Asking for a raise is a big hurdle and anxiety-provoking task that can seem daunting.
Let’s face it, even talking about money makes most people nervous.
So the fact that you’re wanting to pitch and negotiate earning more from your boss is a scary BUT empowering thing to do.
It is a snowball effect.
Even something small, means something bigger in the future.
It can only go up! (Hopefully)
It will also transfer to a new job because your new employer will always ask what your last salary was.
Here’s some great tips for preparing for that ask and what to do if you don’t, in fact get it!
Is it the Right Time?
You need to be strategic when wanting to ask for your raise, because yes, there’s always a “right” or “better” time.
Asking for one three months after you start will most likely result in a failure, and it will look bad on you from your boss’s standpoint.
Don’t be greedy, but do know your worth!
Timing is so important.
Just because you hit a new goal, doesn’t mean you should go running to your boss asking for one. Be patient.
There’s only so many times you can ask, and you need to ask when you’re best setup for one.
The standard throughout the industry is asking for one during your annual yearly review.
It’s the perfect time because your boss is already evaluating your strengths and weaknesses for that year, and you’re setting future goals.
(If you don’t have a review planned, I would definitely bring this up with your boss, they are so important and you need to have one.)
Also, asking for one after you’ve gone through a huge change in the workplace and was able to carry your own might be appropriate.
-Many employee turnovers or changes and you stuck it out successfully
-Taking on new tasks because a manager or boss above you quit
-Hitting many new goals or successfully completing a huge yearly or bi-annual project
According to Forbes, is best to ask for one Friday morning!
Lastly, did you have an amazing quarter and it’s a while until your annual review?
It’s best to ask at the end of a quarter because that’s when companies are reevaluating their budgets for the next one.
Do Your Research
Asking for a raise requires preparation, knowing your industry, and how you stand in it.
Obviously, walking into something where you’re wanting to get paid more, without knowing your stuff will not set you up for success in anyway.
Please don’t do that!
Utilize resources like Glassdoor.com.
They have an amazing tool where you can lookup your industry’s average salary based on title, geographical location, and company size.
It’s so helpful, because if you’re making less than the industry standard, it’s a perfect argument for why you should be paid more.
The standard yearly raise is 2-3% because managers want to account for inflation.
If you’re wanting to ask for more than that, it’s imperative you have a strong argument and backup wants with facts.
Print out your findings for proof and bring them when you negotiate.
Feel free to also reach out to LinkedIn.com contacts (they have a tool where you can ask professionals for career advice) or even work professionals you look up to or have met through networking.
As prepared as you can be, the better your chances are for getting what you want.
Take this seriously and put work into finding out everything you need to know for this.
Document all you can.
How much revenue did you contribute to bringing the company? How did that increase from last year, if it did?
What new clients did you bring in?
What goals did you meet and did you exceed those goals in any way?
Did a manager leave and you took on all of her/his tasks?
Write that all down and out.
Have it prepared to bring to your ask to aid in your pitch.
Think of ANY wins that you had in the past and make sure your boss is aware of all of those things.
You can’t assume all of that is at the top of their mind.
The more you have the better.
If you’re finding you don’t have much to aid your argument then reevaluate. Maybe it’s not the best time to ask for a raise!
Make it easy for your boss to understand what you want and why you deserve it.
Pump yourself UP!
Whatever you need to do before you go in that room, do it.
Whether it’s blasting your favorite music, standing in a power pose, or calling your best friend for a hype-up
Do whatever you need to to be in the most confident mindset possible.
For me, it’s blasting some Slim Thug! 😜
What to Expect
When asking for a raise, you might not get a direct “yes” or “no”.
Most of the time, your direct manager may need to get approval from their manager.
Or, they may need time to consider this and crunch some numbers to see what they can do.
Get a hard date on when they will be coming back to you with their decision.
Every company is different and some are more corporate or standard than others.
If you get a hard “no” that’s okay. Don’t beat yourself up.
You do need to ask your manager when is the best time to come back to this conversation.
That way you know this conversation wasn’t for nothing AND you have knowledge of when it’s appropriate to come back to it.
If they can’t give you an increase in pay, open the conversation for an increase in benefits, more PTO, a more flexible schedule, or professional development.
See if maybe that would work better for management.
The best way to get the biggest raise is starting at a new company.
It’s the easiest way for a promotion into a new role and for a big pay increase.
Getting a new job is an opportunity to 100% negotiate a higher starting pay.
Consider that option if you didn’t get your raise.
If you get a “yes” then WOOOO it’s time to celebrate, YOU DID IT!
Make sure to ask when the raise will take into effect.
Also it’s sweet to write a thank-you note of appreciation.
Make 100% sure you express your thanks!
Don’t WAIT to be offered something, ASK for what you want!
Don’t wait for that promotion and don’t wait for that raise.
One of my favorite quotes from Oprah is:
You get in life what you have the courage to ask for.
Ask away, girl!
Afterwards, no matter the outcome you will feel so empowered.
If you’re wanting a long career, this is something you need to get comfortable and good at doing.
Getting that first time out of the way is so important.
You GOT THIS.
Thanks for reading!
If you have questions or comments make sure to ask below, I read and respond to everything!