June 19, 2024
You’ve done the work; now it’s time to ask for a raise. While it can feel overwhelming to ask for what you want, with the proper preparation, you can solidify your chance for success. Here are seven steps that take you through the process.
Be prepared to explain the “why” of your ask thoroughly. Before approaching the conversation, critically examine your performance, career experience, company longevity, and overall contributions. Document examples and projects where you made a profound impact and explain how a raise would solidify your future success and contributions to the company. Additionally, work on starting to draft a letter of intent that outlines your request to share with your manager once your conversation is complete.
When asking for a raise, be specific. Research market rates to understand your worth and what a fair number is. You can do this with a simple Google search or target specific resources like Glassdoor, LinkedIn, or industry reports relevant to your field. Compile your research and be ready to discuss how you landed at that number with your manager.
Research and prepare questions (and answers) to help settle your nerves and strengthen your case for a raise. Research online, find industry resources, talk to trusted team members who may have already gone through this process, or ask your mentors. Think through specific questions and what objections may arise. The more you can do to prepare for the conversation, the better it will hopefully go.
Find the ideal time to meet with your manager when approaching the conversation. Does your company have a budget period you need to align with? Does your company set yearly evaluation meetings? Would that be an ideal time to discuss this? Focus on the areas of opportunity and avoid difficult ones like when the budget season is over, when the company is struggling financially, or during a busy season.
When you approach scheduling your meeting, be clear with your intentions. Let your manager know you want intentional, focused time between you both. From the get-go, you are showing how seriously you take this matter. For example, you could say, “manager name, I would like to schedule a specific time to discuss my performance and the opportunity for a salary adjustment. When would be the best time for us to connect?”
The day is here; it’s time to ask for your raise. Consider wearing something you feel comfortable and confident in. Having that on your side can help you feel your best. While you will likely have some nerves, focus on all the research and work you have put into this discussion. Try to breathe and remain calm during the meeting while putting your best self forward. Kick off the conversation by expressing gratitude for your role and team, and move on to presenting your case for a raise. Use your compiled research and walk through it in detail with your manager. During the discussion, be willing to have a dialogue rather than a monologue. Finally, let your manager know you will share a letter of intent and all your research following your conversation.
Following your meeting, send over your letter of intent and all the research you prepared and discussed. Be ready for negotiations or offers of other benefits rather than compensation. While the company may not be able to give a raise, additional benefits are still something to celebrate. Regardless of the outcome, be prepared to continue your high level of performance. And if the company denies your request, ask why. Are there areas you need to work on? What skills do you need to add to your repertoire? Are there any certifications you’re missing? Is experience still required? Or maybe you’re already at the top of the pay bracket. If there is a rational reason, it broadens the opportunity to further your career and keeps the door open for a promotion or a raise. If there isn’t a logical reason, it may be time to consider your options.
You know your worth and capabilities. If you receive a denial for a raise, try not to take it personally. However, it may be time to explore other opportunities if you consistently feel undervalued or underpaid despite your efforts.
Written by freelancer Megan Childress.
