I’m willing to bet that there was a stage in your career when it seemed to you that you were not being paid enough. There you sat, thinking that your manager should have rewarded your work with an extra boost in pay but none came. The problem may be that you didn’t ask or if you did you did not ask correctly. Let’s go through some of the best ways to help you secure a raise, even while we’re in a pandemic.
Having worked in Human Resources for some time, I can tell you that it’s pretty common for employees (that would be you) to expect a regular raise. And yes, you may get your regular increases of between 2% and 5% each year, but that’s not the raise that you’re really looking for, is it? It’s common for long-serving workers to believe that they should be rewarded for staying loyal to the company. That’s not really true as a recent study by payroll giant ADP showed that people who change jobs every 3 to 5 years or so end up with greater increases. Or you may have learned that someone in the same position as yours makes significantly more. Whatever the cause, it is by no means an easy task to gather up the courage to ask for a raise.
If you’re considering getting a raise, it is normal to feel very nervous, as asking for more pay can be nerve-wracking. People get plagued with anxiety or self-doubt when it comes to negotiating and women, particularly, suffer from this more than men. If you plan correctly before approaching your manager for a raise your chances of success may go up significantly.
It’s time to get over those fear. Get your pen and notebook and take notes for my best tips on securing an increase. Oh, and I’ve used these same tips to more than double my own salary in a few years.
ASK AFTER A MAJOR WIN
Have you recently reached a big target or achieved something significant for the company? If yes, then it’s an excellent time to ask for an increase. If necessary, don’t ask via email. While arranging a meeting via email is appropriate, you really should discuss having a raise in person.
Fix a time to meet and discuss with your employer a talk about your career goals, the achievements you have made at the organization, and the value that you have already added, and how you expect to add value in the future. Align your pay raise request with a pledge to continued high performance that you have already demonstrated in your recent win. Meeting with your boss in person is the perfect way to demonstrate that you are serious and will also allow you to evaluate your boss’s reaction to your proposal.
Also, don’t focus on just one accomplishment. You should be taking notes of your accomplishments all year long because chances are that you and your manager have likely forgotten about things that you completed months prior.
KNOW THE NUMBER
Do your research and find out what you believe is a logical and fair increase. When asking for a raise, have the number in your head. Practice salary negotiations with a friend who can be a strict negotiator. Afterward, show your boss the range you want for the increase and discuss why. Check our sites like salary.com, LinkedIn job posts, and GlassDoor to get a range of pay for someone with your skills and experience.
KNOW YOUR WORTH AND INCREASE YOUR CAPABILITIES
Having your boss aware of your true worth to the company is your best chance of reaping monetary benefits. You should study your worth both in the market and to the company, depending on the level of your experience in the industry. That may be upskilling; moving beyond your current job description, or bringing in fresh customers for the company. Also, make sure your employer knows if you’ve completed a new degree, completed some training, or are pursuing a new career development program. You don’t get prizes for being shy.
Your accomplishments and increased skills should be added to your employee profile and your manager should be aware as well. Spell out how you want to convert your new knowledge and expertise into company benefits so that they can see the value you are bringing clearly.
TIME YOUR SUBMISSION ACCORDINGLY
Familiarize yourself with the evaluation policies of your company. How often do they hold performance reviews? Every six months? Every single year? Talk discreetly to your bosses, or consult with the human resources department to get a sense of the timetable. If appropriate, you should also try to align your request with the company’s financial trajectory.
Don’t inquire at a moment of high tension. When you approach your boss about the prospect of a raise, use common sense. It’s probably not the best time to bring up the subject if your boss is significantly depressed and overworked.
KEEP THE DISCUSSION PROFESSIONAL
Pay attention to what your boss has to say, and don’t issue threats, except if you’re not willing to leave your job. Don’t use information about your coworkers’ wages as a justification why you should get a raise. Do not bring workplace gossip into your conversation. It is advisable not to mention it even though you know that someone makes more money than you and you think you deserve an equivalent or higher salary.
And more importantly, if the answer is no, ask for time to revisit the prospect of a potential salary raise – usually, six months is ideal. While hiding your disappointment can be difficult, try not to get frustrated or angry in front of your boss.
GET PREPARED FOR EXTRA WORK
In your established job, go above and beyond your duties. Your business will not reward you with a significant pay raise for just doing your regular job. Make sure you can explain what additional value you’re going to bring to the company, whether it’s taking on more responsibilities or adding more experience to your job.
BE PATIENT
Lastly, be patient. It can take some days for your boss to think about it and get back to you, so don’t be disheartened if your request doesn’t get approved instantly. There’s also a possibility that the boss won’t be the one to decide. He or she may have to take your request to the higher-ups and they have budgets to consider as well.
if you plan correctly before submitting your request for raise you can increase the opportunity for a positive outcome but that is not guaranteed. Too many factors rely on successfully achieving a pay rise. Worse comes to worst, your employer might say no. In that case, and if you absolutely need extra money right now, consider supplementing your income some other way. Either way, you can learn to speak for yourself and to recognize your own value and accomplishments.
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I was successful in doubling my compensation many times throughout my career. I only used two techniques. One was to share the job offers I was getting from recruiters, especially those that were local area and wouldn’t require me to move. I wasn’t threatening about it, I just casually dropped the information on my boss. He appreciated it, because to get me a raise he had to have a good reason and a firm offer from the competition is a very good reason. The second one was to be so good at what I did that I was frequently promoted. That involves marketing yourself to all the higher ups, but in a way that doesn’t sound arrogant. Raises in the same position are by nature small. But when you go from engineer to engineering manager that’s a big raise opportunity. And if you eventually run the whole company as I did then you can get into stock benefits, extremely large bonuses and other big time perks. The first technique of sharing job offers worked great the first ten years and getting promoted was the better plan after that.
Thanks Steve. Great additions that I should have included. Getting those promotions is also key.
Sharing the offers can sometimes backfire (have seen it happen) and sometimes accepting a counteroffer leads to sour grapes as well. But is NEVER hurts to continuously see what’s out there and what they pay.
I agree it’s kind of a high risk move. But my boss and I had a tight relationship so I felt safe doing it. I should have included that. Great post!