You want a raise, you need a raise, but asking for one can be emotional. Someone else is basically putting a dollar value on your worth. The worst thing you can do is make it personal. It’s business. As with all things money, the bottom line matters most. Demonstrate with numbers (and pictures if need be) your contribution to your company’s profit.
You’ll need confidence to make your case in front of the boss. Having prepared for the conversation goes a long way toward calming your stomach, and a file full of numbers gives your request credibility. Never ask for a raise. Not before making your case anyway. In writing we call it ‘show don’t tell’. Make a presentation. Sell yourself. Consider salary negotiations as just another job function. Your boss has a limited budget to address highly competitive needs. Prove why you’re worth more.
Time It Right
The best time to ask your boss for more money is just after your work has been praised. Request a private meeting to present your points.
Do Your Homework
It cannot be overstressed how important it is to research industry salary data to find out where your compensation package compares to your peers. Presenting hard data is persuasive. Compare your salary to similar positions inside and outside the organization.
Do More Homework
Find out how things are going with your boss, division, and the company as a whole. You may want to ask for a raise when company profits are down (unless you are saving buckets of money for them). If the boss has recently been passed over for a raise, that’s also probably a bad time.
Know how your performance is perceived by fellow employees and higher ups.
Accentuate the Positive
Never whine about being unappreciated. We are all worth more than what we are paid. Get over it and focus on your contribution to the company. How much money have you brought in, or saved? How have you supported the profit centers?
Ask for what you want. Speak in percentages, weeks of vacation, bonus amounts, etc. Make a list and look at it daily so that when the magic opportunity presents itself, you’re ready.
Lay Out the Numbers
Highlight any quantifiable measure you can, such as savings, increased productivity, and growth in sales.
-Have you taken on more responsibility?
-Are you taking over responsibilities that once were done by others who have left?
-Do you contribute to your employer’s goals beyond what is expected from your position?
-Does your company lack a formal performance review system?
-Have you received an offer from another employer for more money?
Make sure you’ve got a range in mind and be prepared to compromise. Keep your cool and remember, this is a process. You don’t need an immediate answer to make progress. Keep at it and you’ll prove you’re worth – in more ways than one – over time.