Asking for more money in your paycheck can be an intimidating venture, but it’s also necessary to get an approximate 3% increase in wage yearly. With the cost of living constantly rising, it can become extremely difficult to budget on the same salary as time passes. What’s more is that as you progress and go up the ladder in your profession, you should be rewarded with better hourly pay, bonuses, and benefits. It’s the natural course.
If you’re overdue for a raise, you’re not alone. Hundreds of thousands of Americans deal with similar circumstances quite often. That’s why we decided to gather some tips to aid you in asking your boss for a more livable wage, the right way. Check ‘em out below, and good luck!
Think One Step Ahead: Start taking on more responsibility
To us, our first tip is pretty exciting. Why? Because it starts before you even think about requesting a meeting with your boss – and it requires you to take on more responsibility without being asked to do so.
Begin volunteering for bigger projects, taking on additional tasks to lessen managers’ workload, and offering assistance to increase efficiency. If there are work events in the near future, attend ‘em and be 100% present and sociable. Your work behind the scenes and in plain view will not go unnoticed.
Jot down your recent accomplishments and present them to your company
What have you done to positively impact the business you work for recently? Take some time to think about your answer, provide thoroughly detailed examples, and list out statistics if applicable. If your manager sees concrete evidence that you’re exceeding expectations and properly performing your job duties, they’ll be more apt to give you a well-deserved raise.
Do some research on salary trends
It’s not only how you ask for a raise, it’s also what you ask for a raise. Going into a meeting or conversation without a number in mind can quickly turn sour. Next thing you know, you’re stumbling on your words, displaying lack of confidence, and getting shot down with the simple word no!
Avoid playing the scene out like that. Instead, do some research on salary trends. It’s easy; just go to a reputable site like Indeed, jot your job title and location into the search bar, and see what comes up. The median salary will automatically load, and then the low-level and high-level figures alongside. Plus any benefits associated with the job.
From here, you’ll want to compare your current salary and perks of the gig you’re in. consider education, years of experience, and any specialized skills you have. Narrow in on a number and flat out state what you’re looking for in your new paycheck.
Choose a time that makes sense for you and the company
A lot of companies have performance reviews once a year. Though that may be a good time to mention a raise, we will go ahead and say it’s not the best time to have the money conversation. Because at that point, decisions on raises may have already been made, set in stone. Then, it’s too difficult to undo contractual documents.
Instead, we highly recommend bringing the prospect of more money up before performance reviews are conducted. About a month or two in advance, so that your management team can think about it and give you a solid, confident answer.
Another great time for you to ask would be right after you’ve accomplished something BIG. Like, signing a new client that will bring the company a dramatic increase in revenue. Or, right after you’ve hit a huge milestone. Like, your 5 or 10 year anniversary.
If you get shot down, prepare to have alternatives as “back up” wants
If at first you don’t succeed in getting a pay raise, try an alternative. Because let’s be honest, your manager likely values you but can’t push out more funds at this particular moment. Here’s your time to shine and see what other options are available for granting.
A good example would be setting up a permanent work-from-home situation. Or, if you work in the office five days a week right now, suggesting a hybrid position change.
You can also leverage more vacation time, sick time, change in job duties, or set a date when you can renegotiate some change in numbers. Don’t let them push you around, though. If the push back requested is next year, don’t take it.