The RIGHT Way to Ask for a Raise
There is a difference between “I need a raise” and “I can demonstrate that I deserve a raise.” If you are focused on what you want instead of what you deserve, it’s time to return to the drawing board. Your boss doesn’t care that you just bought a car or your rent is going up. What matters to employers is what you bring to the organization. It’s not about your expenses it’s about your value.
Why Should You Get a Raise?
Increased Responsibility. If you have assumed a supervisory role or taken on the workload of an employee who left the company, you should be able to make a case for an increase. Be sure that you can provide concrete details about what you do on a daily basis. Your manager may be aware that tasks are getting done, but he may not always know that you are the one doing it.
Market Demand. If you have hard-to-find skills or work in a competitive industry, it may be realistic to ask for higher compensation. If you are not sure what you are worth, do some research or discuss with a recruiter what a realistic salary should be.
Tenure. When the economy was lagging, increases were put on hold. Many companies have not picked the practice of yearly increases back up now that the economy is stronger. Given current market conditions, you can probably expect a cost of living increase, but if you are a top performer, it’s not unreasonable to ask for more.
How Should You Ask For a Raise?
Timing is Essential. Don’t wait until your annual review to ask for an increase. Funds have typically been allocated by then. Bring it up with your manager when you think he is most receptive. If you have regular status meetings, bring it up then. If you don’t meet regularly, ask to schedule a salary review meeting.
Be Prepared. Keep a brag file of positive feedback from clients, coworkers or managers. Track accomplishments from the past year, particularly ones that saved the company money or increased revenues. Note additional responsibilities you’ve taken on, degrees or other education you have earned or times you’ve gone beyond your job description to act in the company’s best interests.
Pretending you have an offer from another company can backfire. Its fine to imply that would consider leaving if you are not paid what you are worth at your current company. Asking for a counteroffer indicates that you have one foot out the door. Cornering your manager is no way to gain good will.
What if you strike out?
If you don’t get the raise you want this year, spend the next year earning it. Ask your boss what it would take to be considered for an increase. Keep track of when you reach those metrics.
Need advice on managing your career?
Contact the experts at Contemporary Staffing Solutions. We can help you to determine your market value and find employers who are willing to pay you what you’re worth. Contact us for great jobs in banking, finance, healthcare, technology and insurance related industries! To learn more, contact a Contemporary Staffing Services recruiter today!