Talking about money may be difficult for some people. This may be even more difficult when you are asking your boss for a raise. Sure, many of us would love to make more money. But when it comes to having that discussion at work, things get a little tricky.
Are you considering asking for a raise from your boss? If you are uncertain about this task, don’t worry, you are not alone. Some of the most important tips and recommendations to consider before asking your boss for a raise are:
- Conduct Market Research
- Prepare Data & Documentation
- Schedule a Meeting
Timing is Important
Timing is everything when asking for a raise. First, make sure that you have been in the position for at least 6-months before asking for a raise. When you are thinking about asking for a raise, ask yourself if you have been at the job long enough to show some type of impact or results?
Next, consider the financial health of your company. If sales or productivity is low, it is highly unlikely that the company will approve a raise.
Your boss’s workload and schedule should also be factored into your decision to ask. If some certain seasons or months are extremely busy at your job, wait until things slow down to ask for a raise.
As for timing, a great time to potentially ask for a raise is after you have accomplished a major milestone at your job.
Conduct Market Research
Now that you have determined that you deserve a range, how much of a raise do you want? To help you answer this question, you should conduct market research. First, compare your current salary to what others in your position are making. This will serve as a great reference point.
Look for data indicating the lowest, mid-range, and highest reported salary for your job title. Next, gather more salary information based on your city, region, and nationally. The diversity or similarity in salaries can help you pinpoint a target salary range.
Things like education level, years of experience, and job skills should all be considered when determining your desired salary.
Prepare Data & Documentation
Before you schedule a meeting with your boss take time to prepare for the meeting. You should have a few talking points for the meeting. You should prepare to be able to talk about the following:
- Highlight any major accomplishments or completed projects while in your position
- Identify other tasks that you are qualified to help with at your job
- Express your enthusiasm for wanting to grow within the company
A good idea is to write this information down. This will help you practice what you will say during the meeting.
Although it may not be required, you should also prepare a one-page document. The document should outline some of the salary data you collected, and it should reiterate your achievements in the company.
This document can serve as a reference point for your boss. Having a document available is beneficial if your boss has to meet with other management to decide about your salary raise.
How to prepare your pitch
Your pitch should be short and concise. The goal is to be able to get your point across in about 5-10 minutes. Take about 2 minutes on each of your talking points.
To help you prepare, stand in front of a mirror to rehearse your speech. This will help to calm your nerves and notice the areas you need to improve. Try to look and sound relaxed, you don’t want your pitch to sound like you are reading from a paper.
Genuine care and passion should be illustrated while you talk about the company and deliver your pitch. Remember to maintain your confidence and never use any negative words or undervalue your success.
Schedule a Meeting
Formally, you should send an email to your boss stating that you would like to schedule a meeting to discuss job performance and pay raise. You must tell your boss exactly what the meeting is about. Ask your supervisor for their preferred dates and times for the meeting and schedule the meeting.
Aim to try to schedule the meeting so that it is one-on-one, and you have enough time allotted to present your point and have time for dialogue with your boss. If you have an upcoming evaluation, this is also the perfect time to discuss a salary increase with your boss.
Remember, having some fear and anxiety about asking for a raise is normal. Don’t let your fear discourage you from asking the question. Take the leap and prepare to ask your boss for a raise