It can be one of the most difficult conversations at work—asking for a raise. There are many reasons why you may want to avoid having “the talk.” Maybe you don’t want to be perceived negatively or are worried about losing your job. Or perhaps negotiating salary just makes you too uncomfortable. Whatever the case, a survey conducted by PayScale shows that only 37% of workers have ever asked for a raise from their current employer. That leaves a big chunk of the workforce who are missing out on a potential salary increase.
The good news is that if you do ask for a raise, the odds of getting it are in your favor. In the same PayScale survey, 70% of employees who have asked for a raise received one. So, if you’ve never broached the subject with your manager, now is the time to take the initiative. Asking for a salary increase can be nerve-wracking. But with a bit of planning and preparation, you'll be able to ask for a raise and get it.
Do your homework
Before the meeting, understand the pay scales for your role. Then research how your skills and experience are valued across the industry using websites like Glassdoor or Salary.com. You can also talk to recruiters or other people in your field. Quantify your achievements and focus on how you are directly helping your company achieve its goals. Then suggest a salary range and make your case as to why you deserve more. But make sure to use a collaborative approach. Kate Dixon, principal and founder of Dixon Consulting, says, "Be collaborative. This is not an ‘I win, you lose’ situation. Creating ultimatums puts everyone on edge.” After highlighting your accomplishments, pivot to what you plan to do moving forward. That way, your manager feels like they are investing in your growth and the company’s future.
Choose the right time
Find out when your company reviews everyone’s salary. Once you know the timing, plan to initiate the conversation with your manager at least a month or two before the formal process starts. If you wait until decisions on raises have been made, it may be too late to make changes. Although most people wait for their annual performance review to discuss salary, it varies by company and industry. So, if your employer doesn’t have a formal review process, ask for raise when it feels right to you. For example, have the discussion right after a major accomplishment or milestone. If you’ve just hit it out of the park on a high-profile project, that means you have leverage which makes it the perfect time to negotiate. Also, plan a discussion when your manager will be most receptive. For example, if your boss is having a horrible day or just lost a big client, that's probably not the right time to discuss a salary increase.
Prepare to offer alternatives
If your boss says they need to think about it, that’s a good sign. Just make sure to ask when they will get back to you. And if the answer is no, consider negotiating for additional perks like more vacation time, a title change or permanent work from home arrangements. Regardless, you want to understand what it will take to get a raise in the future. Develop a plan with your manager that includes clear goals for you to reach your desired salary. If your boss can’t give you specifics or isn’t willing to work with you, that may be a sign that it’s time to move to a new company.
Source: www.forbes.com