Most people are uncomfortable when it comes to talking about money with anyone, especially when it involves discussing it with their boss. However, it is important to learn how to negotiate regarding salary anyway. If you don’t ask for a raise, you are unlikely to receive a fair payment.
How Often Should You Ask for a Raise
In most cases, you should not ask for a raise more than once a year. Of course, there are exceptions to this rule, such as if your employer did not give you a raise six months ago but promised to reconsider the matter after another four months based on performance goals or available funding.
Another time frame that might be an opportunity to ask for a raise is after achieving a big milestone, such as landing a major client, organizing a successful event, securing a large grant, implementing successful cost-cutting measures, or closing a significant deal.
Be Prepared Before You Ask
No matter how long it takes, do not ask for a raise until you prepare a convincing case for it. Here’s how to prepare:
Track Your Wins
Keep a daily or weekly journal of your accomplishments at work so you can present evidence when making your request.
Show Results
Highlight results that impacted financial outcomes, whether it led to increased sales, cost savings, improved quality, or employee retention. Mention if you have added new skills, taken on additional responsibilities, completed a project successfully, or exceeded the goals set at the beginning of the year.
Go Beyond Expectations
Remember that merely handling the responsibilities outlined in your job description does not justify a raise. Managers are looking for employees who go above and beyond the required levels of work and productivity. Document things you have done that your manager values and that also reflect well on them.
Do Your Research
Before asking for a raise, research the average salary and typical increases for your position in your geographic location. Is your salary at market level? Lower? Higher? Use your research to back up the amount you’re requesting.
Timing Your Request
Timing matters when it comes to asking for a raise. Do not ask for a raise when your boss is having a bad day. And wait a bit before submitting your request if the company is not doing well. (If news breaks that a major deal has fallen through, for instance, ask to reschedule your salary meeting.)
You should also consider when raises are typically given. Then, try to make your request a few months in advance. For example, if the company gives promotions or cost-of-living raises at the end of the fiscal year in June, try to present your case for a raise in April. This will give your manager time to consider your request and meet with others in the company responsible for deciding who gets a raise (and by how much).
Don’t Complain, Convince!
This is not the time to complain that everyone earns more than you or that you are doing double the work they are. Even if it’s true, complaints rarely convince employers to loosen the purse strings.
Also, don’t talk about how much your personal expenses have increased, like rent or loans. Your financial situation is not your manager’s concern.
Instead, base your argument on data. Talk about how your achievements have added to the organization’s net profits and about the market rate for your role and skills.
Is There a Possibility for Promotion?
Remember that one of the best ways to increase your salary is to secure a promotion. If there is a suitable position above your level or if you can justify reclassifying your job at a higher level, ask management about the possibility of a promotion.
Often
Promotions are usually accompanied by larger increases than are typically granted as part of regular salary adjustments.
How to Ask for a Raise
As you can see, there is nothing spontaneous about asking for a raise. You will want to prepare thoroughly before making your request. The best practices for successfully receiving a salary increase include the following:
Preparation
Prepare an agenda for the meeting and some talking points regarding salary. Make a case for why you deserve more and be ready to discuss it.
Dress Appropriately
Even if your office’s dress code is casual or non-existent, now is not the time to come to work in beach attire. Wear professional clothing. After the meeting, your boss should be focused on the case you built, not on your clothes during the conversation.
Have a Backup Plan
What will you do if your manager says no and does not offer any hope for an increase in the near future? Quitting immediately is rarely advisable, but you will feel more confident in the discussion if you have a backup plan, such as if you are pursuing opportunities at other companies.
While some experts agree that it is best to ask for a raise in person, there are advantages to sending an email instead. For example, you may feel more comfortable presenting your case in writing, and your manager may appreciate having some time to review and consider your request.
Frequently Asked Questions
Should you negotiate your first salary?
Most employers are willing to negotiate initial salaries, according to CareerBuilder research. Additionally, 26% of employers say the initial salary offer they made was at least $5,000 less than they were willing to pay.
What is the typical annual raise?
The typical annual raise varies by industry, employer size, and location. However, the U.S. Bureau of Labor Statistics reported that average compensation increased by 4.6% in 2022.
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Sources:
CareerBuilder. “More Than Half of Workers Do Not Negotiate Job Offers, According to New CareerBuilder Survey.”
U.S. Bureau of Labor Statistics. “Employment Cost Index Summary.”
Source: https://www.thebalancemoney.com/how-often-should-you-ask-for-a-raise-2062775
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