How to Negotiate a Pay Raise
How to Negotiate a Pay Raise
Asking for a raise is a nerve-wracking task, but by utilizing the following strategies you will increase your chances of increasing your pay and getting what you want.
Know what you're worth. Look for information regarding compensation for your type of position in the marketplace. This can be done by contacting other companies or search firms and finding job advertisements. There is usually space between what you are making and what the market says you can earn, so if you have worked for the same company for several years you should feel good about your request. Do not be discouraged to ask for a raise if you find that you are already making what the market says you're worth.
Be specific. Ask for a raise of a certain size rather than a raise in general. Leaving the request open-ended will be less likely to yield the desired result.
Determine how you can become more valuable. Take on additional responsibilities or discover new projects that will make your more valuable to your boss. Cross train into new positions or take classes to further your education and enhance your skill set. If you do decide to move to a new company, these skills will make you more valuable to your next employer.
Don't worry about getting fired. The cost of hiring and training your replacement will cost much more than your raise, so don't weaken your argument by expecting the worst. Be confident in your request and don't worry about being let go.
Anticipate objections. Try to think about possible worries or problems your boss will bring up when you ask for a raise. Counter these objections and include them in your initial statement. By easing their minds about potential issues right away, it will be harder for your boss to decline your request.
Base your request on job performance. In today's economy, employers are concerned with how your performance will advance their organization. Arguments about equal pay or big expenses coming up will not get you the result you're looking for.
Bring proof of what you've done for the organization. You'll need to have documentation to verify your job performance. Key a file of all your job evaluations and performance reviews to use in these types of situations.
Don't be aggressive. Do not give your boss any ultimatums or threats. If your request is denied you can then evaluate whether you want to stay or leave, and you will stay on good terms with your boss.
NOTE: When comparing jobs or seeing the advantages of requesting a raise, use this Salary Calculator.
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