Asking for a Raise: What You Need to Know
Reasonable Raise Expectations
Asking for a raise can be a delicate discussion. While 80% of the American population feels as though they deserve a raise at their current job, only 60% of employees report that they intend to ask for one. Fear is Typically the most significant factor in individuals not asking for a raise. Employees fear rejection or poor timing and often worry about how a raise will affect their relationship with their coworkers. However, this fear barrier can be circumvented. Through research, adequate planning, and setting reasonable and achievable expectations, you can pave the way to a successful conversation with your employer that may even lead to a bigger paycheck!
In order to set reasonable expectations, think about this conversation from the point of view of your employer. Typically, employers grant raises to their employees for the following reasons:
- Production of high-quality work
- Assisting in driving company revenue
- Possession of a unique skill set
- Having a positive attitude that helps shape the team
If you have brought any of the above skills to the table, then you may be in a good position for a raise. While the idea of approaching one’s employer and asking for more money can be daunting, there are some tips and tricks you can implement to make this a smooth and productive conversation. It’s important to note that approaching your employer for a raise by mentioning your own financial situation is less likely to succeed, such as needing to pay off bad credit loans or credit card debt. These are typically not factors taken in when assessing employee salary.
Preparing For Your Conversation
The process of asking for a raise begins long before you approach your employer. It is incredibly important to approach such an important conversation with research, self-reflection, and documentation.
Before you sit down with your boss, you should be prepared to complete the following steps in preparation:
- y for your job throughout the industry. Websites like Glassdoor, Payscale, and LinkedIn are great places to start in order to gain a better understanding of what others with similar jobs to you are making.
- Reflect: It is important to spend some time reflecting on yourself. While it may feel awkward or uncomfortable to list your accomplishments, this is not the time to be humble. Evaluate your contributions and recent achievements. Consider printing out data that supports the value add you’ve had in your role. You may also want to consider printing out any positive feedback or praise that you have received from clients, peers, or supervisors to show your value.
- Refine: When asking for a raise, it is important that you ask for a specific percentage or amount. Be prepared to provide documentation that shows why this is a fair amount to request. While circumstances may vary, it is typically appropriate to ask for a raise of 10-20% more than what you are currently making.
You will also want to ensure that the timing of your conversation is appropriate. Avoid having conversations about money around your company’s busy season. Consider riding the waves of your success and timing your conversation after completing a big project or during a performance review.
Effective Tips in Asking for a Raise
Preparing for this conversation is only the first step. When you sit down to speak with your manager or direct boss, you will want to ensure you approach this conversation professionally and positively. According to a recent study from Empower, Forbes reported that a staggering 62% of people try to avoid talking about money. Because these conversations can be anxiety-inducing, consider practicing and rehearsing your conversation in advance of your meeting.
In addition, you may want to consider the following tips:
- Incorporate Active Listening
- Negotiate
- Document and Plan
During this conversation, it is important to listen to the feedback and points that your manager makes. Granting you a raise is oftentimes far more complex than a simple yes or no. Company-specific raise structure and your company’s current financial situation may come into play here as well.
Furthermore, you should be prepared to negotiate during this process. For example, your manager may decline your initial request for a 10% raise but counter with a 5% raise. Be prepared to respond to this option. As an additional note, this is an important time to consider other types of benefits. Work-from-home days, time off, and opportunities for travel and professional development are all other items that you should consider incorporating into your negotiation.
Lastly, it is important that you document this conversation and its outcome. If you reach an agreement with your manager, you should document it in an email to ensure that there is a paper trail of your conversation.
This is also a time to plan for next steps. If you were denied a raise, and you found in your research that you are making significantly below the industry standard, this could be a time to start exploring other employment opportunities.
What to Avoid When Asking For a Raise
Just as it is important to know how to approach this tricky conversation, it is equally important to know what not to do. A conversation about a raise and money is an opportunity to stand up for your worth. However, if this is handled poorly, you risk doing irreparable damage in your workplace.
When asking for a raise, it is important to avoid the following pitfalls:
- Lack of research and preparation: Do not go into this meeting unprepared, or without documentation and research to back up your statements. This should be a well thought out, prepared conversation, not an emotional whim.
- Colleague comparison: Your compensation is private. Even if you have knowledge of what your coworkers are making, it is inappropriate to discuss anyone other than yourself with your boss.
- Confrontational demeanor: Asking for a raise should be a conversation, not a confrontation. This is why practicing your conversation is important! This rehearsal will give you an opportunity to reflect on your tone, word choice, and body language.
- Ambiguity: Clear communication is key in this process. You cannot hint around asking for a raise. It is important that you go in with confidence and composure.
It is important that you know your worth. According to Harvard Business Review, asking for a raise is directly linked to improved confidence. By following the appropriate steps to research, document and reflect on your success and achievements in the workplace, you may find that this leads to a sense of empowerment.
By overcoming the fear and awkwardness associated with talking about money, you can enter into this discussion with strong research that will ideally help pave the way to your increased financial success.
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