With all the time and effort you put into your work, at some point, you may realize it’s time to ask for a pay raise. Maybe you’ve taken on more projects, been working longer hours, or feel confident in your abilities and how invaluable your skills are to your employer.
However, nerves can set in when it comes to scheduling a meeting with the boss, and you may be tempted to postpone or entirely forget about asking for a pay raise altogether. To help you stay on course, here are the steps you need to take before asking for a raise.
Here is a fun quiz with 10 quick questions to find your pitch-perfect career path!
Prepare for the Meeting
There are several ways to prepare before meeting with your boss, and these include:
1. List accomplishments and contributions
Begin by compiling a list of your accomplishments and contributions to the organization. Include such things as how you increased sales or saved the organization money.
2. Identify new responsibilities
Take a look at your current job description and make a note of any discrepancies between those and what you actually do. List any new responsibilities you’ve taken on recently as well.
3. Document New Credentials
Since your last review, list additional training you’ve undergone, new skills developed, and new certificates, degrees, or other credentials you have received.
4. Compile Kudos
Compile a file of customer or client praises and co-worker or supervisor kudos.
5. Conduct Salary Research
Be armed with salary research for your field or type of position. Find out the market pay rates for your type of job in your locale.
6. Consider Additional Benefits
Consider what additional benefits you would like if a raise is not possible. These may include extra vacation time, flexible work hours, or tuition reimbursement.
Select the Right Timing
If you’re in-between annual performance reviews, timing is crucial when asking for a pay raise. Identify a time most beneficial to you, such as at the completion of an important product launch or the successful signing of a new client.
Meet with Your Boss
Bring all your preparatory research with you, and remember to stay confident but not arrogant or boastful.
Also, try to avoid discussions about any financial stress you’re under. Unless you know your boss will understand, such revelations may actually hurt your chances of a pay raise. Disclosing this can change your boss’s perception of you and your ability to perform your job.
If your boss does say no, ask about what you can do to better position yourself for a raise later on. Showing an interest in career development can demonstrate your loyalty and commitment to the company and show motivation.
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Erin Gull is Axiom’s Content Marketing Specialist. She brings over 10 years of writing experience creating copy for print and digital mediums across diverse disciplines in both the B2B and B2C space.