How To Ask For A Raise

While money isn’t everything, at the end of the day, you want to see your hard work reflected in your paycheck. After all, your income is one of the fastest ways to improve your financial situation, as opposed to only cutting expenses. Although everyone wants to see their paycheck grow, most of us simply put off having uncomfortable conversations about money. But if you want to get paid more, you might need to ask for what you want. Below, we’ll explore how to ask for a raise, and how to increase your chances of getting one.

When To Ask For A Raise At Work

Asking for a raise can be a delicate process, and that process can vary from company to company. In some companies, there are clearly defined points to ask for a raise. But in others, there’s more of a gray area.

Here are some factors to consider when determining the best time to make your ask.

Annual Performance Review Cycle

Many companies have an annual performance review built into their company’s protocols. In addition to reviewing your performance, your supervisor might be considering raises during this time frame.

If you work at a company with a regular performance review, it could be the right time and place to ask for a raise. That’s especially true if you know you did a great job over the last year. For those with an annual performance review, mark the date on your calendar. When your review is a few months out, start preparing yourself to ask for a raise by typing up a list of any accomplishments and/or contributions, and practicing your pitch if you plan to deliver it in person.

Additional Job Responsibilities

When more responsibilities are added to your plate, it can feel like you’re working twice as hard for the same exact pay.

Of course, you deserve to be paid more if your workload increases, but it can be challenging to find the right moment to make that request. If you ask for the raise too soon, you might not look like a team player. But if you let the new normal stretch out for too long, you might miss your opportunity.

Instead of asking for a raise immediately, make it a point to deliver on these new expectations. Then, after you’ve proven that you can handle the workload, consider asking for raise. All that said, if the new responsibilities are truly out of the scope of your current job description, it might be appropriate to ask for a raise upfront.

Change In Job Title

Presumably, you’ll be moving up in the company when your title changes. If your title involves more responsibility, that should be compensated with a bigger paycheck.

For those moving up in a company, you are likely in good standing with your boss. With that, it might be the right time to ask for a raise. If possible, nail down the new salary before jumping into the new job duties that come along with your title change.

Recent Contributions To The Company

Companies tend to reward employees who have a solid history of high performance. If you make a major contribution to the company, that can be the perfect segue into your salary negotiations.

Big contributions might include completing an important project on time, leading a team to the finish line of a deal, or passing a major milestone at the company. For example, let’s say that you exceeded your company’s sales goals. A company might reward you for that impressive feat.

How Performance Reviews Affect Asking For A Raise

When performance reviews are embedded into a company’s routine, that’s often the perfect time to discuss your contributions and compensation.

During a performance review, it’s natural to discuss the value of your contributions and highlight your accomplishments at the company. Sitting down with your manager during a performance review gives you a chance to see how highly your work is being valued.

Of course, we all want to hear that we are doing a great job. If your manager has positive things to say about you, then it’s a good opportunity to ask for a raise. But if you’re getting negative feedback, it might be best to hold off on asking for more money.

If your company doesn’t offer performance reviews, finding the right time to ask for a raise can be a bit more challenging. Start by determining the fiscal year cycle of your company. You don’t want to ask for a raise at a point in the year when your manager doesn’t have the authority to give you one.

Additionally, you might try asking your manager whether they are open to conducting a performance review. In some companies, these types of reviews might be allowed even if it’s not common practice.

If a performance review isn’t on the table, you can still request a meeting to discuss your role and discuss your compensation. This gives your supervisor some time to think about the logistics of your request before heading into the meeting.

How To Ask Your Boss For A Raise Via Email

If there isn’t a clear time to discuss your compensation in a performance review, you might have to get more creative. Sometimes, handling your salary negotiation over email is the best solution. That’s especially true if you work in a remote setting.

The benefit of the email option is that you’ll be able to lay out your case in writing. Generally, this is easier than working up the nerve to ask for a raise in person.

But the downside of email is the lack of personal connection. It also might be easier for your boss to deny your request if they don’t have to see your reaction, or have a bit more time between your email and the in-person meeting to come up with reasons to deny your request.

For this reason, if you can muster up the courage, you may want to leave the meeting request a bit more generic and leave the actual ask for your meeting in person. In this case, you can prepare a list of points to share with your manager at that meeting. This will also be helpful should they need to seek approval from their supervisor afterwards .

