Consider asking your boss for a raise if you’ve been at a job for a while or believe you’ve outperformed your peers. Negotiating a successful pay increase often requires confidence in the value you provide to your company as well as professionalism to have a productive, positive conversation with your employer. Knowing the steps you may take during this process can boost your chances of receiving a raise. In this post, we explain why professionals frequently ask for a raise and detail the actions you may take to negotiate a raise in salary at a promotion review as a woman.
Why Do Professionals Ask for a Raise?
Many companies give employees scheduled or random raises to reward their work ethic, productivity, and loyalty, or to respond to an increase in the cost of living. Some businesses, on the other hand, may only issue increases when an employee requests one. If this is your experience, you can consider evaluating some of the most typical reasons people request increases to help you decide whether to initiate a negotiation. Here are a few reasons why you should request a raise:
- You’ve been with the company for at least six months.
- There is no upcoming performance review or raise plan.
- In its most recent financial reports, the company posted strong earnings.
- You’ve just increased your responsibilities or taken on a fresh position.
- Your job metrics consistently outperform your goals.
- Your bosses frequently rely on you to complete tasks left unfinished by other team members.
- You received a high-paying offer from another organization but do not wish to quit your present role.
When is the Best Time to Negotiate for a Raise?
There is never a good time to ask for a raise but apply your common sense. Do not request a raise during a sensitive period, such as when your company has laid off employees, your department has dismal quarterly figures, or your supervisor is handling a difficult personal crisis.
Take into account your company’s present pay increase policies. If they usually issue raises on January 1st, approach your employer in November or December. You’ll give them a chance to evaluate your request and work with their managers this way, rather than asking them to modify their choice after you’ve learned about your rate rise.
If there is no normal method for raising salaries, attempt to make your request during a “good” time, such as when you know your employer is satisfied with your work, during a profitable quarter, or during a time of year when everyone isn’t stressed out.
How to Negotiate a Raise in Salary
Following these steps can boost your chances of earning a salary increase after you negotiate with your employer:
#1. Search up salary data for your position.
Before you ask for a raise, research the typical salary range for your position and level of expertise. If you feel comfortable doing so, you could inquire about the salaries of other employees in your firm who hold comparable roles or have comparable levels of experience. You may also conduct online research to determine the average salary for your job and locality. To increase your chances of receiving the raise, make sure it is within the range of what people with your job and experience are earning.
#2. Think about the company’s financial performance.
Familiarizing yourself with the company’s financials and performance over the last several quarters can assist you in determining whether it is expanding and profitable. A company enduring stagnation or decline may be unable to provide raises. This information might also help you during the bargaining process.
#3. Examine your achievements
One of the best ways to persuade your employer that you deserve a raise is to highlight specific accomplishments that helped the company achieve its objectives. This can help you demonstrate that the value you bring to the team is worth the higher salary. This is especially true for positions that directly contribute to a company’s revenue.
#4. Determine your raise’s target range.
Convincing your employer that you deserve the raise is merely the first step. You can negotiate the amount of your salary rise after they believe you deserve one. Determining the range you’ll accept can help you prepare for this part of the negotiation. Try to have your range start with the lowest amount you’d be fine earning and finish with the maximum amount you think is reasonable to ask for, based on your research. If your employer agrees to grant you a raise, you can reference this range while you negotiate the rate.
#5. Plan your presentation
You should be prepared with a compelling story about why you deserve this raise when you come into the meeting. To keep your arguments organized, it’s generally helpful to format your ideas as a presentation or sales pitch. Even though you’re not making a presentation, preparing as if you are might help you incorporate the most important topics and communicate more clearly.
#6. Try negotiating with friends or relatives.
Consider asking a friend or family member to practice the negotiation with you once you’ve determined the most crucial things to discuss with your employer and the amount you want to ask for. Choose someone who has experience asking for a raise or who is in a management position to provide helpful suggestions on how you can succeed. They can also provide feedback on your body language, communication style, and the information you offer to assist you in developing a more persuasive, comprehensive argument.
#7. Plan your meeting.
Time is often important when asking for a raise because it might influence whether or not the firm is willing or able to grant you one. Timing is also important since it allows you to negotiate while your manager can focus on your discussion and is in the best possible mood. This increases your chances of gaining approval and the desired amount.
How to Negotiate a Raise During a Review
Employees should prepare for their year-end assessments, according to experts, by developing a strong case based on their performance. The following five strategies can be used to negotiate a raise at a performance review:
#1. Put away your modesty.
Most employees are hesitant to discuss money or their achievements, but your performance review is the ideal opportunity to do so. This is one of those times when you need to harness some selfish energy. According to Kaplan, “Prepare to discuss your top ten successes at the meeting.
#2. Explain the significance of your work.
Rather than talking about what you achieved at work last year, concentrate on the impact of your successes and how they impacted the company’s bottom line. “Be ready to discuss the direct economic impact your activities have on the company’s profits,” Blain advises. Consider greater customer retention, increased sales or revenue, or extended market reach.
#3. Find out what your market value is.
If you suspect your salary is below market, look into how much others in your position—those who live in the same city and have the same years of experience, education, and skills—are paid. However, because the salary figures are self-reported, most managers are skeptical of data from sites like Glassdoor.
#4. Make sure it was a good year.
