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Asking for a Raise

by Debra Holland

Oh No! I spent too much money on the holidays, and I need a raise!

Before you march into your boss’s office demanding more money, ask yourself a few questions:

Is money really the concern? If you are miserable at your job, or if your job just isn’t working for your family or way of life, is a bump in salary really going to make a difference? Probably not, so save yourself the trouble and start searching for a new position that meets your needs better, and, of course, offers more money.

Think about why you want a raise, but keep in mind that your supervisor isn’t going to consider personal issues as a need for a raise. In other words, your job isn’t going to fund braces for the twins, college tuition, or renovations so your elderly mother-in-law can live safely with you.

Your boss is going to want to know what’s in it for them. So, consider things like your value to the team, or if your workload has increased.  Merit raises are also taken into consideration when you’ve done a great job over the past year. There are cost of living raises as well, but you might want to consider approaching that type of raise before an annual review.

Negotiating a salary increase is never easy. We stress over it because we feel awkward asking for more money and we don’t want to put our jobs in jeopardy, but bosses deal with salaries all the time.  Asking for a raise isn't asking for a favor and it's not an "all or nothing" conversation. You don't have to quit your job if your boss says no, unless, of course, you want to.  

If you think this is the time to ask for a raise, be prepared.  

1. Timing is everything!

• Considering the company’s financial health is not only smart but essential for presenting your request at the right time. 
• Choose an opportune moment, such as after a financially sound year, a successful project, or before annual performance reviews.
• Avoid exceptionally busy times and times of high stress in your office.
• Make sure your boss is in a good mood.

2. Sing your own praises.

• Compile a list of your accomplishments and contributions.
• Clearly articulate how your work has positively impacted the company. Use tangible examples that include any effect on the bottom line.
• Be prepared to leave a list of your achievements with your boss.
• Acknowledge the contributions of your other team mates as we never accomplish things on your own.

3. Research Salary Trends.

• Research industry salary trends for your position and location.
• Consider how long you have been with the company.
• Since your last salary increase, have you any additional training or certificates that add value to your position?
• Use reputable salary surveys or websites to understand the average compensation for your position.
• Ask colleagues in your field.

4. Practice Your Pitch:

• Rehearse your request to ensure clarity and confidence. Yes, that means writing it down and speaking it out loud. The more you practice the more natural it will sound.
• Anticipate potential questions and have thoughtful responses ready.  Practice this too.

5. Know Your Value:

• Understand your market value and the value you bring to your current role. 
• Not sure how to measure your value?  Ask you self these types of questions: do you take on new projects without complaint, do others come to you with questions or advice, are you a team player, do you take phone calls after hours, how long have you been with the company, etc. These types of things add value on top of your job performance.
• Be prepared to discuss how your skills align and/or exceed industry standards.

Approaching a salary negotiation can be a daunting task, but with careful preparation and a clear understanding of your value, you can confidently request a raise in 2024. Remember, effective communication and a focus on your contributions are key elements in making a compelling case.

Best of luck on your journey to securing the compensation you deserve!

Things you should NEVER say when negotiating a salary increase :)~

• Show me the money.
• I need a vacation.
• My doggy daycare is expensive.
• I'm planning a trip to Europe and I need financing. 
• I want plastic surgery.
• I have my eye on this new Porsche.
• Bobby from accounting says everyone makes more money than me.
• Is 50% too much to ask for?
• I can't believe I work this hard to be poor.
• Thank you for allowing me to do your job on 1/4 of the salary.