Do you feel like you have put in your time, demonstrated your skills, improved in your job over the past few years and deserve a raise? Unfortunately, wanting a pay raise and getting one are two different things. On top of that, broaching the subject of a pay raise with your boss is not an easy conversation to have. For some, it can be overwhelming.
If you find yourself struggling with the idea of approaching your boss for a raise or are not sure how to justify getting a pay raise, then check out the following tips. They are meant to help improve your chances of getting that raise you deserve and give you the confidence to approach your boss.
Figure Out Your Worth
In order to convince your boss that you deserve a raise, you have to understand your worth in terms of pay. A great way to figure out what someone in your position, and with your experience, is worth is to scan similar job listings.
Check out what others in your job are making and start with a rough idea of what you could, or should, be making. Another source of information is LinkedIn, as you can find a basic salary range for your job.
Keep in mind that the size of the company, the location of the business, your educational background, and experience will all factor into your worth.
Another factor to consider is your replacement cost. Your replacement cost is what your employer would have to spend if you were to leave. They would need to search for someone new, invest in training, probably deal with interruptions and delays in the work, and disrupt a department in the company.
Think About Why You Deserve a Raise
In order to convince your boss that you deserve a raise, you need to believe it yourself and have facts to back it up. Stating that you deserve a raise because you have been there a long time is not convincing enough. Start by reviewing the description of your job.
Next, honestly assess how you are doing in each area of your job description:
- Have you excelled in all areas?
- Are you surpassing what you were hired to do?
- How much money have you likely brought into the company?
- How many clients do you have?
- How do you help the business to operate in a smooth manner?
These are the kind of facts that an employer wants to see before they agree to a raise.
While you are answering these questions, it is a good idea to jot everything down. This will ensure you do not forget any of the important details during your pitch for a raise.
Brush up on Your Negotiation Skills
While it is certainly possible to walk into your pay review and get exactly what you asked for without any difficulty, more often than not there will be some sort of negotiation process involved. Be willing to be flexible and give a little. Massive pay raises are not likely, but if you go in with a realistic number, then you have a much higher chance of succeeding.
While you are in negotiation, make sure you are confident, positive, clear, and concise with your arguments. You do not want to take a combative approach, so remain professional at all times.
Make Sure the Timing Is Right
Sometimes it can come down to timing. You may be deserving of a raise, and it may be clear to everyone, including your boss, but if the company is in the middle of downsizing and pulling in poor profits, this is not a good time to ask for a raise. While there is never going to be a perfect time, some occasions are better than others.
When it does look like the time is right, ask to schedule a meeting with your boss rather than just barging into their office to discuss things. Let your employer know you would like a pay review so they have time to prepare for their end.
Work Hard at All Times
The main reason employees are rewarded with a pay raise is because they work hard. So, if you want to get noticed, this is the best way to do it. Make sure you are showing up on time, getting your work done without complaints, are a team player, and you are willing to go that extra mile to ensure your work is excellent.
A Pay Raise Is Within Reach
By using these tips, you can improve your chances of getting the pay raise that you desire. Prepare yourself with information, boost your confidence with self-evaluation, and continue to work hard to meet or exceed your job description.