Have you ever sat at your desk despairing at the paltry paycheck that’s just landed on your lap? Ever wanted to ask the powers that be for more money but felt too uncomfortable to do so? You’re not alone, as only 44% of employees actually angle for a higher salary, despite the fact that all of us want to get more money for our work. In this scenario, it might be appropriate to ask your manager for a pay increase. You should take certain steps before, during and after asking for a raise to improve your chances of getting one. In this article, we describe how to ask for more money and provide tips for success.
Ask for a raise
The basis for any request for additional compensation should be a clear track record of solid performance. If your employer conducts regular performance evaluations, then you may already have documentation in place. If not, ask your supervisor if she can schedule a review so that you can get some specific feedback on your performance, and formally establish some objectives for the next year.
Ask for a promotion
If there is an opening, be prepared to show you are qualified for it with your resume and accomplishments as it pertains to the new role. If there is not a specific role, show your ambition and loyalty to the company by creating a new role and presenting it to your boss. Make sure the discussion is open and straightforward. You need to communicate that you want to grow with your company, are a valuable and engaged employee and are ready for the next step.
Develop your skills
Employees who stand out for all the right reasons are the employees who are given raises and regular bonuses. In order to stand out, you need to differentiate yourself from everybody else in the company, and an extremely beneficial way to do so is to commit to sharpening your skills.
By undertaking further training you will demonstrate your dedication to the role and to your development within it. Continually building on your bank of knowledge will add value to your particular skill set and therein make your employer more likely to compensate you in order to hold onto it. It’s simple: the more you learn, the more you earn.
Have a Plan B
If you are 100% dependent on a job, with no other options, you may accept less than you deserve because you are scared to lose it. Keep informed on industry trends, opportunities with other companies and business opportunities. Get additional training and education, even if not needed in your current role. Most importantly, keep a strong database of past colleagues and business partners across the industry, who can provide insights and opportunities.
Document your value
Research compensation and salary trends for your field through surveys by professional organizations, data on average salary increases, online salary tools, and informal dialogue with professional colleagues. Once you can document the value that you have added to your employer and establish what you’re worth in the marketplace, it's time to ask your supervisor to schedule a meeting to discuss your salary. This might occur naturally at the end of an already scheduled meeting for your performance review.