Summoning the courage to ask for more money can be tough, especially if you are worried that it might cost you your job. However, if you want a raise and you feel like you deserve it, you need to ask for it. The key to managing the nerve-wracking process of negotiating a raise involves the right preparation and a firm understanding of your value and your company’s market conditions. The following tips can help you prepare for this difficult task so you can increase your chances of earning the raise you deserve.
Do Your Research
Before you head in asking for a raise, you need to have a pretty good idea of what the average salary range is for your position. You can check salary ranges on the U.S. Bureau of Labor Statistics website and you can also research annual reports by industry. You also want to consider your geographic location, how many years of experience you have, and your academic degrees to help you come up with a salary that is fair and reasonable.
Record Your Accomplishments
If your only justification for a raise is that you want more money, you aren’t likely to get it. You need to have evidence of your successes and accomplishments so you can prove your value as an employee. Make a list of any awards or accomplishments and consider your performance reviews and positive feedback from managers and clients. You need to be able to prove your worth and point out specific times when you went above and beyond the call of duty.
Consider Other Benefits and Perks
It’s not always possible for your employer to give you more money if it’s not in the budget. That said, there are alternative benefits that you might be willing to accept in lieu of money. A few examples of perks and benefits include:
-the option to work from home
-different hours or a more flexible schedule
-more paid time off
-tuition reimbursement or professional development opportunities
Just as a public speaker practices before a presentation, you also need to rehearse what you are going to say in a salary negotiation. Rehearsing your negotiation will make you more confident and prepared when it comes time to ask for a raise. Make sure you plan for some objections and how you are going to respond.
Time it Right
Timing is everything when it comes to asking for a raise. If you meet with your manager when they are stressed about a big deadline or when the company is dealing with layoffs, you are setting yourself up for failure. It’s always beneficial to approach your boss right after you’ve done well on a project or taken on extra responsibilities. You want to catch them at a time when they see what a valuable asset you are to the team.