How to Ask for a Pay Raise in 5 Easy Steps

Even in a bad economy, it is possible to negotiate an increase. Have you been asked to cover the duties of another employee because your company has downsized? Did you put in extra hours to help your department achieve its goals? Has your business benefited from your outstanding performance? Then maybe it’s time to ask for a raise.

But finding the courage to ask for more money can be difficult, especially if it’s your first time doing so.

We are not talking about a symbolic increase in the cost of living to maintain your purchasing power in the face of inflation. Rather, we are talking about a reward for your performance and your contribution to the company that goes beyond expectations.

If you want a real raise, a raise that you deserve, you have to ask for it. He probably won’t fall on your knees. But with the right timing and the right preparation, you’ll feel less fear and more confidence in making your request, and you’ll have nothing to lose by asking. Remember: nothing has been tried, nothing has been won. Here’s how to plan your presentation and get the pay you deserve.

Prepare and make your pitch

Step 1: Make a list of your specific accomplishments

Do you think you deserve more money? Be prepared to prove it. You need to show your boss the value you add to the team and point out specific instances where you’ve gone beyond the call of duty.

Ideally, you should keep a personal journal of the important contributions you have made to your job from day one. If not, start now. For example, write down how you saved the business money or increased sales, how you reduced hassle or stress on a project, and how you demonstrated leadership under pressure. Use as much detail as possible, such as numbers and facts. You’ll want to take five to seven of your most recent or significant contributions and present them in a bulleted list.

If your job description has changed in the past year or if you have taken on additional responsibilities, include them in your list of accomplishments. If you’ve recently completed training, graduated, or earned a graduate degree that will benefit your employer, be sure to report that as well. To make your case clear, you may want to make copies of any emails, memos or notes you have received from your superiors, clients or colleagues who praise your performance, advises Teena Rose, President of CV to Referral, a resume writing service provider.

Remember: your salary increase is based on your contribution to the company. Don’t bring your personal financial situation into the discussion at all – your boss doesn’t care that your rent has gone up, that you have a marriage to pay, or that you are expecting a new baby. When handing out raises, he or she only cares about the bottom line of the business. You should only ask for a raise if you really feel merit he – not because you need this.

Step 2: Find out how your salary compares

You will need to tell your boss exactly how much you would like to be paid. When you know what others in your field are paid and what your position is worth, you can use that number as a starting point for negotiations.

Step 3: Consider negotiating the perks and perks

An increase does not necessarily have to be expressed in dollars. So, before you begin negotiations, think about other areas that you are willing to negotiate, such as vacations, flexible working hours, stock options, or tuition reimbursement. You might also consider negotiating the right to telecommute, a more prestigious title or a week at a professional conference in Hawaii, suggests career coach Marty Nemko.

If the perks and rewards are as important or more important to you than the money, you can include them at the forefront of your pitch. But if you prefer dough, keep a few possible perks in your back pocket just in case your boss says “no” to a monetary increase. They will give you something else to negotiate if the negotiations fail.

Step 4: correctly time your pitch

If your annual performance review isn’t imminent, talk to your boss after you’ve done well on a project or taken on additional responsibilities. This will make your case much easier to present, as your boss will already have a positive taste in their mouth. You don’t want to give her time to forget how much of an asset you are.

Step 5: approach the topic professionally

Arrange a meeting with your boss and approach the subject as two parties trying to find a compromise. Come with your neatly typed list of accomplishments for your boss to refer to and your salary request printed at the top.

When making your case, don’t compare yourself to your colleagues, stay on the ground in general. And don’t be arrogant or greedy. If you’ve only been in your entry-level position for a year or two, it’s probably unrealistic to expect a big bonus, a substantial raise, or a glamorous promotion unless you’ve really outdone yourself. Entering negotiations with a sense of entitlement can actually hurt your chances.

Oh, and don’t threaten to quit unless you really mean it. If you give your boss an ultimatum – “Give me a raise or whatever” – you may find that “or else” is your only option.

If your boss says ‘no’

There are a number of reasons your boss may deny your request, but if it’s just because there isn’t enough money available, change gears. “Suggest an improvement in your job,” says Nemko. “It’s easier for your employer to rationalize a higher salary if your job description is changed to include higher level work. You could also ask for negotiations to reopen in a few months.

Frankly ask your boss what it will take for you to get a raise at that time, and then do it. This shows your boss that you are genuinely interested in increasing your value to the company and will give you specific accomplishment to quantify when you reopen negotiations.

The boss still refuses you? Just say “I understand your position” and leave the room. “An ambiguous response is often more effective than an aggressive response because it leaves your boss wondering what you’re going to do next,” says Nemko.

Indeed, you have some thoughts to make. “If they are constantly saying no and you are still getting good results, it might be time for you to start looking for a business that is ready to pay you what you deserve, ”says Ross MacPherson, founder of Career Quest, a professional coaching company.