Getting a full-time job is an exciting milestone. However, after you’ve settled in at the company and worked with them for a while, you might start thinking about your pay. If you feel it’s time to ask for a raise, we’ve gathered some tips for you on how to do so successfully. We’ll walk you through how to time your request, what research to complete, how to pitch yourself, and more.
Tip 1: Think about timing
Whenever you’re asking someone for a favor, you probably think about timing. People are usually most willing to help you when they’re calm and not in a stressful situation. It’s similar with asking for a raise. To boost your chances when asking for a raise, consider some specific timing factors.
One easy and common time to ask for a raise is during a performance review. If your company does periodic performance reviews, this is a great time to ask for a raise. You can bring up the work you’ve done for the company and the revenue you’ve brought in since your last review. Using this data, you can make a case for why you should get a raise. A performance review is a good time to ask for a raise because your supervisor has already looked through your work for the meeting, so your strongest qualities will be fresh in their mind.
Another timing component to consider is the financial health of your company. If you know the organization has been doing well in recent months, it might be the right time to ask for a raise. On the other hand, your company has been struggling financially, it may be best to hold off asking for a raise until the company levels out again.
A final variable to be aware of is your supervisor’s workload. If it’s a busy season for them, or they have a lot going on outside of work, postpone asking for a raise. Generally, people are the most agreeable when they are free of stress, and bosses are no exception. If you can, try to find a time when your boss has a manageable workload and lower stress levels for the best chances of getting that raise.
Tip 2: Do your research
It can be tricky to know how much money to ask for when requesting a raise. To give you an idea of how much other people in your position are making, do some research. The US Bureau of Labor Statistics has a user-friendly database full of salary information for different fields of work. Zip Recruiter’s salary search is also a great resource. Through their website, you can see information about salaries for people in your position within your state. They even show the towns in your state with the highest salaries for your job, which can be useful information for negotiating.
In addition to knowing the typical salary range for your position, you should also research cost of living. Nerd Wallet has a useful cost of living calculator, where you can see the average cost of living in your city. This is helpful information to bring to a meeting when asking for a raise because you can compare the current cost of living to your current salary.
Another factor to research is inflation rates. The Bureau of Labor Statistics has an interactive bar chart that shows national inflation in the past year. The chart also allows you to see inflation rates for specific categories like food and energy. If you show your supervisor the inflation rates over the past year, you have objective data that backs up your need for a higher salary.
Tip 3: Market yourself well
Now that you have found when to ask for a raise and know how much to ask for, it’s time to pitch yourself. Before meeting with your boss, prepare some information about your performance in recent months. For example, if you recently led a project for your department, be prepared to tell your manager about your performance on the project and how this project helped the company.
You might also highlight qualities that make you an important employee. Maybe you have great attention to detail–be ready to talk briefly about how this skill helps your company succeed. Whatever your strengths, be prepared to talk about them in your meeting. This will help your boss see how strong of an employee you are, which boosts your chances of getting a raise.
Tip 4: Rehearse what you want to say
In order to be as clear and effective as possible, it’s a good idea to rehearse what you’ll say during your meeting.
You want your request to be specific about the percent increase of salary you’re requesting. You’ll also want to make it clear that you’ve done your research about salaries for people in your position, factoring in cost of living and inflation. It’s also a good idea to highlight how much you enjoy working for the company and how invested you are in continuing to grow with the organization. Try to include these key elements within just a few minutes so that you don’t lose your manager’s attention.
If you need ideas on what to say, Indeed has a nice template on how to ask for a raise. Use this template as a starting point, and add details specific to you and your company.
Tip 5: Be flexible but assertive
Asking for a raise can be intimidating, and if your supervisor declines your request for a raise, it’s tempting to accept defeat and settle for your current salary. However, try negotiating instead. If your boss says “no,” respectfully ask them to tell you about why the raise you requested is not realistic. Depending upon your supervisor’s answer, you might ask if a slightly smaller raise is doable. Or, you might ask what you can do to make your desired raise possible within a certain time frame. You could offer to send some research to your boss, outlining the rising cost of living in your area, the average salary for people with your job, and national inflation rates. As long as you remain professional and respectful, it’s always appropriate to ask follow-up questions and negotiate for what you want.
Hopefully, this blog has given you some ideas on how and when to ask for a raise. It can be intimidating to request higher pay but don’t let that deter you from getting the compensation you deserve. For more help with career development, check out Emerson’s Career Center Blog, where you can find career-specific information and connect with a career counselor. For more information about how Emerson’s graduate programs prepare students for success, be sure to visit the Why Emerson? page of our blog.
Leave a Reply