I wish our employers would come up to us and say, “Wow! Your performance this year has been incredible, so we’ve decided to offer you a 10% raise!” If that happens to you, congratulations, your company sounds great! But for the rest of us, here’s our mantra – if you don’t ask for a raise, you won’t get one.
It is one of the most daunting conversations of our adult lives! As challenging as it seems, I’ve laid out step-by-step pointers to help you prepare for it the right way and make this conversation straight-forward. Before we dive into the steps, remember that every role and every office is different. Use this guide as a starting point to prepare you own pitch that highlights your strengths!
1. What’s your number?
Find out your market value based on your job title, location and experience. Research your numbers on any of these sites like PayScale, Glassdoor, Salary.com or Indeed. Search for similar job listings in your area to get an idea of the industry standard.
Asking for a specific number will make you sound confident and sure of your research. Presenting a rounded up number during your meeting can make it sound like a ballpark figure so your employer is more likely to go lower during the negotiation. Eg: If you ask for $77,000, they may offer you $75,000. But if you suggest $75,000, they may counter it with $70,000!
2. Make a brag sheet
Review your work over the past year (or since your last raise). Make a list of everything you bring to the team.
- Write down quantifiable data and facts about how amazing your performance has been.
- Don’t forget to list any certifications or trainings that you may have completed to improve your skills.
- List any awards, accomplishments or positive reviews from customers or clients.
- Highlight any additional responsibilities that you took on and your leadership skills.
Also, don’t wait for the annual review to share these accomplishments with your manager. Share them as they happen. Never downplay them at a workplace! If you had to overcome a lot of hurdles over the course of completing a project, let your manager and team know that during your status updates, presentations etc. Otherwise they’ll assume that it was a straightforward win and they won’t know about your perseverance and hard work!
3. Practice the conversation
Write out a script that includes your specific set of accomplishments and practice your statements in front of a camera or have a mock meeting with a friend. This will give you valuable insights before your actual meeting. Are you coming across as fidgety? Do you sound confident? Did you address all your key points?
Remember, don’t try to justify your raise by bringing up concerns about your job. Talking about the things that make you unhappy at work is not a great justification for why you need this raise. So focus on the positives.
Base your pitch on your market worth and highlight the value that you bring to the team. It’s not wise to focus your pitch on personal reasons like “I need more because I’m the sole earner in my family” or that “rent and living expenses are going up this year”.
Everybody needs more money! Your job is to shed some light on why YOU deserve the raise.
4. Set up a meeting
If your company reviews your salary every year, capitalize on that and be prepared! But when your workplace doesn’t have annual reviews, it’s easy to procrastinate about asking for a raise. Don’t let yourself fall into this trap.
Take that first step and schedule some time on the calendar with your manager. This is important, don’t just have an impromptu conversation about your compensation in the hallway!
Also, timing can be crucial when you are asking for a raise or a promotion. Is your department doing well or are they going through budget cuts? Did you go above and beyond and deliver a successful project recently? Also, it helps if your manager is in a good mood! 😄
5. Be confident & calm
Practice your pitch before the meeting so that you are confident and you do not fumble. This is your time to shine and speak about how much impact you’ve had on the team! Use strong sentences to describe your accomplishments. Say “I have exceeded my targets for the year” instead of “I think I’m doing a good job”.
Don’t make the mistake of downplaying your achievements! If you want to get a bigger paycheck, then you should be convinced that you deserve it!
Lastly, be conscious of your body language. It’s easy to feel nervous, so watch out for fidgety behavior with your hands. Maintain eye contact and a confident demeanor.
6. What if they say NO?
You may not hear a “yes” right away, so don’t worry too much! Your manager may need time to think it over or to discuss it with the HR team. If you don’t hear back after a week, then send a follow up email to remind them.
But what if they say no? It’s not what you hoped for, but it’s not the end of the world. Stay cool and keep your calm. Ask them the reason for their denial. If you have a valid rebuttal to their reason, then you can respond to them right away.
Otherwise, just file this away for later. Ask your manager about when you can revisit this conversation next. Make it a point to discuss new performance goals for the time being. This will show your dedication to your role and to your company. And don’t forget to thank them for their time.
That’s it! Doesn’t seem so bad, does it? The truth is that you’ll never know if you don’t ask! Go get that money!