Negotiating a Raise
We’ve all heard money makes the world go round, right? Even if that’s not your personal philosophy, it’s hard to deny that it helps. So how do you ask for more money? We’ve put together some tips on just how, and when to ask for that pay raise:
Ask at the right time
Right off the bat one of the most important factor to consider when looking for a pay raise is timing. Ideally, this conversation happens during a performance review or annual meeting. However, we know financial situations change and life happens, so those are of course not the only times you can have these conversations. Try and line this conversation up with the end of a successful project, or a time when you’re taking on more responsibilities in your role. On a smaller scale, studies show that meetings to discuss salary negotiations are most successful when scheduled for Tuesday or Wednesday, and around mid-morning.
Come with solid numbers
This involves researching the salary range/average salary for your position and level of experience, and if you’re really thorough, your location as well (especially for those of you working remotely in another area) . You can ask other employees at the company if you’re comfortable enough with each other, and can certainly find this information online!
Recount what you bring to the table
This is a great conversation to have if you’re coming off of a large successful project, or if you’re currently in a transition to take on more responsibilities. Either way, it is important to back your ask with what you’ve achieved in your role. Demonstrate that the value you bring to the team or company is worth the increased salary or rate. Be as specific as you can, and don’t brag but be sure to speak with confidence.
Come in with a target range
This is not the exact same as your salary range research, but it should certainly be influenced by it. Your target range is a key aspect of your negotiation. The floor should be the lowest amount you would be happy with, and the ceiling is the highest amount you would find it reasonable to ask for based on your research. If (more like when!) your employer agrees to a raise, it should fall somewhere in your target range. If for some reason your employer is not willing or able to meet your desired raise, be sure to see if you can be compensated with additional benefits such as additional PTO, remote days/schedule flexibility, stock options and more!
If your boss agrees to a pay raise, hooray! Be sure to be gracious and establish a set timeline for when that increase kicks in. In the unfortunate case where your boss denies your request for a raise, remember it is important to maintain a solid relationship. Don’t apologize, but be sure to ask for feedback as to why they say no. Their response should help you determine what needs to be done to secure that increase in the future.
We hope this has been helpful and gives some confidence as you prepare to negotiate that next raise. Good luck!!