Only if the conversation with your manager is positive should you negotiate for a salary raise during a performance review, according to Kaplan. Don’t ask for additional money if you’re getting unfavorable criticism about your performance. If your company hasn’t had a profitable year and has had to lay people off, don’t ask for a raise.
#5. Keep personal finances out of the debate.
“Never talk about inflation or your desire for more money when you ask for a raise,” Blain warns. “Your boss doesn’t want to hear that inflation is making it difficult for you to stretch your salary since everything costs more,” he says. And your financial condition won’t sway your management.
How to Negotiate a Raise with a Promotion
As is the case with any negotiation process, you should approach salary raise conversations with subtlety and open-mindedness. Be prepared to evaluate all possibilities and demonstrate your readiness to compromise. Here are some pointers on how to negotiate a raise in salary with your promotion:
#1. Recognize your market value
If you want to negotiate for a salary raise with a promotion, you should base your case on well-researched information. The market value of your new employment is a crucial factor to consider. You can gather this information in a variety of methods, including conversing with other professionals in your area and seeking guidance from your mentors. Even if they don’t reveal exact pay, they can provide you with estimations and other helpful information.
#2. Highlight your worth
If you believe you deserve a wage increase as a result of your promotion, you must offer management strong reasons why. If you pursued the promotion, management may believe you’ll be content with a minimal or no salary boost. You can inform them that your new position has additional duties and possibly longer hours.
#3. Have an open mind
Have an open mind and be reasonable at all times during the negotiation process. Even though your manager believes you deserve a raise, they may be unable to grant you the percentage you seek due to a variety of constraints.
#4. Talk about the next steps.
If your firm is now unable or unwilling to provide you with a salary increase, you should discuss your options with your manager. If the company’s budget does not now allow for a raise, your manager can provide you with a date when they can continue the discussion about your raise.
#5. Maintain your manager’s and the company’s trust.
Negotiating for a raise after receiving a promotion is a complex procedure that should be approached with caution. First and foremost, management has demonstrated their confidence in you and recognized your efforts with a promotion.
How to Negotiate a Raise as a Woman
Many women are discouraged from negotiating salaries in the labor market due to gender pay discrepancies. Despite these obstacles, you can still negotiate a salary raise as a woman that reflects the value you can contribute to a firm or employer. Take advantage of the following tactics to negotiate your next salary offer effectively.
#1. Conduct your research.
The first step in preparing to negotiate a raise in your salary as a woman is to conduct research. Before accepting a job offer, look into the average salary range for similar job titles or employment in your field. Use online resources such as Glassdoor to determine salaries for internal corporate positions. This will give you an idea of the employer’s pay scale and whether it falls within the salary range you seek.
#2. Emphasize what you can bring to the firm.
Some women may underestimate their abilities and contributions to the job. Furthermore, women may purposefully avoid being assertive to avoid being labeled as an “angry woman”—a misogynistic that can cause genuine harm to women in the workplace.
#3. Employ various negotiation strategies.
Entering into salary negotiations as a woman can be scary, especially in industries where men have historically dominated. Be prepared by practicing various approaches to ask for a higher salary before accepting the job offer.
#4. Negotiate extra benefits in addition to salary.
If the salary for a job offer seems firm but is still lower than you’d like, consider being flexible and negotiating other perks and benefits. To negotiate other benefits outside salary, such as remote work alternatives, extra vacation hours, or a better job title, take into account the whole compensation package. Negotiating extra benefits allows you to meet an employer in the midway and makes the offer more complete for you.
What Should you not Say When Negotiating a Raise?
- I am entitled to a raise because I have worked with this company for ‘x’ number of years.”
- “I have a notion that …”
- “X earns more than I do.”
- “I’m overdue for a raise.”
- “If I don’t get a raise of X amount, I’m leaving.”
- “I’m going to have to attend the competition.”
- “I’m in debt, thus I need more money.”
How do You Politely ask for a Salary Increase?
Explain in an email to your manager that you’d like to meet to review your remuneration. Clarify your influence clearly and simply. Create compelling bullet points that illustrate how you’ve excelled in your role. Don’t bring up your coworkers’ salaries or any personal motivations you may have for needing more money.
How do You Ask for a Bigger Raise than Offered?
Advice on how to ask for a pay raise
- Outline your accomplishments over the last six months, years, and tenure with the organization.
- Understand what a competitive salary for your position entails.
- Explain to your manager what’s in it for them.
- Have self-assurance.
- Submit your request in writing.
How do You Politely Ask to Negotiate Salary?
- Start with your number.
- Request more than you want.
- Avoid using a range.
- Be gentle but firm.
- Pay attention to market value.
- Sort your requests by priority.
- But, do not bring up personal needs.
- Get guidance.
Why do I Feel Bad Asking for a Raise?
Fear of rejection and anxiety about broaching the matter diplomatically are among the reasons. It’s often difficult to pinpoint the actual reason. Perhaps it has something to do with the unfavorable attitudes toward money that are often passed down from generation to generation.
Related Articles
- HOW TO NEGOTIATE: Best Tactics to Use and Improve Fast
- HOW TO EMAIL SOMEONE ABOUT A JOB
- WHEN TO ASK FOR A RAISE
- HOW TO ASK YOUR BOSS FOR A RAISE: Effective Tips
- RAISE FUNDS FOR STARTUP: Best Creative Realistic to Implement Now
References
- Indeed
- Korn ferry
