How to Ask for a Raise
By: June Coffey
Tags: Salary, Career Advice, Career Change, Recruitment, Careers

How to Ask for a Raise

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A lot of time I get a call from candidates who started looking for a new job because of all they really want a 5–10 percent increase in their salary. They like their jobs, like their colleagues, like their role, and like their company. In the perfect world, they would just get their raise and they are happy as can be.

The first logical question I ask them is, have you asked for a raise? 90 percent of the time the answer is no. And the reason why the answer is no, is because no one really knows how to ask for a raise. Chances are if you have been at a company for over a year, you are in a good position to ask for a raise.

Here are 7 steps to ask for a raise:

1. Do your research

Figure out what the average salary is for your current role in your location. If you are below or at the average, this gives you great ammunition. If you are on the high end, don’t worry, you have tenure, and the next step will help.

Get these numbers from a few sources and consult a professional. Call your friendly neighborhood recruiter and get their professional opinion.

2. Collect your wins

What have you accomplished since your last review or since you started? Think of all examples of when you did something that brought the company money, saved the company money, increased efficiencies, or saved the company time. Brownie points if you did those things without being asked to.

Note all these wins down, quantify them as much as you can.

3. Think of a number

This is the real reason we are here, how much of a raise do you want? The average rate of inflation is between 2 to 3 percent so if you have a few wins you can speak about asking for a 5 percent increase is justifiable.

If you are below or average with some notable wins this year, asking for 10 to 15 percent can be totally doable.

If your research tells you that you are on the top end of your salary in the marketplace according to your role and you cannot think of many wins this year, a 20 to 30 percent increase maybe too much.

Find the number that makes sense to you and your family and think of a range. This is a negotiation so there needs to be some room.

4. Practice

Now that you have your number, data, and wins, put it together into a pitch. I would suggest starting with a few wins, then market research, and end off with the percentage increase you are after.

Think of what questions might arise, find answers to those questions.

Practice this pitch until it is comfortable for you. Practice in front of a mirror, in front of your pets or significant other.

5. Book a Time

I suggest being proactive and booking a time with your manager before your year-end review. Most companies set their budgets before year end-reviews, so you want to speak to your manager about 6 weeks before your annual review to ensure your increase is in their budget.

Set a time with your manager, set up a video call, or book a room.

6. Ask confidently

You have prepared for this, ask confidently, and answer any questions.

7. Be patient

Every company is different, so do not expect a yes right away. No could simply mean not right now.

If your manager or the company simply does not have the budget to give an increase this year, they will remember you asked and good companies will do it as soon as they are able. So be patient and keep up the good work, it will pay off later.

There you have it, 7 simple steps to ask for a raise. Good luck!