Apart from the interview, one of the more stressful times in our job is asking your boss for a raise. Preparing ahead of time and making a plan will help ease the stress. Here are three things you should know when asking for a raise.
- Know when to hold ‘em and know when to fold ‘em. This isn’t just a catchy Kenny Rogers song; it’s the #1 tip for asking for a raise. Pick your timing carefully. This article says, “Choose your timing wisely. The best time to ask for money is when you have completed a challenging project, solved a major problem or taken on new responsibilities.” The worst time to ask for a raise is during a bad performance review or when the department or company is under stress to make a deadline. Ask yourself, ‘Is this the best time for me to ask and get the best response?’
- Know your worth in the real world. While we all would like to make a million dollars a year, it’s simply not possible. One thing you should know about asking for a raise is your worth to the company. You can learn this through research on similar jobs in your industry. Be sure to include your unique contributions to the bottom line, and avoid mentioning coworkers’ salaries. This article states, “It’s pretty simple: How much you get paid is a reflection of your own work. Why would your boss pay you more because of your coworker’s performance?”Ask yourself, ‘What have I brought to the company through my work and what do others in similar situations get paid?’
- Know that no doesn’t necessarily mean no. If the conversation doesn’t go as planned, instead of letting the door close, see if you can open it for the future. Ask your boss, “What can I do in the future to make a stronger case for a raise? How can I help the company even more?’
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