By Peter Yang
You’ve been patiently waiting for your long overdue raise, but it’s becoming more apparent by the day that it’s not going to simply happen on its own. The reality is, if you’re going to get a raise anytime soon, you’re going to need to march right up to your boss and demand one—nicely of course.
However, this is no easy task, and certainly not one you should undertake haphazardly. In fact, it’s a very delicate situation, one that requires a very well-thought-out game plan if you are to come out on top. After all, asking for a raise isn’t something you can just do over again if you screw up.
So with that in mind, here’s how to nail your one shot at a raise.
1. Pick the right moment
Timing is everything. Having worked as a manager myself, I can’t tell you how many times I’ve had to disappoint an employee who was well-deserving of a raise, simply because he asked during a company slump. Sometimes, if a department is having a lackluster quarter, or if the company as a whole isn’t performing as well as desired, managers are just not going to be able to justifiably hand out raises—even if you, as an individual, have done nothing but exceed expectations in all aspects of your job.
Instead, you should be carefully biding your time. Wait for moments such as when your company has just locked in a big deal with a major client, or when quarterly sales are at an all-time high. When there’s reason for celebration, there’s also the opportunity to ask for a raise, and once you get it, you can afford to celebrate even more—literally!
Another thing to consider is when your company allocates its budget. You wouldn’t want to ask for a raise right after the company has already decided to spend its money elsewhere. In fact, it’s during this budget allocation period when companies are most inclined to consider a raise to begin with, because they are trying to decide what to do with their extra cash flow.
2. Ask in the appropriate manner
Hopefully during the time you’ve spent with your boss, you’ve been able to gain a sixth sense of how he or she likes to deal with these types of sensitive issues. If he’s someone who doesn’t like things sprung on him, then don’t just walk into his office and surprise him with your “unwelcome request.”
Instead, set an appointment with him beforehand—perhaps during a part of the day when he’ll have enough time to listen to your proposal. Every manager has his own set of quirks and preferences, so make sure to account for them when deciding how to approach this touchy subject.
3. Be prepared to justify your raise
Your manager is going to want to know why you think you deserve a raise. If you can’t provide your boss with a convincing answer and evidence to back it up, then chances are you won’t get it.
One method I’ve found to be effective is to highlight how much more work you’ve taken on since you were offered your initial salary. If you’re currently shouldering far more responsibilities and tasks than you were in the past, then it stands to reason that you should also be paid more.
Provide numerical and tangible examples of your accomplishments. Show how you used to be in charge of four clients, but now you have 10. Highlight that you made more sales than anyone else on the team the previous quarter. By proving how you’ve been doing more and more for the company while still being paid the same, you paint an unfair scenario that will resonate with your manager on a very basic level.
4. Know how much to ask for
Do some research to learn what a reasonable raise would be. Websites like PayScale can help estimate how much you’re worth, though I wouldn’t rely too heavily on the suggested numbers as they tend to be too generic.
Ideally you want to get an idea of a fair raise from your fellow coworkers who’ve already been given raises. Another strategy is to ask for the amount you would be paid if you were promoted one level higher than your current position. This strategy goes hand in hand with the concept of marketing yourself as someone who’s taken on more responsibilities over time, to the extent that you’re basically filling a more senior role within the company.
From my personal experience, I would say that most employees who ask for a raise tend to ask for too little. My hunch as to why that might be the case is that most people think a raise of, say, $10,000 to be a huge sum of money. From the perspective of an individual, this 10-20% raise may seem like a lot. However, from the point of view of a large corporation, that amount is only a small drop in the bucket, and ultimately trivial in the grand scheme of things.
Conclusion
Of course, everything varies depending on your job position and firm. Your best bet is to do your research and present a convincing case for why you deserve the raise you’re asking for. Be confident when presenting your pitch and don’t be afraid to be bold. Do this and you might just get the raise you’ve been hoping for.
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