Asking for a raise can be nerve-wracking! You don’t want to seem greedy or unappreciative, but you also want to be compensated fairly for the work you do. Here are a few things to keep in mind as you prepare to ask for a raise.
- Make sure you have a solid case for why you deserve a raise. This means being able to articulate your accomplishments and value to the company.
- Do your research and know what the going rate is for your position and experience level. This will help you have a realistic expectation of what you can ask for.
- Be prepared to negotiate. Raises often involve some negotiating. Be ready to also talk about other forms of compensation besides salary, such as vacation days, flexible hours, or company benefits.
- Timing is everything. Some companies only do raises and promotions during certain times of the year. Asking at the wrong time could mean having to wait longer for a raise.
- Be confident. Projecting confidence can be difficult when you’re asking for something, but can be key to getting what you want. When you have a salary conversation, remember that you are a valuable employee and that you deserve this raise.
- What are your recent accomplishments? Any big projects that you spearheaded or went above and beyond on? Have a list of these ready and mention these when making your ask.
- Have a number in mind. This doesn’t mean that you should inflate your salary expectations, but you should have a ballpark figure of what you would like to earn. This will help the negotiation process go more smoothly.
- What kind of benefits do you have? Benefits factor into your salary. Do you have good health insurance, dental, or other benefits like life insurance? These can be a bargaining chip when asking for a raise, so be sure to take these things into account.
- What does your company’s retirement plan look like? This is another important factor to consider when asking for a raise. Does your company match your contributions to your 401(k) or another type of retirement account? Whether or not your company matches employee contributions and seems invested in your retirement financial planning could be something to use as a bargaining chip.
- How long have you been with the company? If you’ve been with the company for a long time, this could be used as leverage when asking for a raise. Your longevity with the company shows that you’re dedicated and loyal. You also have a lot of institutional knowledge that they would lose if you left.
- What are your long-term goals with the company? If you’d like to stay with the company for the long haul, this is something you should mention when asking for a raise. This shows that you’re in it for the long term and are looking to grow with the company.
- Have you taken on additional responsibilities? If you’ve been taking on extra work or responsibilities, this is something to mention when asking for a raise. This shows that you’re a go-getter and are always looking for ways to contribute.
Know your worth
When asking for a raise, always come prepared and have a solid case for why you deserve one. Do your research, be ready to negotiate, and know your worth. Timing is everything, so be sure to ask at the right time. Lastly, don’t forget to be confident! You deserve it.