Navigating The Raise Conversation: Advocating for your Worth
In the ever-evolving landscape of professional growth, asking for a raise can be both exciting and daunting. Whether you've recently achieved significant milestones, taken on additional responsibilities, or simply feel that your current compensation doesn't align with your contributions, the art of requesting a salary increase requires some strategic planning. Whether it’s understanding your value proposition or mastering negotiation, we'll explore actionable tips, real-world insights, and proven strategies to empower you in your journey to ask for what you need.
The first step in asking for a raise is preparing the materials you will need to prove the compensation you’re asking for is appropriate.
You can do this in a few ways:
Research average starting salaries nationwide and in your city/state and see how you compare. If you’re under the average, you can start there.
Match your qualifications and what you do to your original job description. Make a note if your daily tasks/duties go beyond what was originally described.
List out your achievements and quantify them. Using data to back your achievements will help your managers understand exactly what value you have brought to the company.
How much should you ask for?
According to Indeed, asking for a 3% raise is in the range of average to generous. But remember, a raise doesn’t just have to be about your salary. If your company isn’t in a position to increase pay, other versions of compensation such as better benefits, additional PTO, or a new title are also on the table for negotiation.
After your research is gathered together, it’s time to prepare for the discussion. Make sure you’re ready to discuss any large projects you’ve worked on, recent major accomplishments, and anything you’ve done that goes beyond your job description. Practice or role play with a trusted friend or family member so you can rehearse what you’d like to say. Don’t forget to be confident – using strong language and definitive statements will go a long way.
Now it’s time to set the meeting. If you’re searching for the perfect time to do so, that may be difficult, however, the most ideal time is likely during your quarterly or annual review as your manager could already expect this conversation. The end of the fiscal year (January) is also a good time as companies are preparing compensation packages for the following year. With this said, if you can’t wait, set up the meeting any time you’re ready.
Being prepared for any scenario is vital to making asking for your raise a success. Even if the answer is no, ask what you can do to get your raise in the future, outline benchmarks, and set a review date.