3 Tips to Successfully Ask for a Pay Raise
We’ve all heard the phrase ‘ask, and you shall receive.’ However, when it comes to asking for a pay raise, most people struggle with how to ask, when to ask, and what to say. After all, it can be one of the most intimidating conversations in your career. For many, asking for a raise can be a stressful and anxiety-causing experience. When done right, some of the worry and fear can be reduced. With careful preparation and a good strategy, asking for a wage increase can be easier. Here are three tips to help you ask for a raise.
Do Your Research
Research the salary range for your job title, location, and company size. Then compare your skills and experience against it – you can use online tools like PayScale to help you find this information. Be sure to note though that this info is general and isn’t a guarantee what you see on the report is what you’re going to make. You can also learn more about average pay rates by researching people’s salaries in similar roles from sources like Glassdoor or Salary.com. You can also ask a recruiter, a peer, or an industry expert that you trust for information about pay ranges.
Take stock of your current skills, experiences, and accomplishments you gained since starting your job. Let your manager know what you’re most proud of, the skills you used, and how you’ve positively impacted the company. Also, think about ways to continue growing with the organization. Do you want new challenges? Are there other projects where you could make an even more significant impact? Show that you understand what is happening in the business and discuss ways to continue to grow within it.
Know When the Time is Right
If you’re thinking about asking for a pay raise, remember that timing is crucial. Most companies have some kind an annual review process. It’s a good idea to plan your request around this review process – especially if it’s before yearly budgets are approved. If you ask too early, it may be challenging to get your manager’s attention; if you ask too close to budgets closing, it may be too late to make changes. Although pay raises can typically happen during your annual performance review, it varies by company and industry.
If you don’t work in a company with a formal process for this, mention it to your manager whenever you achieve a notable milestone. If you’ve done a stellar job on a project, that’s a perfect time to negotiate.
Be Prepared for Alternatives
If your raise isn’t on the table, consider negotiating for other additional perks. Perhaps a bit more vacation time, a title change, improved equipment, flexible working hours, more opportunities to work from home, or more health benefits like funded fitness memberships. If you know your hard work and dedication are worthy of a raise, but your boss isn’t willing to work on goals or a plan with you, it might be time to look for a new job.
When it comes to asking for a pay raise, make sure you have a clear plan with your manager outlining how you can reach your desired salary. Acknowledge how much the organization has benefitted from your work and contributions. Before you ask, remember to do your research, choose the right time to talk, and be prepared to negotiate for other perks. If you know your value and continue to advocate for yourself, the rewards will come.
About EG Workforce Solutions
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