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Asking for a raise is a stressful thing to do, but if you’ve been feeling undervalued, now is as good a time as any to ask for more money. The economy is still picking up after the pandemic downturn. If you were expecting the automatic annual salary uptick, chances are it’s not going to happen without your making a push for it. If you most definitely think you deserve a higher number on your paycheck, here are a few ideas on how to get it.
High Performers Have a Better Chance at Getting that Raise
If you’ve been evaluating your chances of getting the raise you deserve, know that companies would prefer to retain high-performing workers. Employee turnover costs the company in terms of resources and time. Instead of going through the grind of hiring new people, orientation initiatives, and training them to do the job, managers would prefer to hand out better salaries to deserving people. An underpaid, disgruntled workforce translates into lower productivity levels; that’s something most company owners know well enough. Use this factor as leverage to get your worth.
Plan the Conversation Backed By Performance Data
Before you ask for a raise, you need to gather all the information that proves you deserve it. Collect a detailed summary of your accomplishments and contributions to the company. If you’re instrumental in winning prestigious projects or accolades for the organization, make sure to mention your role in it. Reach out to high-ranking officials who supervised your performance and request commendations. You’ll also talk about valuable Intellectual Property (IP) you generated and the revenues earned by monetizing it. Check with a copyright lawyer for advice on including a dollar value estimate for the IP. Prepare verifiable performance data that clearly proves you’re a valuable asset.
Time Your Request Carefully
Read the company situation when figuring out the right time to put in your request for a raise. If the organization has been downsizing, forcing you to take on more work, that could be a great time. Check with co-workers who have been in the company longer with you. Ask about the typical timeline for raises, which could be at the end of the year or around the anniversary of your joining the organization. If you have an annual review coming up in a couple of months, now is the right time to schedule an appointment with your boss to talk about an increment.
Prepare Your Ask
How much do you think is fair compensation for your work? At some point during the interview, your boss will likely pose this question. You need to be ready with a concrete number that they can think over and discuss. Get information about the ongoing salary structure your colleagues earn to get an estimate. But, make sure not to use the numbers when putting forward your request. You’ll violate the unspoken rule about knowing what other workers make. However, you can use the numbers to gauge the raise you can comfortably hope to get. Use online apps to calculate the expected wages offered by competing companies in your industry for similar positions and qualifications.
Schedule a Meeting with the Boss
Now for the hard part – schedule an appointment with the boss. Send out an email requesting a Meet, Zoom, or in-office discussion. Mention that you want to talk about your career growth and increased salary. That should give your supervisor time to prepare. Start the meeting by expressing how much you like working with the company and talk about the new roles and responsibilities you’ve been taking on. Your boss is well aware of your work, but stating it clearly helps. Be upfront about wanting the raise.
Give your manager time to think about it and wait for the question–how much? State the figure you have in mind confidently. Present your file and the performance data you’ve compiled. Keep your tone confident, diplomatic, and assertive, but remember not to threaten or imply that you have other offers lined up.
Requesting a raise is a challenging task, but not asking for one will have you feeling undervalued and unpaid for the efforts you’re investing in the job. And that could affect your performance. Ask for and get your true worth and continue to further your career.
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