With gas prices climbing, food costs soaring, and the overall cost of living trending higher than we’ve seen in a while, you’d probably think that companies would be giving out more raises. But according to Forbes, even in today’s competitive labor market, many companies are failing to pace salary adjustments with inflation rates. If that sounds like your situation, it might be time to sit down with your boss and ask for a raise. Here’s how to do it.
Figure Out What’s Fair
When it comes to any career-related request, being informed one of the keys to getting what you want. If you want to ask for a raise, you need to know what you’re asking for.
First, if possible, get salary data from other people with roles similar to yours. So, if you feel comfortable, ask your peers what they make. Some companies frown upon sharing salary data among colleagues, but there’s nothing illegal about it. In fact, discouraging employees from sharing compensation data has enabled companies to underpay certain groups, which is why many advocates are trying to dispel the myth that talking about money is bad.
If you’re uncomfortable asking your co-workers how much they make, you can also use internet resources such as Indeed, Glassdoor, and LinkedIn, which collect salary data from users who report their earnings. Many of them allow you to filter by job title and location to see what people in similar roles are being paid. These numbers will help you determine what a fair ask would be and justify that number to your employer.
In addition to researching your earnings, it’s always good to look into your company’s current financial status. If it has recently taken a hit, your boss may not even be authorized to give you a raise at this time. If profits are rising, there’s more reason they should be rewarding employees.
Bring Backup
By backup, we don’t mean another person; we mean bring your performance data! You’re much more likely to talk your boss into a higher pay rate if you come armed with a long list of recent accomplishments and success metrics.
Advocate for Yourself Face-to-Face
It can be tempting to address tough questions via email, but it’s not as effective. A face-to-face or video meeting allows for real-time feedback.
Have you successfully asked your boss for a raise? Share your tips with us in the comments below!