Asking for a pay raise can sometimes be awkward, scary or plain taboo. However, there comes a point in your career where you know that you deserve to be paid more for the amount or the quality of work you do – and there’s no harm in asking!
So, when that time comes, here are 4 ways to ask for a pay raise with greater confidence:
Assess whether it’s the right time
While there’s never actually a perfect time to ask for a raise, it is important to bring up the topic during appropriate meetings.
This could be during your annual performance review or during a planned meeting after a successful campaign or quarter. You could also consider other periods, like when the company is not overly swamped with work.
It’s best to avoid high-stress seasons or when the company is not doing well. For example, this could be a time when many people have been laid off or when the company has lost a major client.
Also, it’s good to consider your time spent in the company as well. If you recently started the job, wait between 6 months to 1 year to negotiate your salary. Not only is this a realistic timeframe to ask for something of this nature, but it also gives your boss a good amount of time to see you in action and assess your capabilities.
Do your research
It’s always good to know what a competitive salary in your field looks like! This allows you to propose a realistic ballpark figure for your potential pay raise. You can use tools like Glassdoor, Payscale, MOM Salary Comparison or even recruitment agency websites with salary checker tools.
Also, do some research on your company. Consider factors like your company size and how often they give salary increments. You could also explore how much of an increase they usually give for those in your position.
Let the evidence speak for itself
Highlight your achievements thus far! Back up your request with key moments in your career and with statistics of how you’ve contributed significantly to the company.
Also, go one step further and give your boss a glimpse of how a pay raise can help boost your work morale and quality. You can give examples of how you will take on more responsibilities or start new initiatives in your company. These are good examples to tangibly show what they are paying for and why they should have faith in you!
Pitch with pride
If you yourself aren’t confident in your abilities and purpose when asking for a pay raise, what makes you think your boss will?
Before meeting with your boss, run through your internal script of things you want to say and make sure you are clear with the figures you want to propose. Prepare possible answers to questions your boss may have as well, so you can remain calm and collected when the situation arises.
More often than not, the answer to your request won’t be a straight ‘yes’ either. Hence, be ready to negotiate with confidence too! At the end of the day, know what you bring to the table and use that to your advantage.
While these tips are not a foolproof formula to get a pay raise, they are good places to start to set yourself up for success!
Even if the eventual answer is ‘no’, at least you know you tried and put up a good fight. As put by Pip Jamieson, “No one ever got fired asking for a pay rise! The worst thing that can happen is you just don’t get what you ask for.”.
