Asking your boss for a raise is one of the most dreaded things. It’s about as much fun as getting a shot or going to the dentist. But, much like those activities, it is something we’ll all face at one point or another. The last few years have been tough for many businesses; making routine raises a challenge – with many companies experiencing salary freezes and even lay-offs. But with the economy is taking a turn for the better and companies once again are starting to find the funds for raises.
So, right now just might be the best time to step-up and ask. Besides, you’ll never know if you don’t try, right? Feeling confident about asking for what you believe you deserve is half the battle and having a plan in place will help you set the stage for a successful pitch. Take a look at these tips for how to ask for a raise and don’t let the intimidation stop you. You got this one – you know you deserve it.
- Keep this in mind: timing really is everything. While it might seem like the time to ask is during your annual review – that may actually be too late in the budget game. Think earlier in the year for teeing up the conversation and to get your boss thinking about including this bump in their next budget proposal.
- Be clear and straightforward. In this instance beating around the bush really won’t work for getting what you want. In fact, how would your boss know what exactly you want if you don’t actually step up and let him or her know what you need? As uncomfortable as money talk may be, clarity is your friend in this situation. Showing your value (or your increased value) is also extremely important. If you have taken on a new role or additional responsibilities in the last year, back up your request with those specific examples.
- Be realistic about what you’re asking for. Think about raises you have received in the past – probably somewhere between 3-5% for an annual increase. Additionally, do your homework regarding market rates for your position. Being well-informed about what you’re asking for goes a long way in both your own confidence and justification for the bump.
- Remember this: if the conversation ends in rejection for your request, don’t get too discouraged. Ask your supervisor what it is you need to do to meet the requirements for a salary increase or promotion and line out a strategy to meet each goal. Keep a record of this process and your own progress and plan to revisit the conversation in 30 to 90 days.
Have you ever asked your boss for a raise? How did it go?
