If you are chomping at the bits about a raise that is more than well deserved, you may have to take the initiative and broach the question to your boss. Before you jump into that nerve-racking conversation, here are a few things you need to know to successfully negotiate a raise.
Know how much you are worth
Before you approach your boss and ask to speak about your compensation, you need to do your research. You may think that you are worth more than your current salary, but you need to find some evidence to back up your claim.
And you can’t just walk in the door with an arbitrary number. The first thing your boss is going to ask you is something along the lines of “why are you asking for this number?” You need to have a specific number in mind and evidence to back that number up.
Hop online and see what other professionals in your industry are making. Sites such as Salary.com and Glassdoor will give you an idea of how much others in your industry are making. If you are below the average salary in your industry, you have a good starting point in your negotiations.
Merit-based not need-based
When it’s time to ask your boss for a raise, you need to ensure your request is merit-based, not need-based. You cannot go into the negotiation with the argument that you need the raise. You must steer clear of your current financial situation and have an argument prepared for why you deserve a raise.
Keep track of your accomplishments throughout your time with the organization. Did you increase followers on the corporate LinkedIn page by 27 percent last year? Did you help your department reduce waste, saving the company $35,000? These are achievements you’re going to want to bring up! You need to show your boss that you add value to your team and prove that you are worth the raise.
If your job description has changed over the past year, mention this in your negotiation. Have you taken on additional responsibilities as the year progressed? Bring these up, too! If you recently earned any new certificates or completed technical training that will benefit your employer, make a point to bring these up as well. The more value you can prove you add to the company, the better the negotiations will go!
Time your pitch right
Timing is everything when negotiating for a raise. You must be cautious when you initiate this conversation. If you’ve only been with the organization for a few months, it’s probably not the most appropriate time to discuss a raise. But if you were just given a ton of new responsibilities, you may be more justified in requesting a raise.
In most organizations, the typical time to discuss a raise is during an annual performance review. However, not every company has a traditional performance review period. So, instead of randomly approaching your boss, schedule a time to sit down and meet with your boss after you just successfully completed a big project or spearheaded the planning for a huge event. Whenever you decide to ask, make sure your success at work is still fresh in your manager’s mind.
Consider more than money
Remember, a raise doesn’t always have to include money. Before you ask to meet with your manager to negotiate a raise, think of other areas you’re willing to negotiate, such as working from home one day a week or a couple extra vacation days.
If you are more concerned with a financial raise, keep these in your back pocket as a bargaining chip. Your boss may say “no” to a monetary raise but they may agree to give you some extra work benefits as a compromise.