It can be awkward and nerve-racking to ask your boss for a raise. However, if you don't muster up the courage to ask, you may never get it, especially if you work for a smaller organization that doesn’t have annual performance review schedules.
Annual raises are the standard, so odds are that you are already getting a wage increase every year. The standard is usually around 3-7%. However, if you're reading this, you’re probably not satisfied with your current compensation package. Below are some realistic measures to make sure your income continues to rise.
Do your research
Know exactly how much you will be asking for and have the salary data ready to present. Some great resources we use for calculating compensation are to look at Payscale, research your local cost of living rate increases, ask other professionals that have similar roles (outside of your organization of course!) and most certainly contact your recruiter for insight on the market.
Make Sure the Timing is Right
Find out when your company gives out annual raises. These raises are generally tied to employee evaluations and are usually conducted in December or January. If you are unsure when that is, you can reach out to the HR/Compensation department or even ask your supervisor. You can frame the question to your manager by asking them when the best time would be to chat about your salary.
One thing is clear: don't wait until your annual review. The decision is usually already made by then and it could be too late at that point. Start the conversation a few months prior to that, to give your boss enough time to make their decision and really observe your performance.
Know who you are asking
The way you bring up your raise will depend on the working relationship and communication style of your boss. Request a meeting and get it on the calendar. Treat it like a business proposal. Be sure to explain why you should get a raise, bringing up any of your achievements to support your case. If you have taken on additional and new responsibilities, make sure to talk about those. If you have received an award, special recognition, or completed a project successfully, that’s worth bringing up. One of the greatest impacts to show you are worth the extra coin can be if you have saved the company money in any way. For example, as an Accounting Manager, maybe you cut the month-end close by 3 days saving 2K in overtime payroll expenses. Get thinking about how you have cut costs by any process improvements, implementations or training. Lastly, don’t forget about team building and if you have been a culture crusader forging the path for a positive work environment. Those intangibles matter greatly to executives and how the company is perceived by potential employees.
What to Do If You Don't Get a Raise
So, you've coughed up the courage to ask your boss for a raise and it was rejected. Before you start thinking it's the end of the world, take a breath and reassure yourself that it's not. There is probably a good reason. Politely and professionally ask your boss why. You need to find out why your request was denied before you can have a clear path moving forward. It could be unrelated to your performance i.e.: budget cuts or you are already at the top of the salary scale. Maybe it was for prevention of future layoffs depending on how the financials are shaping up or maybe they were already planning on giving a cost of living increase to all staff members and haven’t finalized it yet. Get the clarity you need without it disrupting the relationship between you and your supervisor.
The best tip would be to adapt your work style based on the feedback from your boss. Maybe you haven’t improved your skills to the level the department needs. Turn inward and seek growth and education to better you professionally. Make sure you share any new skills, tutorials or certifications with your boss so they are aware of your professional development. This shows how you overcome the adversity of rejection that you didn't take it hard enough to start looking for a new job.
Move On
If a raise is simply out of the cards, you can either request a compromise, such as being allowed to work from home or getting more vacation time. If all else fails, maybe it is time is to start looking for a new job at a company that values its employees more. It may be the best decision in the long run.
For more information or to even practice having this conversation contact me directly. I have been through salary increase meetings and have built honest and persuasive reasons that have resulted in compensation increases both for myself and the teams I have managed. Let’s work together to see if we can’t get you that bump in pay.
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