Did you take a look at your budget lately and decide you need to bring in more income? Been working at the same job and feel like you deserve a raise? It’s a new year, and time to set yourself up for financial success!
If you’re planning on dropping the big Q this year (that is, asking for a little more in your paycheck!), then these tips are for you!
Define Your Responsibilities
Before you even start asking for a raise, ask yourself first: what is my job? What does my boss think my responsibilities are, and am I meeting those responsibilities? You can’t ask for a raise if you aren’t even doing your job! Once you know you are meeting your requirements, then you can move on to the next tip!
Do More
You will need to prove to the powers that be that you are worth more than you are getting now – and that means finding ways to add more value. Are there additional projects you can take on or help with? Ways you can go the extra mile? Can you come in earlier or stay later? Do a little more to prove your additional worth!
Soft Skills
“Doing more” for the company doesn’t have to be just the actual work that your company does. You can find ways to contribute to the culture of the company and show your worth as a teammate and a leader in creative ways.
Can you take on the birthday committee leadership? How about joining social groups in your workplace, such as an environmental club, or a mom team? Besides showcasing your value as a team player, these groups are often great ways to mix with, and network with, a wide range of employees in the company in a variety of positions and departments.
Lateral Movement
Sometimes, moving up or getting a raise isn’t possible in your department. When I worked for a big Fortune 500 company, raises were pretty regimented across teams, and upward movement was limited to management roles. However, other departments often had similar roles that paid more. See if you can transfer your skill set to a different area that pays more!
Research
You’ve decided to ask for a raise, but how much can you or should you ask for? You don’t want to sell yourself short, but you also don’t want to seem unreasonable or greedy! That’s where research comes in.
Check out sites like glassdoor.com or other employment information sites, as well as social groups on LinkedIn, etc to find out comparable salaries (and don’t forget to factor in experience and location into the equation!). Better yet, speak with others in a similar role as you at competitors or other similar companies to get a sense of what salary you should be commanding.
Speak With Colleagues
The process to ask for a raise is different at every company, and every manager has a different “best way” to approach them. Try to speak with colleagues or teammates to find out the best way to ask for a raise, and what the process is in your company. Ask them for do’s and don’t’s, and the best way to go about The Big Ask!
Get a Mentor
Try to find someone, either in your company or a different one, who is more experienced than you and is willing to take a personal interest in you and your career. A mentor can help guide you to the best ways to grow your career, give you valuable advice, and help you navigate myriads of workplace challenges, not just ask for a raise! There’s nothing as precious as wisdom.
Prepare a Written Report
It doesn’t need to be overly fancy, but create a report with all the points you put together about what’s reasonable for your position and how much value you’ve added, etc. You don’t want them forgotten and you are the only one who knows or takes note of all the things you did.
Chances are that your boss will be either sharing your request with their bosses or will be telling you they want to mull things over. Prepare the details in writing so you can keep all the details straight in their minds. The last thing you want is your boss speaking on your behalf to the CFO and forgetting that you were the leader of a major project last year.
Know When to Ask
The adage, “There’s no time like the present” is not necessarily true all the time! Did your boss just ream everyone out for poor performance or did your company just report lower-than-expected earnings? Not the time to ask.
Find a time when your boss has the mental space to speak with you, is happy with your performance, and is optimistic about the future of the company so you can be best set up for success.
Have a Plan
You know what they say… “If you fail to plan, you plan to fail.” This is when all your research and work come together! Spend time working out in your head (bonus points if you put pen to paper!) exactly when and how you will approach your boss to ask for the raise, and most importantly, make sure you are clear on all of your talking points.
Practice in front of a mirror or with a friend, and make sure you think about potential questions and objections, and how you can best answer them.
Other Ways to Get a Raise
Sometimes, a raise is simply not in the cards. The company may not be able to afford it or may have policies against what you are looking for, etc. Instead, be creative to find ways you can get “a raise” without actually increasing your salary.
Maybe you can get additional benefits, like 401k matching, or other perks, like a company-sponsored gym membership. Other perks, like more flexible hours, being allowed to work from home or a different location, or even cutting back hours all may contribute to your overall life satisfaction, even if your salary can’t increase just yet.
Prepare for the No
Let’s say you ask, and get that disappointing no. Don’t just leave it at that. Respectfully tell your boss that you understand, and ask for advice or points on what you need to do to earn the raise, or when it would be fair to ask again.
The boss said no because the economy is tough? Ask if you can approach them again when earnings are up. Did the boss say you haven’t been in the role long enough? Ask when would be a reasonable time to revisit the conversation. Don’t take “no” as a no, but as a “not yet!”
If you feel that the company is not truly valuing you in the way that matters the most (aka with money), then maybe it’s time to look for a place that values you more. Start looking for jobs while you are still employed to make sure you have something in place before you quit.
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