How to ask for a raise
How to ask for a raise. A raise request might be daunting. Here are five pointers and additional ideas to help you approach your supervisor properly and with confidence.
If your job responsibilities have considerably changed or your performance calls for an increase in pay, asking for a raise may be your best option.
The typical wage raise is from 3% to 5%. (exceptional). A good method to start discussions is to demand a 10%–20% increase, depending on the situation.
When the employer has recently laid off employees, for example, do not ask for a raise then.
For employees looking to bargain for a pay increase.
The majority of people shudder at the idea of approaching their boss about a wage boost. Asking can be your only option if your firm doesn’t offer regular annual wage raises and you’re not eligible for a promotion.
You should be aware that asking for a raise is quite legitimate, and that the majority of corporate managers and business owners desire to look out for their employees.
Even while the procedure appears unsettling and daunting, it need not be, especially if you know your boss. You will feel more comfortable starting the conversation if you do your research and are prepared with the necessary information.
Why do you want a raise?
The crucial question to respond to is this one. Before making your request for a raise, make a list of all the reasons why you desire one. Don’t ask for a raise because your rent increased or because you’re annoyed that your coworker doesn’t put in as much effort yet is paid the same as you.
Your request should be supported by arguments that are based on your performance and the value you provide to the team and the corporation.
How much should you ask for?
The typical compensation increase is 3%. Anything over 5% is seen as remarkable, with 4.5% to 5% being considered a fair wage boost. You might ask for a salary rise in the 10% to 20% range, depending on the justifications you give and how long it’s been since your last one. But the better your justifications, the bigger the percentage you ask for. Asking for 20% is fair if your tasks have considerably altered, such as if you accepted a position with little travel and are now on the road more than half the time.
Start with a more manageable percentage if, however, you are requesting a salary increase since it has been more than a year since your last one and you have continued to do effectively in your daily tasks. You should balance your desire for a raise with the realities of your contributions even though you still deserve one.
Tip: It may be helpful to consider the job change from your employer’s point of view if your raise request is the result of more work or a change in position. You can use our tutorial on how to calculate employee wage ranges to get an advantage during negotiations.
When is a good time to ask for a raise?
There is no perfect time to ask for a raise, according to some people, so apply your common sense instead. When your employer has recently made layoffs, your department had weak performance for the quarter, or your boss is going through a challenging personal crisis, don’t ask for a raise.
Think about how your firm currently handles compensation raises. Approach your boss in November or December if they usually issue raises on January 1. Instead of asking them to modify their mind after you’ve learned about your rate hike, you’ll give them a chance to think about your request and work with their managers this way.
If there isn’t a normal procedure for increases, attempt to propose one at a “good” time, such as after a successful quarter, when you know your employer is happy with your performance, or when no one is feeling tense.
How to ask your boss for a raise
Give yourself enough time to get ready for the discussion and your manager enough time to think about your request.
Instead of unexpectedly knocking on your boss’ door and presenting your request, set up a meeting in advance to demonstrate your respect for their time. Cross that day off your list if your employer is booked up on a particular day of the week.
When the meeting is set, prepare as though you were writing a research paper for college: In your compensation negotiation, look for reliable information and address the following areas.
Knowing your worth and doing your homework before approaching your supervisor in a professional manner are the greatest ways to request a raise. Here are five suggestions for making a successful raise request.
Tips for asking for a raise
1. Compile a list of all the things you’ve accomplished throughout the last six months, a year, and your tenure with the company.
Give specific examples of how your achievements have benefited your division and the organization as a whole. If you can, include figures and data. For instance, you might state, “I generated 5,000 leads for the company last year, an 8% increase from the year before. The new business generated from the sales was $58,000.
Any manager would find it difficult to refuse a request when given stats like that. Your argument for a meritorious increase will be stronger the more solid the evidence you present.
You may also show that you are a devoted employee by highlighting the tasks you have completed for the business and the initiatives you have taken to support it. Employers are more likely to trust their employees who are loyal, which will benefit you.
2. Be aware of what a competitive compensation for your position looks like.
You can acquire a free salary report to examine how your current pay stacks up against that of other similar positions on websites like Salary.com and PayScale. Another excellent resource for this is LinkedIn. Either look through the available job postings on the website or utilize the average wage ranges provided on job postings on LinkedIn. Take into account the size of your firm, the sector in which you operate, and your perks. The best course of action is to consult recruiting professionals whenever feasible because some businesses simply don’t pay well. If you are connected to any local recruiters and hiring managers (perhaps through LinkedIn), ask them to review your resume and give you a reasonable salary target based on your expertise and position.
3. Explain to your manager the benefits to them.
Remember that your employer is not concerned about your mortgage or the vacation you wish to take. What’s in it for your boss matters to them. You’ve already discussed what you’ve accomplished for the business, but you also want to discuss your future plans. Explain to them your objectives, how they will benefit the business, and how you plan to attain them.
4. Have assurance.
When requesting a raise, do so with assurance. Yes, it is daunting, but you have proof to back you up in the form of the justifications for your request and your study on comparable salary ranges. Be ready for some resistance and be aware that the response can be negative. If you receive the raise, be ready to put in even more effort (or harder). Show your boss that you deserve the raise you were promised.
5. Send a written request for assistance.
It’s likely that your manager will need to discuss your compensation or salary request with another boss. Give them a flyer outlining your request, comparable compensation scales, and the advantages your work brings the organization.
Avoid Doing These Things
After discussing the best practices for asking for a raise, let’s move on to the worst practices.
This equilibrium is genuine. You should possess both confidence and humility. Share some eye-catching numbers, but be sure they’re true. If you want to brag about your accomplishments, avoid stealing credit from others.
Prior to organizing your meeting, be sure to keep an eye on what is going throughout the entire organization because timing is also very essential.
Here are some things you shouldn’t do when requesting a raise.
1. When requesting a raise, avoid citing personal concerns.
Recall how we mentioned there was no justification for asking for a raise if your rent is expensive? Still valid. You might also feel overworked and underpaid, but in order to have a fruitful conversation, you’ll need to let these feelings go.
There is no emotion associated with money; it is just money. Put such ideas to one side, then return your attention to the basic data.
2. Avoid requesting a raise during a difficult time.
Investigate the operations of your organization.
Has your business recently experienced layoffs? Have significant budget cuts for your department just been announced? Do you have a hiring halt? Did your supervisor recently lose a significant client or give a bad presentation? Did the longer-tenured member of your team just request a raise as well?
Consider your timing very carefully. You’ll be glad you did even if it means waiting a month or two. Although your work is still strong, there are times when hard circumstances persist for a very long time.
Here’s how to handle your ask if you need to ask for a raise during difficult times, especially if they last for a long time.
We also wanted to point out that requesting a raise is not necessarily justified just because you have worked for a company for a certain amount of time, such as a year. Yes, it is a success, but have more in-depth thinking ready.
3. When requesting a raise, avoid making up figures or taking unfair credit.
The majority of projects are completed in teams, and your employer is well aware of the type of job you’ve been doing. Saying “I’ve been working 70 hour weeks” when you haven’t is rude.
…Or that, despite working with a team, “You were responsible for growing revenue by 23% last year.” Where credit is due, give it.
4. Don’t undersell yourself when requesting a raise.
Be modest at this moment, please. People, and women in particular, have a tendency to use phrases like “I feel like” and “I believe” when making requests, which Diana Faison, a partner with the leadership development company Flynn Heath Holt Leadership, refers to as “power robbers.”