Asking for a raise can be nerve-wracking, to say the least. So much so that some people put it off for months, or even years. But the truth is: There’s nothing wrong with requesting a pay increase, as long as it’s realistic and is a true reflection of the value you add to your company.
Have a Plan
Even though your manager already has all your job-related data, you still need to present your case for a raise. Be ready to approach the issue professionally and to build an evidence-based case for your desired salary.
- Communicate with your manager and make sure they know everything you’re working on and the unique value you provide. Often this will subtly, convey to them how you make their job easier, as well.
- Make sure your professional and monetary goals align with those of the company. Have a salary range in mind, rather than a single figure.
- Know your worth. A key part of your salary negotiation plan is to know what someone in your position and geographic location should be getting paid. Research the compensation range for your job. Then, you can compare the average with your own market worth.
Be Ready to Show your Value
It doesn’t matter whether you’re a new hire or a seasoned company veteran, if you feel your salary isn’t enough, you should feel empowered to discuss the issue with your manager.
- Build your case. You’ll need to show you’re worth investing more in with specific examples of value you’ve contributed and positive results you’ve achieved.
- Strike a balance between firm and flexible. Be prepared to listen to your managers point of view. Work together to create career plans with regular check-in meetings. This show’s you’re willing to work towards a positive outcome.
If the Answer is No …
Regardless of the outcome of your salary meeting, be understanding, appreciative and thankful for the opportunity. There’s never been a more important time to let your integrity and professionalism show. Then you can:
- Bring up your total compensation package. If a higher salary is not an option, can you get a better health insurance or retirement plan? What about more vacation or other paid time off? Work with your manager to cover all the options.
- Leverage internal moves. Another role in your company may be the answer. Use market data to lay out what it would cost the company to hire off the street, and ask for it for yourself. You may encounter some initial resistance, but be firm in your stance.
- Focus on the future. Determine whether it’s time for a change. The good news is: It’s a candidate’s market, so you shouldn’t feel stuck in a position that makes you feel undervalued and unappreciated.
The Applied Companies’ staffing experts can help turn your career goals into reality – whether it means a better salary or role at your current organization or a brand-new venture. We have the expertise, market intelligence and contact network to make it happen. Read our related posts or contact us today to learn more.