Inflation has surged since the start of the pandemic, causing the prices of essentials like groceries and housing to rise substantially. So anyone who hasn’t gotten a pay bump in the past few years has lost financial ground and purchasing power. Although many people job hop for higher salaries, it’s possible to get the raise you deserve while staying in your current role.
However, you have to present a strong case to your boss and explain why your performance merits a raise using concrete data. Here are 12 negotiation tips to help you get the raise that you deserve.
1. Show Initiative
Before you can ask for a raise, you need to demonstrate initiative and produce concrete results. Disengaged employees who only perform their basic job duties rarely get merit raises. Work on proving your value to the company to increase your chances of securing a raise or promotion.
2. Know Your Worth to Get the Raise You Deserve
Research the salary range for your position in your industry and location. Websites like Glassdoor or Payscale can help you figure out what others in your role with similar education and experience are being paid. Knowing the market rate for your job will help you negotiate a pay bump and get the raise you deserve. Experts also say it’s important to calculate the exact dollar figure or percentage amount you’d like your pay to increase by, which makes things easier on HR.
3. Document Your Achievements
Keep a record of your accomplishments, projects you’ve completed, and any extra responsibilities you’ve taken on. Whenever possible, quantify your achievements with hard numbers, such as conversion rates, revenue generated, or cost savings.
4. Prepare Your Pitch
Asking for a raise can be nerve-wracking, especially if you’ve never done it before. Practice articulating why you think you should be given a raise, focusing on your contributions to the company and how they align with its goals.
It may help to rehearse your pitch in front of a friend, mirror, or video camera so you can gauge how you come across, especially if you’re nervous. The goal is to present yourself as calm, confident, and decisive without seeming entitled.
5. Be Professional
Approach the conversation professionally, focusing on facts and figures rather than emotions. Avoid phrases like “I deserve a raise” or “I’m leaving if you don’t increase my pay.” It’s also inappropriate to mention personal financial struggles or pay disparities between you and your coworkers.
If your boss disagrees and doesn’t think you’re eligible for a raise right now, try not to get defensive. While it’s ok to counter their objections and try to negotiate, make sure to do so respectfully.
6. Practice Responding to Objections
Another scenario you may want to rehearse before your raise negotiation is how you’ll respond to objections. Think about some potential concerns that your boss might have. For example, maybe your boss thinks that bumping up your pay will put you above the typical salary for your role. You could potentially counter that objection by mentioning the ways you’ve gone above and beyond your job description, thereby meriting a raise.
7. Timing Is Key to Get the Raise You Deserve
Choose the right moment to ask for a raise. Ideally, this would be during a performance review or when you’ve just completed a significant project successfully. Another good time to negotiate your pay is after acquiring new skills, certifications, or degrees, especially those that are in high demand in your industry.
8. Consider Market Conditions
It’s also important to be aware of the current economic climate and your company’s financial health before making your request. For example, if many businesses in your industry are laying people off and the economy is shaky, it may not be the right time to negotiate your salary.
9. Negotiate Professionally
Sometimes it isn’t possible to get the raise you deserve immediately. In that case, consider negotiating for other benefits like more vacation time, flexible hours, or professional development opportunities. You can also ask your boss when would be a good time to follow up and revisit the conversation.
10. Ask for Feedback
If your boss doesn’t believe you deserve a raise, ask why so you can figure out how to improve. Request specific feedback on what you can do better and take the advice to heart. Hopefully focusing on professional improvement will enable you to secure a raise at your next performance review.
11. Network Internally
Build relationships with colleagues and supervisors, as they can potentially advocate for you during the raise negotiation process. Ensuring that your contributions to the company are visible to upper management can also help you secure the raise you deserve.
12. Inquire About Career Advancement
Raise discussions are also a good time to speak with your boss about your career development and advancement goals. If you’re interested in taking your career to the next level, ask your boss what you need to do to get a promotion. You never know—maybe a role that would be perfect for you is opening soon, and expressing your interest will help you secure it!
Ask and You Might Receive the Raise You Deserve
You’ll never get a raise if you don’t ask. Although asking for more money can be anxiety-inducing, it’s important to put yourself out there and make your request. After all, you’re probably leaving money on the table if you haven’t negotiated your salary in a few years. Companies usually have line items in their budgets for raises and promotions, so don’t feel bad about asking for the raise you deserve. If you do your research and make a good case, you just might get the pay increase you’re hoping for!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.