There are a variety of ways to secure the bag and a desirable salary is definitely top on the list. If you want a raise in your salary, how and when you ask are huge factors in the response you receive.
Many people have never even asked for a raise due to fears of being rejected or sounding too needy or entitled. However, asking for a bump in your pay is a normal part of any work experience and your fear of asking is only holding you back from making more money.
But for anyone wondering how to approach the situation, below are 7 tips that will help you ask for a raise.
1. Stay Confident in Yourself
Confidence is truly key for any conversation involving money, but especially when it comes to requesting a pay increase. Any doubt, fear, or worry you have about asking for a raise will show and you don’t want to sound insecure when trying to convince an employer why you’re worth investing even more money into.
Prepare yourself for the meeting with some positive mantras and affirmations along with some useful facts and statistical data on your role and accomplishments. Step into that room the same way Beyoncé would and remind your boss of the value you bring to the company!
2. Research Salary Comparisons
You should already know the worth of your job before asking for a raise. Use websites like Salary.com to research the market value and industry standards of your role and have a solid understanding of the salary comparisons. You can check in with contacts at other companies or look online and find out the salary comparisons based on your job responsibilities.
3. Know Your Employer’s Pay Practices
You’ll want to take some time researching your employer or company’s pay practices and/or history of giving out raises. You can talk with the company’s HR manager, or masterfully finesse your way around the office to find out if any senior employees might have obtained a pay increase during their employment. Know the odds you’re facing before requesting a meeting with your boss.
4. Be Understanding and Realistic
As you remain confident in yourself and the possibility of obtaining a pay increase, you should also remain knowledgable of your company’s market value and be realistic about the outcome of your meeting, Accounting Tools suggest. Your pay typically correlates with how well the company is doing.
If you know the company is going through a tough time financially, now might not be the time to ask for a raise. If you’re making a decent salary that matches the industry standards, you should also be realistic about not getting a raise until your company’s market value increases. Remain realistic and optimistic.
5. Pull Your Numbers And Sell Yourself
Before asking for a raise, keep in mind that the meeting is an opportunity for you to sell yourself not to beg and plead for more money. Your boss doesn’t care about your personal reasons for needing a raise. They run a business and are focused on the workflow and ROI at all times.
So when stepping into the meeting, have your numbers and statistical data that show the value you bring to the company and how your role will improve the company over time. Create spreadsheets and documents that back up your argument and support your pay increase request. This should be put together into a presentation that you provide to your boss during your meeting. Come prepared and ready to sell yourself. Your presentation should impress your boss and help you walk away with that money honey!
6. Know Your Boss’ Personality
It is more than wise to have a thorough understanding of your employer’s personality before asking them for more money. While many will prefer a presentation that includes data and a convincing sales pitch, there are some who will also want to know more about your dedication to the company and love for the brand. All should be included in your presentation, but make sure to have a solid understanding of what your boss likes before asking for a raise. The last thing you want to do is rub them the wrong way when trying to impress them.
7. Timing is of The Essence
Timing is everything when asking for a raise. As mentioned earlier, you’ll want to avoid asking for a raise at a time when the company is struggling financially. You’ll also want to tread lightly if it’s during a period of major staff changes.
However, if your workload has increased tremendously, you successfully completed a challenging project or helped to solve a major problem, this can help you introduce the conversation to your boss. It also doesn’t hurt to have a lunch meeting with your boss before officially asking for a meeting for a pay increase. Spending time with your boss and picking their brain will only help you prepare your pay increase presentation.
It’s your time to secure that bag, sis. Even if you don’t get the raise, maybe you can ask for a new title, which in turn will help you earn more money in the near future. Your hard work has already taken you this far and you’re only going to reach higher to the top as you continue to grow professionally.
Remain optimistic and trust your process. Make good use of these 7 tips and they will surely help you when asking for a raise.
Ready. Set. Boss. Our daily email is pouring out inspiration with the latest #BlackGirlBossUp moments, tips on hair, beauty and lifestyle to get you on track to a better you! Sign up today.