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How to Ask for a Raise

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https://www.thecut.com/article/how-to-ask-for-a-raise.html

thecut.com

How to Ask for a Raise
Get Ask a Boss delivered every week Get That Money is an exploration of the many ways we think about our finances - what we earn, what we have, and what we want. If you're like a lot of people, it's been quite a while since you've asked for a raise - or maybe you've never asked.

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A raise

... is a recognition that you’re now contributing at a higher level than when your salary was last set. 

A raise isn’t a favor or a gift; it’s a way for employers to pay fair market valu...

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It’s normal to ask

It’s not greedy or entitled to ask for a raise.  Unless you work somewhere truly dysfunctional, it’s understood that you work for money. This is okay.

...

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Be emotionally intelligent about your timing

You shouldn’t ask to talk about your salary when your manager is especially harried or having a bad day or nervous about impending budget cuts. 

On the other ha...

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Doing excellent work for a year

For most people, expect to wait a year from the last time your salary was set before asking for it to be reassessed.

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Your company’s raise and budget cycles

If you work for a company that generally gives raises once a year, pay attention to when that normally happens and plan to initiate the conversation with your boss at leas...

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Know what your work is worth

Find out what the market rate for your work in your geographic area is before you ask for more money. 

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Talk to people in your field

You can often get surprisingly good data just by talking to people in your field. 

Most people don’t love being asked, “What do you earn?” but will happily share if you ask, “What...

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Factor in your company’s salary structure

Some employers adhere to rigid policies around how large a pay increase anyone can get at one time. 

It’s useful to know how your company generally handles rais...

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What to say to ask for a raise

Touch on why you think you’ve earned a raise — i.e., that your responsibilities and/or the level of your contributions have increased. 

If you know your boss will ne...

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Focus on your work accomplishments

... not your finances.

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If the answer is “no” or “maybe”

  • If you get a “maybe,” make sure you’re clear on what next steps are. It’s okay to say something like, “Could I plan to check back with you when we meet on the 20th?” 

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SIMILAR ARTICLES & IDEAS:

Take on more responsibility

Command the tasks and responsibilities in your current role, then start solving the problems that your soon-to-be self would be working on.
The only way to eff...

Proactively communicate wins

Consistently exceed expectations in terms of your current role and job responsibilities. Take on more than expected, and manage these projects as well as your more senior colleagues.

Share your accomplishments early and often.

Demonstrate your accomplishments

  • Demonstrate that you have taken on additional responsibilities and provide specific details about your accomplishments. 
  • Share examples of projects you have completed and how they’ve positively impacted the business. Was there an increase in revenue? Did you save a customer? 
  • If you’ve received positive feedback from colleagues or other leaders regarding your work, be prepared to share that with your manager as well. 
  • Identify ways you’ve earned money for the company, for example through sales, upsells or creating efficiencies.

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The right time to ask

  • How is the financial health of the company? If the company is not doing well, this is not the time to ask for a raise. 
  • How is your manager’s workload? If your manag...

Get salary trends

Every job has a market value. 

  • Compare what you’re currently being paid to the trends you find.

  • Consider your education, years of experience, years you’ve worked for your current employer and any specialized skills or attributes you bring to the table. 

  • Make a list of your accomplishments, taking note of which ones added the most value to the organization

  • Identify a salary range or percentage increase in pay that you’d be happy with. 

Set a meeting

Meet in person and in private. 

You should approach asking for a raise with the same level of seriousness you would have for a job interview or an important presentation, and you should dress accordingly. 

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The Job Interview

The Job Interview

Hunting for a job is a tricky process and may have many pitfalls. Many of us are not accustomed to having these kinds of conversations or handling the power dynamics of a job interview. There can b...

A Long Multi-Round Process

If you feel there is fog ahead of you due to opacity in the interview process and the multiple rounds, you can simply ask the next steps of the process and the timeline for a decision.

If you think the employer has an elongated set of rounds ahead, request to consolidate them if possible.

Stumped By A Question

Instead of bluffing your way through a question that you are completely stumped with, it is better to be upfront and handle it with honesty and grace. Tell them straight away that you do not know the answer to this question and what similar things you have done which have been effective.

Your life experiences are unique and not identical to what the interviewer is trying to ‘slot’ you into.

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The Golden Rules of Personal Finance

  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your mon...

