I've written a lot on how to get a raise, so when I saw this piece on how to ask for a raise I knew I had to post on it. That and the fact that asking for a raise is one of the ways you can actively manage your career (which is your most valuable financial asset). Doing this well can earn you millions of dollars in extra income throughout your lifetime. So obviously, this is an important financial topic we all need to review.
Here are the key steps this piece recommends in asking for a raise:
The first thing you need to do before seeking a raise is to find out how much your position is worth. Check with the U.S. Department of Labor statistics on income in your local library (or Web site), your local state employment agency, trade associations related to your field or the employer's human resource department.
Consider the relationship with your boss. Can you walk in and start talking or is the relationship more formal? How will your boss react? Will he/she be receptive or defensive? Your judgment is important in this situation.
Take a look at how well your employer is doing financially. Timing may not be right if they are in a cutback mode.
Ask yourself if you have made significant contributions to your employer within the realm of the position. These can be recent contributions or over time. Employers are more often likely to give significant raises or promotions to employees that have a history of good job performance.
Does your boss know of your contributions? Realize he is busy and can't keep up with what everyone is doing. Don't leave it up to your boss to know everything you do - tell him/her. It is not bragging to let superiors know you are doing a good job.
After gathering information and taking into consideration all of the mentioned factors, it is time to set up a plan of action. Try to aim high within realistic terms. Pick a time that will be the most advantageous to talk with your boss including your annual evaluation.
Your approach should have a positive tone, be persuasive and indicate your contributions. It should also be organized.
It's a fairly simplistic overview, but it's still a good reminder of what you need to consider when asking for a raise.
They summarize their thoughts with the following:
The key to successful approach is to put yourself in a good position from the outset and then not being afraid to ask for what you want. A positive can do attitude will usually have positive returns.
To me, here's the process that works best when asking for a raise:
1. Overdeliver. Know what your employer wants/expects from you and do more than that.
2. Have a great attitude. Team players and positive people get ahead -- loners and negative workers don't.
3. Be sure people know about your accomplishments. Subtly market yourself to others -- especially your boss and higher-ups.
4. Know what others in your job/industry are making. If you're already highly paid, a raise may be out of the question, but if you're not and are doing 1-3, you're ripe for more money.
5. Get all your facts down. Why do you deserve a raise? Put them down on paper and rehearse them so your presentation is smooth.
6. Talk to your boss. Do it in a non-threatening, team-player, "I love my job and this company" tone and manner.
7. Be prepared for all reactions. The main ones are "yes, you can have a raise" (Thanks!), "I need to talk to others" (Thanks, I appreciate your support of me and my contributions), and "No, we can't at this time for whatever reason" (you'll need to anticipate these reasons and come up with positive, but firm responses).
8. Be prepared for further action. If they don't give you the raise and you're underpaid for your position/contribution, maybe a company change is in order.
9. Lather. Rinse. Repeat.
For more thoughts on getting a raise, see these posts:
Based on my experience I can tell you the following: many people do not ask for a raise, although they would get one. They are afraid of rejection, they don’t know how much they are worth and the list goes on…
If you feel like you deserve a pay raise, gather some self-confidence and reach out for it.
Posted by: Gordon, the Pay Raise Maniac | July 29, 2010 at 06:44 PM