One of the most challenging things to do as an employee is asking your boss for a raise. Many people don’t enjoy negotiating and feel uncomfortable asking for more money. However, securing a raise is critical if you want to achieve financial success. If you have been putting in extra hours, meeting or exceeding performance goals, and creating positive results for your company then it might be time to ask for a raise. Remember the old adage, “nothing ventured, nothing gained” and go for it! Here’s how you to plan the perfect pitch in order to negotiate the pay you deserve.
Prepare a List of Accomplishments
If you think you deserve more money than you better be prepared to prove it. You will need to show your boss the value you bring and show specific examples of how you have gone above and beyond for the betterment of the company. Make note of how you have boosted sales, demonstrated leadership under pressure, and succeeded on a project. List about 5-7 of your biggest accomplishments and be prepared to discuss them in detail.
Find Out How Your Salary Compares
Before you can throw out a number, you need to have an idea of what similar jobs in your field are paying. You can come up with a number by looking at salary sites or by talking with other people in the industry. When you have a good understanding of what your position is worth, you can use that number as a starting point for your negotiation.
Time it Right
An ideal time to ask for a raise is after an annual performance review. However, if your review isn’t any time soon, approach your boss right after you have successfully completed a project. This will give you a little more leverage because your boss will already have a positive view of you in their mind. Don’t give them time to forget your accomplishments and what an asset you are to the company.
You Can Negotiate Things Besides Money
Your boss might not be in a position to increase your pay at this time but a raise doesn’t have to come in the form of dollar signs. You can negotiate other perks such as vacation time, flex scheduling, stock options, tuition reimbursement, or even a more prestigious title. Sometimes these extra perks can be just as important as money.
Don’t Get Emotional
Before entering the meeting, clear your mind of any hopes, fears, or expectations associated with the raise. Neediness is a sure fire deal killer. The best negotiators are the ones who approach the negotiation as if they don’t need it. This gives you power and allows you to concentrate fully on what your boss is saying.
Negotiating a raise is an important conversation and one that should not be entered into blindly. Prepare yourself by practicing with a friend or coworker. When you feel nervous and uncomfortable, knowing what you are going to say can make a world of difference.