Salary Negotiation Email Template

It’s important to be both straightforward and polite when asking for a raise via email. Here’s a template email of how to ask your boss for a raise:

Hello [Boss],

I’ve enjoyed working together for the past [several years]. During my time in this position, I’ve learned a lot and appreciated all the guidance you’ve provided along the way. After many [years] of hard work and dedication, I respectfully request the opportunity to discuss my compensation.

As you are aware, my salary has been [$X] since [year]. As the [years] have gone by, I’ve gradually taken on more and more responsibilities in an effort to make this company the best it can be. Most recently, I completed a [major project]. I also [insert any data points you can use to demonstrate contributions or results you’ve contributed to a the organization].

I believe that my continuing contributions and dedication to the company justify a raise. Thank you for your consideration! I look forward to discussing my role and compensation with you.

Respectfully,

[Hard-working employee]

Know Your Pay Scale

Before jumping into a salary negotiation, it’s critical to do your research. If you can, walk into the meeting armed with knowledge about how your salary stacks up to the others at your company and against the market at large.

Research Your Job Title

Researching what others with your job title are getting paid is worthwhile. It’s relatively easy to find the average salary for your job title on a site like Glassdoor and PayScale.

An average is a good place to start. But factors like seniority, company size, and living expenses in your area will impact your pay range. For example, many years of experience could push you to the top of the salary range, while those just starting out might find themselves on the lower end of the range.

Compare Salary Ranges

Despite the taboo, talking about salaries among your peers is an excellent way to prepare for a salary negotiation.

If you are comfortable asking your co-workers, then feel free to start the conversation. But for those working in big companies, check out the salary range listed in current job postings. Although it’s uncomfortable to start this conversion, it can be the first step to addressing pay inequality in your company.

Consider The Past Year And Current Job Market

The climate of the job market matters when making a request.

If employers are desperate for talent and there are plenty of job opportunities out there, then your company might be more willing to pay you more just to keep you. But if the economy is going through a rough path and other workers are being laid off, then it’s likely not the right moment to ask for a raise.

In the last year, the job market has remained tight, which might make getting a raise easier. But the economic uncertainty might push some companies to hold off on raises for now.

Salary Negotiation Dos and Don’ts

When asking for a raise, here are some tips to keep in mind.

Salary Negotiation Dos

• Know your company’s compensation policies. When asking for a pay raise, understanding your company’s policies on the timing of a raise matters. You don’t want to make your ask at the wrong time.
• Find out who has the final say. If you know who can approve your pay increase, then you’ll be better prepared to structure your negotiation.
• Consider the past fiscal year. The financial situation of your company matters. If sales were down last year, that might not bode well for your conversation. But if the company is posting record numbers, it may make more sense to ask for a salary increase.
• Keep track of your accomplishments. Don’t be shy about highlighting your accomplishments and pointing out your additional responsibilities when asking for a higher salary.

Salary Negotiation Don’ts

• Avoid asking at the end of the day. Instead, ask toward the middle of the day. Otherwise, your boss might not be able to focus their full attention on you.
• Don’t focus on personal finances. Personal finances are important to you, but your boss isn’t responsible for your financial situation. If possible, don’t make this the center of your conversation. Instead, focus on your job performance and results produced.
• Steer clear of stressful times for the company. Every company has busy periods. It’s best to hold off on your request for a raise until after things have settled down.
• Research what a reasonable salary increase could be for your position. Doing your research can help you determine a reasonable salary request. If you ask for too much, your request might get denied altogether.

Recovering From Rejection

Even if you find the perfect time to ask for a raise, sometimes your employer is unwilling or unable to honor your request.

If there’s simply not enough room in the budget, try shifting your negotiations to include other perks. For example, you could ask for more flexible hours, more benefits, a job title change, a remote work schedule, a 401(k) match, and more.

During the conversation, ask what you can do to improve your job performance enough to warrant a raise. Additionally, ask when you can revisit the conversation with your employer. Typically, it’s best to wait a few months before asking again. But if you get rejected again, it might be time to start looking for a job that matches your salary requirements.

The Bottom Line

A bump to your current salary is one way to improve your financial situation. Although it can be nerve-wracking, it’s possible to walk away from a salary negotiation with more money in your paycheck.