A Good Negotiator

Negotiating doesn't mean arguing, being stubborn or creating a scene. The best negotiators are empathetic and collaborative, pursuing a mutually fulfilling solution. A good negotiator ca...

A Personal Touch

A job negotiation is preferable in person or on the phone, as compared to the impersonal and cold feel of the email.

Talking on the phone provides you with an opportunity to build a connection so that the recruiter understands you and your motivations, while you have a better grip on their motivations.

If the job negotiation is on email only, be direct and honest. Email lets you strategize your words carefully.

Have An Alternative

Having an alternative, a second job offer with you makes your negotiation game stronger, as the employer knows that you can simply walk away. Having the offer from a prestigious company also strengthens your perceived market value.

Having a BATNA (Best Alternative To a Negotiated Agreement) provides you with confidence, based on how strong the employer perceives it as well as how you perceive it.

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Appropriateness of a raise

Appropriateness of a raise

Since the pandemic, those who have retained their jobs have been putting time and energy into their work and learned new skills.

But, they may have missed the annual performance review due...

Consider when to ask for a raise

Right now, it may not be appropriate to ask for a raise. There’s so much uncertainty and worry at this time. Employers are trying to find a way to keep people.

However, if your employer has been relatively unharmed by the pandemic and associated economic uncertainty, and they are not making any cuts or facing financial risk, it might be okay to raise the topic. It would be better to wait just a little bit longer and ask for a raise a bit later in the year.

The Money We Need

We don't really need massive amounts of money to live a happy life.

A good level of freedom and self-confidence can be attained by a relatively small figure of money.

We can take the mi...

Confidence and Freedom

Many 'high-achieving' people lack flexibility, freedom, and confidence to change things in their life when they want. This is due to the build-in traps and insecurity of living a high achievers life.

A life full of complexity and self-protection lacks confidence and independence.

What Confidence Means

  • It means not equating money with happiness, being self-assured, to understand that you cannot change the world but your response to everything you experience determines your happiness.
  • It means being in control of your lifestyle, to be able to learn new skills, to understand that you can be anywhere, live anywhere, work and make friends anywhere.
  • It is a self-assurance that your kids will be just fine, and the real goal of your life is not to earn money but to attain happiness.

Confidence means believing that you have the personal power to get things done and that your true goal is to live happily.

    Identifying your workplace strengths

    Whenever you're asked what your workplace strengths are, you’ll want to be able to identify them.

    There are four primary workplace strengths. These are the essential strengths to getting...

    Envision strength

    Some people have an “envision strength." 

    These folks are visionaries who get energy and solve problems by asking and answering the question, where do we intend to go and why?’ It is common to find these strengths with strategists, marketers, and CEOs.

    Characteristics of the “Envision” workplace strength

    • Thinking strategically: The ability to see past today’s issues and focus on a longer term destination.
    • Setting a visionary destination: The ability to establish a positive future in the minds of others that doesn’t exist today.
    • Thinking inventively: The ability to conceptualize a working solution that can ultimately convert into a tangible product-service offering.
    • Generating imaginative ideas: The ability to see and articulate possibilities that are not purely grounded in experience.
    • Thinking creatively: The ability to offer new thoughts on subject areas that others have not considered.
    • Pioneering new ideas: The ability to create a new line of thought that has not yet been proven in practice.
    • Brainstorming new ideas: The ability to work with others to co-create new ideas and new solutions.

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    The purpose of a resignation letter

    A resignation letter is not to announce your departure. It is documentation of your decision, not the main event.

    Have your resignation conversation with your boss first, then formali...

    The resignation letter

    A resignation letter should be short and unemotional. It is not the place to mention your frustrations or disappointments.

    Your letter should be two to three sentences at most. It should indicate today's date, then confirm your decision to resign and when your last day of work will be. You might add a single sentence to fill it out.

    Actually deserving the raise

    "If you were to leave your company tomorrow, would there be any meaningful disruption to the business? If the answer is no, you don't have any leverage to get a raise." -- Jason Naz...

    Don't ask

    ... if you've been at the company for less than a year.

    If your responsibilities are dramatically different from what was outlined in the interview process, you might be eligible for a raise.

    Understand the goals

    It's important to have goals that you can use to measure your success. 

    Make sure you and your supervisor both understand how success looks in your organization and what is expected.

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