How to Ask For a Raise

Are you feeling undervalued and underpaid at work? Are you ready to make a case for a salary increase but unsure of how to go about it? Asking for a raise can be a nerve-wracking prospect, but by following a few key steps, you can increase your chances of getting the salary you deserve. In this article, we’ll provide insight on when to ask for a raise, the best way to plan for it, and how to present your case.

Is the timing right?

Knowing when to ask for a raise is an important factor in the success of your request. Generally speaking, these scenarios are ideal:

  • You’ve made significant contributions to the company.
  • You’ve taken on new responsibilities.
  • You’ve received a glowing performance review.
  • You’ve been with the company for a certain amount of time. (At least 6 months; it takes time for a company to get to know you and understand your value.)
  • You’ve received a better offer from another company.

If one of these applies to you and you’re ready to move forward, make sure you step back and take a pulse on things first. Is your boss especially stressed right now? Is the company in the middle of a new business deal? Is it the holiday season? There will be times when delaying your request is in your best interest.

How to prepare.

In order to make a compelling pitch for a raise you’ll need to arm yourself with information that demonstrates the value you have added to the company. This could include performance reviews, letters of recommendation, customer compliments, before-and-after metrics such as sales figures, and other quantifiable statistics on the success of your work. Gather evidence of your achievements and successes, and be prepared to show how they benefited the company.

Employers typically have their own ideas about how much their employees should earn, so you’ll also want to conduct research on salary trends in your industry. Utilize published salary data and reports from resources such as salary.com, payscale.com, and LinkedIn. When comparing industry data, make sure you consider factors that may influence the numbers — such as location, education level, and experience. (For example, salaries for a similar job may be higher in a city with a higher cost of living than yours.) Taking the time to research salary trends will give you a better understanding of the current market rate so you can make a more convincing argument when asking for a raise.

Now that you have all the data and information, it’s time to practice. Develop a practice guide using these tips:

  • Create an outline of your pitch and memorize it.
  • Go through the motions of what you’re going to say and present.
  • Take notes along the way so that you can edit and improve on the fly.
  • Record your practice run to ensure that you aren’t coming off too aggressive or entitled.
  • Make sure you have a clear idea of what you’re willing to accept.
  • Be ready to negotiate; practice negotiating skills with friends or family.

Make your case.

You’ve done all the prep work and now it’s time to make your case. A few quick pointers for your delivery:

  • Make sure your tone is respectful and positive from the start.
  • When presenting your accomplishments it’s critical that you explain how they have benefited the company.
  • State why you feel like you are underpaid, and what you feel a reasonable salary increase would be.
  • Try to anticipate any questions or objections your boss might have.
  • End on a positive note: thank them for their time, and tell them you’re looking forward to their response.

Making your case in this manner will demonstrate your professionalism, show that you’re confident in what you’re saying, and give you the best chance of success.

If they say no.

If, after you’ve made your case, your employer still says no, the best thing you can do is stay positive and remain professional. Even if you don’t get the raise you were asking for, it doesn’t have to be seen as a failure. It’s important to understand that it takes time and effort to gain the trust of your employer and that a successful negotiation requires both parties to come away feeling satisfied.

As such, it’s important to graciously thank your employer for their time and for listening to your proposal. This shows that you understand their perspective and that you’re willing to continue the conversation in the future. It’s a good idea to ask if there is any specific feedback you can use to improve your case next time. If they’re willing to discuss, take notes and ask specific questions to ensure you have a clear understanding of their feedback. In the end, it’s all part of the process. Your employer wants to ensure that the salary increase you are asking for is fair and equitable, and that it’s in the best interests of the company.

Top Executives Wish They Had Known This When They Were Younger

Everyone experiences the ups and downs of life as they grow older. Perhaps you’ve been through some hard times recently, or maybe it’s been a while since you’ve felt any major lows. As we age, many things in our lives slow down or shift to a new stage that requires us to make adjustments.

You may have found yourself wondering what you could have done differently as an adult if you had the chance to redo your twenty’s all over again. Here are a few lesser-known secrets from top CEOs; things that they wish they had known when they were younger:

How to work with people better.

It’s no secret that people are important to the success of any business. And as we age, we usually find out that some people can be a lot harder to work with than others. Many execs believe that learning how to better work with people would have made things easier in the early days of their careers.

Having confidence to fail.

If you’ve ever lost, failed, or even been in a situation where you felt like you didn’t know what to do, it may have been difficult for you. The thing is, many top executives wish they had more confidence in failure as a younger adult. They wish they had embraced their failures as opportunities to learn and grow, rather than internalizing them.

How to build teams and manage employees.

Building a team and managing employees is an important part of being a leader, and many execs wish they had known how to do this sooner. For example, when working with people who are in their twenties, some CEOs may find themselves getting frustrated because they don’t understand the way these younger employees process information or communicate with one another. To avoid this frustration, it would have been helpful to understand the basics of team building and staff management earlier in their careers.

How to deal with rejection.

When you’re young, it’s easy to think that you can change the world. But that means there will be a lot of people who don’t want to work with you. Even if you get lucky and land your dream job, there are going to be plenty of people who don’t want to make room for you on their team. Many top execs wish they had learned how to cope with rejection sooner.

How to negotiate.

Some executives wished they had known more about negotiation tactics when they were younger. Negotiation is an important skill that top executives need in order to maintain a healthy relationship with their co-workers and bosses.

The importance of personal development.

Many adults in the workforce struggle with this. It’s especially true for executives who may feel a lot of pressure to be successful at work and provide for their family. For example, you’re expected to deliver results or people will wonder if you’re capable of that. People can become too focused on their current state, which often leads to them neglecting personal development efforts. When you neglect personal development, you run the risk of becoming an ineffective leader as time goes by. If this sounds familiar, it might be worth considering taking some time off work and focusing on yourself before your next job interview or promotion attempt. It’s never too late for personal development!