How To Get a Pay Raise – Not “Ask”
When you ask for a pay raise, it can sometimes be intimidating and stressful. Here are some tips on how to get a pay raise – not ask.
Usually, when someone is looking to increase their compensation, they are doing so because they genuinely believe the value of their time and skill has increased significantly. This can be for various reasons, like education or course competition, merit – the success of a project/product, and if your job duties have changed/increased.
This article is for anyone looking for advice on how to successfully get a pay raise. Here are our 4 steps:
Step 1 – Why?
Our first tip on getting a pay raise is identifying why you want/deserve a pay raise. List all your reasons, then compare which examples support the strangest arguments.
How much value do you bring to the team and organization? How rooted are you in the company (if you left today, would the team be okay, or would they be left scrambling?)?
We are not asking for a pay raise because your co-workers got one and you didn’t, or because the cost of living increased. We are looking for examples that proves individual value to your organization’s team and the company.
Step 2 – Research
2022 awakened a record of inflation and labor market rates, with two open jobs for every worker; while increasing the average salary by 4.8%.
The standard for a decent pay raise is anywhere from 5-10% increase in annual salary, and an exceptional pay raise can vary between 10-20%. The higher the percentage rate of your salary increase request, the more exceptional your reasoning must be.
Before you ask for a pay raise, know what the competitive salaries for your position are.
Research economic trends and compare your current job experience level and title to similar open opportunities with like companies/industries. This will help you accurately gauge a negotiable salary increase while strengthening your argument for a pay raise with actionable data.
Step 3 – Timing
If you have participated in sports, games, debates, or practiced music; then you know, timing is everything.
When thinking about a pay raise, you should also consider your timing. Evaluate how well the company is fairing financially; have there been recent lay-offs, or any “trimming-of-the-fat”? Also, assess your company’s standard promotion practices; do they do evaluations, yearly/quarterly promotions, or reviews?
If your company has set practices in play, then it would be best to approach management about the salary you are requesting before their scheduled review. This way your employer can consider your request during the set evaluation time, rather than asking them to re-evaluate after you present your request.
Step 4 – Do not “ask”
Our final step to getting a pay raise is not asking.
When addressing a pay raise with your employer, your goal is to control the conversation through the presentation of reasoning and data.
Remember, you’ve done your research, you know your value. You are not asking your employer to confirm your value, you are tactfully informing them that you deserve a raise.