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How to ask for a raise: 6 steps to a bigger paycheck
Nov 16, 2024 1:59 PM

  

How to ask for a raise: 6 steps to a bigger paycheck1

  Get paid what you're worth.© sepy/stock.adobe.com, © nata777_7/stock.adobe.com; Photo illustration Encyclopædia Britannica, Inc.Perhaps you’ve been at your job for a while, doing great work but thinking you should be better paid for your efforts. If that strikes a chord, it might be time to ask for a raise. The idea of hitting your boss up for more money may seem daunting, but getting the pay you deserve is essential to achieving both your career ambitions and financial goals.

  Regardless of your age, profession, or level of experience, these six strategies can help you get the raise you want.

  1. Prepare and research before asking for a raiseThe starting point for getting the raise you want is research. You’ll likely need to negotiate and advocate for yourself, so first you’ll want to know your company’s rules regarding salaries (or hourly wages) and raises. Your employer may rely on wage or salary surveys or other fixed criteria to set employee pay.

  More broadly, you’ll want to determine how your pay compares with your peers. Use categories like these to help target your research:

  CompanyJob titleIndustryLocationThere are numerous salary and wage comparison websites, including Indeed or Glassdoor (registration required), that can help you gather data. Take the time to understand your worth before discussing your pay with your boss. This will help you negotiate with more confidence.

  2. Explain how you benefit the companyList your contributions to the business and your team. Providing details about your efforts and successes is essential to getting the raise you deserve.

  Highlight your measurable achievements. Identify your most impressive results on the job, whether it’s boosting sales by a certain percentage within a specific period, improving productivity, or significantly increasing website traffic through a viral marketing campaign.Emphasize your soft skills. List the qualities that make you good at your job. Note your top soft skills, such as leadership, problem-solving, or willingness to take on extra responsibilities.Outline your plan for career growth. How do you plan to grow within your role? Describe your importance to the company’s future. Share examples of your past contributions and how you expect to build on them.3. Create a persuasive pitch for a pay increaseYou may boost your likelihood of getting a raise with a formal pitch. An organized proposal makes your case for a pay increase more compelling than a simple conversation.

  A clear, concise statement that summarizes your requestA summary of your market research on compensationA clear explanation of your importance to the organization, including measurable results, relevant soft skills, and your goalsLinks, screenshots, or other data that back up your assertions Answers to any questions or objections that you’re likely to receiveWith your pitch document drafted, practice your delivery. Rehearse it with a friend or mentor who can provide constructive feedback. Refine your message and practice it until you feel comfortable, confident, and ready.

  4. Pick the right moment to ask for a raiseChoosing the best time to present your pitch can play a big part in your manager’s decision.

  Your annual performance review is a logical opportunity to ask for more pay, since your manager is already evaluating your accomplishments. If you’re achieving your goals, you’re well positioned to get a boost in pay. And if you outperformed, you may see an even healthier increase.

  Achieving important goals or completing a project are ideal moments to ask for a raise. Highlight the work you did that helped the project succeed, along with the soft skills you used to contribute the initiative’s success.

  5. Follow up until you get a decisionAfter delivering your pitch, you may have to wait before a decision is made. That’s normal. Managers often need time to review your request, which may include consulting with the human resources department, reviewing budgets, or getting approval from upper management.

  Immediately after your pitch, you can send a follow-up email that summarizes your proposal. Briefly highlight your key accomplishments, any relevant supporting information, and the request. Your goal is to keep the momentum of the original conversation going while reinforcing your positive impact on the company. Don’t forget to thank your boss for considering your request.

  If a week or two has passed, go ahead and follow up. Just be sure to stay courteous and professional. If additional time passes without a decision, continue to check in at regular intervals.

  Anytime you accomplish a goal or complete a project, consider using it as an opportunity to push for the pay increase you deserve. Your persistence demonstrates you believe in the legitimacy of your proposal.

  6. Respond strategically if your request for a raise is deniedAs the old saying goes, a good offense is the best defense. If your request for a pay increase is rejected, there are steps you can take to improve your chances next time or at least win some concessions.

  Gather information about why the raise wasn’t granted. Ask your manager for specific feedback to understand whether the decision was based on your performance, budget constraints, company policy, or something else.

  Negotiate for other forms of compensation. Instead of a pay raise, find out if you can be rewarded in other ways, such as:

  Additional vacation daysFlexible working arrangements (e.g., working from home)Professional development courses or mentoringPerks like these can offset the loss of not getting a salary or wage increase.

  Outline a path forward. Ask your manager for specific performance goals or other conditions that need to be met for your pay raise to be granted. Establish a timeline for revisiting the conversation to ensure the denial isn’t final.

  The bottom lineFor many workers, asking for a raise is a task they’d rather avoid. After all, who wouldn’t rather be recognized (and rewarded) automatically for a job well done? But the world doesn’t always work that way. Managers are busy too, and they’re not always paying attention to their staff’s latest accomplishments.

  So, the ball’s in your court. If you want to earn more, come prepared. Start by researching how much your peers earn and how much similar companies pay workers in jobs like yours. Then, list your soft skills and achievements and how they contribute to the business. Equipped with this information, craft a well-organized pitch that makes a compelling case for why you deserve to earn more.

  When you feel ready, pick the right moment. Annual reviews are a prime time to ask for a raise because your boss is likely already familiar with your accomplishments for the year. After delivering your pitch, don’t expect a decision right away, but if too much time passes, be sure to follow up. If your request is denied, ask why, but be courteous. By responding tactfully, you may improve your chances for a raise the next time around.

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