We all work for a variety of motivators. Success, personal growth, status, fame, and for a good portion of us, fortune. Or at least a salary that's acceptable to us. There will come a time, or a multitude of times throughout our careers when we'll desire more money. We could seek a job that pays more than what we're doing currently, or ask for more money from our current employer.
Asking for a raise can be daunting. Actually getting one can be a challenge. Neither has to be. With these 3 steps you can take to help you ask and receive the raise you feel you deserve, your confidence and commitment will shine through and your employer will feel good about adding some more moolah to your paycheck.
Before you burst into your boss's office, take time to get raise-ready with the steps below. It's as easy as 1, 2, 3!
Timing Is Key
Just because you're ready to ask for a raise doesn't mean your boss wants to hear it. When you ask for a raise could be just as important as what you're asking for. It could be as simple as planning to chat before the work day is in full-force or when you know your boss is in a good mood. But there's more to timing than the obvious.
As per Lydia Franks, editorial and marketing director for PayScale as told to Business News Daily, "If your company has a regular performance review schedule, try to have a conversation about your compensation a couple months in advance so that your boss has time to make a case and advocate for budget ahead of that process." If you wait too long, there may be nothing the company can do about your request, even if they agree you indeed deserve a raise.
Plus, consider how the company is faring as a whole. As per Leslie G. Griffen, an HR consultant and career coach as told to Monster, "Asking for a raise while the company is in the middle of layoffs, for example, could send a signal that you're not tuned in to the business." That alone could be a red flag that you're not raise-worthy material.
Keep abreast of how well your company is meeting its quarterly goals and if things are positive, set a meeting with your boss at his or her convenience. Make sure you're clear as to what the conversation will be about so the timing is right for everyone involved.
When you walk into your boss's office, come with a spiel that's well-rehearsed and carefully put together. If you don't appear confident in the content of what you're requesting or your delivery for that matter, distraction could get in the way of the end goal – a raise. Heck, if you don't think you deserve a raise, why should anybody else?
As per Business News Daily, carefully plan your approach. Think about how your boss best processes information. Have a good understanding as to what information will be the motivating factors in agreeing to give you a raise.
Kathleen McGinn, professor of business administration at Harvard Business School as posted on Harvard Business Review notes, "As in any type of negotiations, you should try to put yourself in the other person's shoes, and design your approach accordingly. You have to think about why your boss should even consider granting your request. By understanding your boss's interests and goals, and aligning those with your own case, you are more likely to get what you want."
Harvard Business Review also shares advice from Diana Faison, a partner with leadership development firm Flynn Heath Holt Leadership, "Rehearse out loud, practice it with someone else, record yourself, and play it back. Listen for weaknesses in your argument or signs that you aren't getting to the point quickly enough."
With this in mind, there's only so much prep work you can do before pumping yourself up and going for it. You don't want to spend all your time overthinking, just make sure you've got a solid plan. Like Your Office Coach says, "Rehearse your request, convince yourself that you're worth it, and take the plunge. The worst thing that can happen is that your boss says no. But most managers will not be surprised or offended by the request."
Know Your Value
Your past accomplishments and the ways you've helped the company meet its goals and make money are more than just part of the job. They make you an asset to the company that's worth keeping around, and that may mean by agreeing to a raise in salary. As per Monster, "If you're considered indispensable, you'll have a stronger case."
According to Hannah Morgan of Career Sherpa, "A great way to keep your current boss up to date is by sending him or her a weekly or monthly email update. State what you accomplished in objective, measurable terms. And always try to tie your achievements back to organizational goals or how those accomplishments benefit the bottom line."
Harvard Business Review adds, "First, and most important, are facts about your own unique contributions that bolster your case: money-saving efficiencies you implemented, results from a project you've just overseen, positive customer testimonials, or praise from higher ups."
Just because you know all the hard work you've done doesn't mean your boss is fully aware of everything. He or she is busy with lots of other things after all. Plus, when everything is presented as a whole, your case is more compelling and impressive.
In addition, be sure to know what others in the field are raking in and that your salary and raise request jive. As per Harvard Business Review, "You should also gather information about company- and industry-wide salaries so you can go in with a reasonable target figure in mind. Your professional network, HR department, and sites like PayScale and GlassDoor are all helpful resources for determining your worth in the marketplace."