Job Search & Career Advice

How to Successfully Ask for a Raise – 5 Tips

Asking for a raise doesn’t have to be as taboo as you might think it is. However, it can be a nerve-racking conversation to have with your boss.  It’s completely acceptable to ask for a pay raise. You just need to make sure you prepare for the conversation and be ready to answer why you think you have earned a raise. Additionally, make sure you get the timing right. 

According to Business News Daily, “The average pay raise is 3%. A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional.” This is good to take note of when trying to negotiate your raise. Keep in mind this is a general guideline and you will want to do additional research based on your role, the industry, and any lasting effects of the pandemic since industries were impacted in varying ways. 

5 Tips to Remember When Asking for a Raise 

Here’s what to keep in mind when asking your manager for a raise. 

1. Research the competitive salary for your role 

There are many great resources out there where you can do some research to find out what the average salary is for your role. Compare your position in the industry you’re in, your overall experience and the benefits you’re offered as a whole. If you’re able, consult hiring experts and explore salaries to find a good goal number for the raise you want. 

2. Prepare to talk about your accomplishments 

You want to go into the conversation with a clear picture of your accomplishments in the past year and your overall time at the company. Make note of any wins or anything else to show the positive impact you have made while in your position. You want to show that you have worked hard and made conscious efforts to help the company succeed. You must also be prepared to speak about the value you bring to the team and your growth potential for the future. 

3. Set up a formal meeting 

You need to set up a formal meeting on the calendar so your manager is prepared for this discussion. Be direct and give your manager time to prepare. Setting a formal meeting will also help you to prepare so you have time to organize your thoughts as to why you believe you deserve higher pay. 

4. Ask about promotion opportunities 

As you are preparing to ask for a raise you may want to inquire about promotion opportunities as well. Promotions often come with a raise and this will also give you a chance to show that you are ready for more responsibility at the company. Taking the initiative and being proactive will also show your manager that you want to continue to grow at the company and in your role. 

5. Be aware of timing 

Is the company in a good financial position? Are performance reviews coming up? Has your manager been stressed? It’s important to be aware of timing when you want to ask for a raise. If the company isn’t doing financially well (such as cost cutting or doing layoffs), it’s probably not the right time to ask. If your manager has been extremely stressed and focused on an overload of projects, you might want to push back the meeting. If your performance review is coming up, that is an ideal time to ask since your manager is likely expecting pay to be part of the conversation. 

Preparation is Key 

Spending the time doing your research and preparation will instill confidence when talking to your manager about your pay. Be ready for questions as you make your case, as you will want to remind your manager of the value you bring to the organization. Make sure you take the time to thank your manager for their time, regardless of whether you were successful or not. Don’t let your nerves take over. You’ve got this!

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