A Few Tips For Requesting a Pay Raise
Asking for a raise can be tricky and stressful. Here are a few things to remember that can boost your confidence in a salary re-negotiation. First, you need to develop a negotiation mindset.
- Remember that turnover costs a company more than keeping an employee and offering that employee regular raises. It is probably in your company’s best financial interest to keep you as an employee.
- Remember your value. Be prepared to speak to the ways that you have exceeded expectations. Speak in terms of revenue– how have you helped to make the company money? You’re asking for your compensation to be adjusted to your performance. You are not asking for a favor or a handout.
- Actually research your value. Take some time researching other companies and the pay ranges for your position. Are you being compensated competitively for similar positions in your area? Perhaps you were paid competitively when you took the position, but the industry has evolved and your skills are now worth more on the open market. Be sensitive when discussing this. You are not threatening to leave.
When you are ready to make your request,
- Make sure you set up a formal meeting
Be sure to schedule a formal meeting with your manager. Speak with just the manager first, and involve HR later if necessary. Setting aside a time to meet sends the message that you are serious, and will ensure you have the space and time to be heard.
2) Be sure to time your formal meeting wisely
Be conscientious about when you arrange your formal meeting. Asking for a raise during seasons of financial drought within the company or when your performance isn’t at its peak is akin to shooting yourself in the foot. Pay attention and wait until you have accomplished a task that warrants more recognition.
3) Use that research you did prior to your meeting to help inform
Especially when engaging your HR compensation professional, you may need to have a civilized disagreement over current market value for your role. HR will often cite its market research and maintain that your pay range is competitive. It’s okay to disagree, but show your research. State your worth.
4) Expound upon your accomplishments
While the numbers you pulled from research may indicate the worth of the ‘title’ for your position, your personal success within that position could be left to conjecture. Don’t let it! Remind your employer of the skills and past accomplishments that landed you the job in the first place and the ones that you have tacked onto your repertoire since being hired. Bring with you the hard evidence of your successes, any documentation of plans brought to fruition.
5) Ask for more work
Express not only your fiscal worth but demonstrate your good attitude towards the position by asking for more work or leadership roles. Being an enthusiastic team player ensures your employer that you are dedicated to the job will incentivise them to keep you happy in your role.