Editor’s Note: This story originally appeared on The Penny Hoarder.
Are you worth more than you paid for
If so, did you ask for a raise?
The “great resignation” of 2021 – when it is estimated that one in four Americans quit their job – could work in your favor. According to an employer survey by the Society for Human Resource Management, companies are being forced to offer higher wages and better benefits in order to attract and retain employees.
If your company is doing reasonably well, and you are consistently performing – and have concrete evidence to prove your worth – it may be time to speak to your manager about a raise.
If you have been in your current position for at least a year and your salary has not increased, it may be a good time to apply for a raise.
Don’t let your nerves stop you asking about the money you’re making. Boost your confidence by preparing yourself how to get a raise with our guide.
1. Research and preparation
The better prepared you are for the interview, the more likely it is to get a positive answer. You need to know how much you can reasonably ask and how to ask for it.
Before you even think about negotiating, see if your current employer has something to offer you. If your business has recently suffered a financial blow or is facing a major legal battle, this may not be the best time to ask for extra money.
Next, consider your own position within the company.
Review your work to make sure you did a good job. If you’ve received great feedback across the board and you’ve achieved your goals, you are on the right track.
It is best if you associate your work directly with an increase in sales or profits, but at least prove that the company is doing better through your efforts, and provide specific figures and dates.
Summarize your performance, along with your most recent performance review, in a document for your boss to review.
2. Calculate how much you are asking
How much are you worth
The Bureau of Labor Statistics compiles wage data for over 800 occupations. Find the job title that most closely matches your job on their list and you will find the average hourly and annual wages. Click on the title for more details.
For example, the «mathematicians» data shows an average annual salary of $ 112,530, but if you click through you will see that federal government mathematicians make an average of $ 115,830 a year, while mathematicians who work in colleges and universities make an average of $ 115,830 per year To earn $ 72,440.
National averages are a starting point, and you can look up salary information on sites like Dice, Glassdoor, Robert Half, and Payscale. But it might be even more specific to speak directly to your colleagues in similar positions and look at recent job postings that mention wages.
It’s also a good idea to calculate the amount based on your accomplishments. You can do this by assigning a monetary value to each of the accomplishments you listed in the previous step – from the extra hours you spent on the weekends to the times you helped with projects, that fell outside of your assigned duties.
In terms of negotiation, your argument will be much stronger if it is based on research and numbers rather than emotions. If you really need an extra $ 5,000 for childcare bills or a surprise medical bill, that’s fine to mention. Just don’t let that be your whole argument.
3. Set up your request correctly
You have researched and prepared, created a fact-based argument for higher pay and planned your pitch with your manager.
but When is the best time to apply for a raise? Ideally when you look your most precious.
Prepare for a successful discussion by making sure your manager’s accomplishments are front and center – for example, after you’ve completed a large project or found a way to save your company big bucks.
Remember, while that raise may be important to you, your boss is human too. Take their perspective and mindset into account before delving into your requirements.
For example, if there is a deadline for a major project, wait until everyone is a little less stressed. Make the appointment with your employer at a time when you know he can concentrate on the subject.
4. Negotiate intelligently
You present your argument, provide the data to back it up, and ask for a raise that you consider appropriate and fair.
Even if you do all of these, you may not get the raise. Or at least not the raise you want.
Listen to your employer first – and prepare for more than a simple yes or no.
If your employer replies that they like you but can’t afford a raise, that’s not necessarily a no. It could just be a «not now».
If your boss makes a counter-offer, be polite and ask for time to think about it – especially if your first instinct is to be offended by the offer.
If your employer says you need to meet certain criteria in order to receive the raise, ask about the goals in writing and schedule a follow-up appointment to hold your boss accountable. Then make it your priority to achieve those goals and document your successes along the way.
Then consider your options. Is that a fair offer? Is that a deal breaker? Think about how this decision will affect your future work life.
Regardless of the outcome, it is important to remain calm and professional during and after the negotiation in order to maintain a long-term working relationship with your employer.
And when you get the amount you want – congratulations! Be sure to request the new salary in writing (email is fine) – after all, you don’t want all of the hard negotiating work to be in vain.
5. When all else fails …
While a raise might be highest on your list, it might not always be an option.
Some companies have rigid guidelines on salary ranges for a specific position or level. As frustrating as that may be, consider this an opportunity to speak to your manager about what you can do to get to the next level that will trigger a raise.
And remember, cash isn’t everything; Additional services are also part of your compensation package. Anyone who is willing to give up additional money for more vacation, training pay or flexible working hours has more room to negotiate.
Disclosure: The information you read here is always objective. However, sometimes we get compensation when you click on links in our stories.