Things to Consider when Asking for a Raise
Have you ever asked for a raise before? You might be surprised to find that most people have not. It is important to have good timing when asking for a raise - and to make sure you have put in the work for it! You don’t have to spend hours preparing an elaborate presentation; keep it short and to the point.
When is the best time to ask for a raise?
Often companies will do a yearly review of their employee’s performance and salary, whether they bring it up or not. A good rule of thumb is to ask to revisit your pay after a year or more at the same wage. To get your timing on point, pay attention to your company’s budget cycles, often related to the employer’s fiscal year. Get ready to ask for a raise before you company begins their raise cycle. This will give you a chance to be considered while the option is still on the table. Take into consideration what you already know about your boss. For example, is he/she usually less busy in the morning or evenings? Formally schedule a meeting at a convenient, well thought out time.
Preparing for the meeting before asking for a raise.
First, research the standard pay rate for your position. Note if you are above or below the local standard. Next, start compiling a tangible view of the value you have brought to the organization. What can you show the manager that clearly highlights your accomplishments? Don’t feel obligated to spend hours on an elaborate presentation. Be brief and to the point. Your boss has probably already noticed how great you are at your job, so, go in with confidence. This is your time to shine!
Deciding where your strengths are.
If you need some help deciding where your strengths are, take a step back to reflect. Is there something that your coworkers always come to you for? Are you the “go-to” to resolve customer conflicts? Consider projects you have successfully completed or specialized training that you have done related to your field.
Key points during your meeting for a raise.
Remember to stay on topic about how you have improved your department and created value that deserves a raise. Do not mention that you need a raise because of personal finances, such as “I need a raise in order to afford my rent.” Know your strengths within the company and be prepared to share examples.
If you are turned down for a raise, do not be ashamed for asking; most people are too shy to even make that step. Remember that the decision may have nothing to do with you. Try to understand the reasons and challenge yourself to come up with solutions. Stick with it. The longer you are at one job, the more chances you will have to grow and learn.