Not sure how to ask for a raise?
If you are like most people, it’s been quite a while since you asked for a raise. Believe it or not, given how much we all appreciate money, a large portion of the population never asks for a salary increase. Asking for raise can be uncomfortable. But asking for a raise is a very normal part of having a job. If you avoid doing it out of discomfort, you may be giving up a significant income stream for years to come. To get the raise you want, you’ll want to be fully prepared for the conversation. Trust me, it is much less painful than you think. Here are a few steps to get you swimming in the right direction and help you avoid some of the traps people face when asking for a salary increase.
Do Your Research
If you don’t know what the market value is for your line of work, it is important to find out before you ask for more money. It may turn out that you’re already at the top of the scale, and you would want to factor that into your salary expectation — and if it turns out you’re underpaid, that’s useful information too.
Arm yourself with the facts. You need to have a solid foundation for your request. There are many sites that provide salary information and range guides. These sites take job function, years of experience, industry, geographic location and other parameters into consideration when determine your market value. PayScale, Glassdoor, and Salary.com are but a few you can access to educate yourself before you go and ask for that raise.
Prepare a number you can back with the research
Researchers have also found that asking for a precise amount was more successful than going in with a round number or a range…the precise number makes you sound more informed. For instance, ask for $73,500 instead of $70,000 or $75,000
Ask at the right time
Timing is very important when asking for a raise. Your manager is human and has human emotions. That means you should not ask for a raise when that person is busy or having a bad day. However, if you just brought in an important account, or stopped a crisis from happening, that may be a particularly good time to request the raise.
Think about your company’s salary review cycle and budget cycle. Some companies give pay raises once a year, so pay attention to when that normally happens. Your conversation with your boss should start a month or two before that cycle. You don’t want to approach your boss once the decision has been made.
Take into consideration the financial situation of the company. If your company is cutting back, perhaps this is not the right time to be asking for a raise.
The best time to re-negotiate your salary is:
- When you take on more responsibilities or complete important assignments outside the scope of your position.
- When you have earned or saved money for the company.
- A few months before your annual review
Prepare for the Ask
You want to make sure you are armed with the right information to make the best argument for your raise. Preparation is key. Pull all the data you collected when you were researching salaries and create a compelling argument for the amount you will be asking.
Proactively communicate wins. Lee them know what you have accomplished that goes beyond the expectations of the role. Share how your contribution has helped the company save money, make money, or gain new opportunities.
Demonstrate your added value though numbers. Sales you brought in, new leads generated, cost savings…if you have the data to back up the claim, show it.
Practice your pitch. Write it out and say it out loud. Practice the conversation by rehearsing it with a friend or family member. Consider the responses and counter arguments you will get to your requests, and make sure you know how to address them.
Be prepared to hear no
If you don’t get the pay increase or your new position, don’t be discouraged. It does not have to be the end of your negotiation. Take the opportunity to ask for something else. Perhaps you can request flex time or more vacation? Or you can request an interim appraisal with clearly define goals and salary adjustments before your next scheduled salary review.
The dead-end job
The worst that can happen is that your boss says no to everything and does not define a clear road map to your next promotion or salary raise. Simply put, the dead-end job. If you find yourself at this stage, don’t take the bait. We are here to help. At Jobtracks we believe you should be happy and have opportunity for growth. If your job is holding you back, it's time to see what other opportunities are available. There is a high demand for title agents and escrow officers with a book of business. Call or text me at the numbers below, or simply click on this link with the best time to talk and I will get in touch with you.
Executive Recruitment Manager