n\n\n\n
If your company has had recent layoffs, it\u2019s probably not the right time to ask for a pay bump. You\u2019ll also want to avoid asking for a raise directly after your company\u2019s annual raise period or bonus cycle \u2014 doing so can cause an awkward situation and make you seem unaware of company policies. <\/p>\n\n\n\n
You also might want to hold off if the company is struggling to maintain its revenue. Be mindful of any issues plaguing your organization. Things like supply-chain issues and inflation have dogged corporations since COVID, and many businesses are still struggling today. <\/p>\n\n\n\n
Think about how you\u2019ve improved your team\u2019s:<\/p>\n\n\n\n
Having a positive attitude and cheerful disposition might make you a great coworker, but your company probably won\u2019t award you more money for it. So you need to ask yourself, \u201cWhat am I doing to warrant this bigger paycheck?\u201d<\/p>\n\n\n\n
Good companies try to reward their employees with merit-based pay increases \u2014 especially for those who work hard day-in and day-out. Think about what you\u2019re bringing to the table for your company, what you\u2019ve accomplished for the betterment of the organization, and how your values align with the company\u2019s. Take special note of success on important projects, any new responsibilities you\u2019ve taken on, and your skill set highlights.<\/p>\n\n\n\n
Once you\u2019ve determined why you deserve a pay increase, take a look at your role holistically.<\/p>\n\n\n\n
Make sure that you are:<\/p>\n\n\n\n
It\u2019s always a good idea to review your job description \u2014 this is a surefire way to assess how well you\u2019re performing the tasks that you\u2019re required to do. It can also provide insight into any extra tasks you may be performing outside of your job description.<\/p>\n\n\n\n
Have you been volunteering for extra responsibilities that don\u2019t add significant value to the company? While that may put you in your company\u2019s good graces, it isn\u2019t a great place to begin salary negotiations. Instead, use them as the icing on the cake, proving your ability to go above and beyond.<\/p>\n\n\n\n
If you want a raise, make sure you\u2019re fulfilling your duties, and make sure the value you\u2019re adding closely aligns with the objectives of your job description and the mission of the company.<\/p>\n\n\n\n
In evaluating your own performance:<\/p>\n\n\n\n
Self-evaluation performance reviews are common across many industries, but did you know you can give yourself one before asking for a raise? Prior to negotiations, consider writing out the main goals of your job function \u2014 what does success look like in your role? Then, ask yourself how success in this role contributes to the overall success of your organization. <\/p>\n\n\n\n
Next, write out your day-to-day tasks and long-term initiatives for the last six months. Map each item to one of the main goals you\u2019ve listed. Then, grade yourself on your performance for each one. Remember to include any other important details, like responsiveness to communication, consistency with deadlines, or customer-satisfaction metrics. <\/p>\n\n\n\n
It\u2019s important to be judicious, objective, and honest when doing this self-evaluation. After all, this self-performance review will be your main resource when discussing whether you deserve a raise for your work!<\/p>\n\n\n\n
Know how much to ask for:<\/p>\n\n\n\n
Before you walk into the conversation with your manager, you\u2019ll want to decide on a pay increase figure. The average pay raise is typically around 3-5%, with anything above that considered a very generous increase. To employers, this can be a lot of money \u2014 so think about what you want, and make sure you do your research on how to justify it.<\/p>\n\n\n\n
Start by looking up the market value of similar roles in the same geographic area \u2014 what\u2019s the average salary for individuals doing the same job in your city? Take note of what similar companies are offering people with your job title. Sites like Salary.com, Glassdoor, and LinkedIn can provide you with tons of information on salary ranges, and consider asking people in your wider professional network too. <\/p>\n\n\n\n
If your company has a public payscale, use that as a starting point for negotiation.<\/p>\n\n\n\n
Does your company guarantee annual raises already? If they do, take that pay increase into consideration when you\u2019re deciding on your goal.<\/p>\n\n\n\n
Timing is important \u2014 be considerate of your manager\u2019s schedule:<\/p>\n\n\n\n
We\u2019ve all had conversations that felt disruptive or poorly timed. Whether someone held you back with small talk when you were running late or an obnoxious coworker rambled on through your lunch break, you know how uncomfortable those situations can be. <\/p>\n\n\n\n
Don\u2019t do that to your boss when you\u2019re asking for a raise. Be respectful of their time and bandwidth \u2014 avoid bombarding them when they\u2019re on a tight deadline, deep in conversation with someone else, or rushing out to pick up their kids. And if you ever see them outside<\/em> the office, don\u2019t even think about it!<\/p>\n\n\n\n Instead, choose a time when your manager is calm, relaxed, and has time to dedicate to your conversation. Plant the initial seed by asking them when they have time, and schedule your meeting at their discretion \u2014 in person if you can, or virtually if you work remotely.<\/p>\n\n\n\n Be confident, and be ready to highlight your achievements:<\/p>\n\n\n\n It\u2019s here \u2014 the culmination of all your self-reflection and assessment. It\u2019s time to sit down with your boss and ask for a raise. Easy peasy, right? Right, not so much.<\/p>\n\n\n\n For most people, asking for a raise can feel downright scary. Trying to assign a dollar value to your work is a difficult task, but a necessary one if you want to get paid more. <\/p>\n\n\n\n Here\u2019s how to negotiate your salary with your boss: <\/p>\n\n\n\n If they agree on the raise, then you\u2019ve done a great job \u2014 and successfully negotiated a raise. Congratulations!<\/p>\n\n\n\n If your boss doesn\u2019t quite see it your way and rejects your ask, take a breath \u2014 it\u2019s okay; the world will keep on spinning. Rejection can certainly hurt, but if you play your cards right, it doesn\u2019t have to be the end of the story.<\/p>\n\n\n\n Sometimes, your company just can\u2019t offer you a raise. This could be because they aren\u2019t making enough money, they don\u2019t think your work warrants a pay increase, or tons of other reasons. In fact, this can often happen for reasons well beyond your control. <\/p>\n\n\n\n One of your options is to keep performing at the same level and accept your current salary. But if that doesn\u2019t feel like the right move, you can always try one of these: <\/p>\n\n\n\n Ask your boss what you can do to improve and how to lock in the raise. Outline a plan of action that can get you the pay bump you want, and make sure you commit to it fully. Ask your boss when you should come back for the next conversation, so you can review your progress again and claim your reward.<\/p>\n\n\n\n Talk to your boss about the career path that lies before you \u2014 where can you go from here? What\u2019s the next promotion that lies ahead? You\u2019ll want to ask them where they see you in 2\u20135 years, and equally as important, you\u2019ll want to ask yourself, too.<\/p>\n\n\n\n Find out what you need to do to be promoted, what kind of responsibilities they see you taking on, and what you need to do to get started! By getting this kind of career advice, you can set yourself up with a path to success.<\/p>\n\n\n\n7. Have the discussion with your manager<\/strong><\/h3>\n\n\n\n
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8. What to do if your boss says \u201cno\u201d to a raise<\/strong><\/h3>\n\n\n\n
Create a plan to get the raise<\/strong><\/h4>\n\n\n\n
Discuss a <\/strong>career development<\/strong> path<\/strong><\/h4>\n\n\n\n
Change jobs<\/strong><\/h4>\n\n\n\n