Finding the courage to ask for a raise is no easy task, but with some good advice and planning it can also be a success!
According to a 2024 study by Indeed, only about 43% of working women and 49% of working men have asked for a raise. Given that 82% of workers who asked for a raise got one, those numbers are shockingly low.
If you feel now might be the right time for you to step up and ask for a raise, consider some tips on how to do it with panache!
Be realistic about timing
Be realistic about the timing when deciding whether to negotiate a higher pay. If you are new to a company or starting in a new field, don’t expect higher compensation too early on.
Rather, a better time to chat with your boss will be after you have completed a successful project that you took the lead on. Use the momentum from positive situations like these to fuel your pitch. Your first annual review with your direct supervisor is a perfect occasion to pitch a raise.
If you have been at your company for several years and notice it’s performing well – making new hires, seeing increased profits and decreased expenses – now might be your moment to speak up. These signs indicate that the company may now have the means to pay its high-performing workers – you! – more.
Always bring up your pay if your responsibilities change or you receive a promotion
When you decide it’s time, reach out to your boss and set up a meeting. Take into consideration his or her workload and find a good day or time for both of you. You don't want to catch your boss in a stressful or overwhelmed state.
Pitch yourself
Prepare for your meeting. Once you set up the meeting, put together your work, maybe even in a visual manner, to highlight your accomplishments and successes with the company.
Get specific with your ask! Use numbers and facts to show how you've helped the company. Did you increase revenue by 10%? Did you save the company $20,000 by streamlining a process? These accomplishments show your value and make it easier to ask for a specific raise.
Confidence is key! Anyone can list their qualifications. You need to show that you believe in yourself and your value to the company. Practice your pitch and be ready to explain exactly why you deserve a raise.
Prepare to negotiate
Be prepared to name your price – and expect your boss to ask for a number! Research salaries for similar roles and consider your experience and accomplishments.
Remember that your boss may negotiate, so be flexible. If your boss pushes back, be ready to discuss your job performance in detail (see above!) and offer examples of comparable jobs and their salaries across your industry.
Practice ahead of time
Even Don Draper had to practice!
It may feel awkward, but practicing your pitch is crucial. Saying the words out loud can be nerve-wracking, so rehearse in front of a mirror or with a trusted friend. Don't just focus on what you're saying; pay attention to your body language, eye contact, and overall confidence.
Constructive feedback from someone you trust can help you fine-tune your approach and boost your chances of success. Ask a friend or family member to “role play” your boss while you make the pitch!
Be ready for both yes and no
Go into the meeting with the confidence that you will get that raise. This will help you project self-assuredness and success. At the same time, prepare for disappointment. Stay strong and professional even if things don't go your way.
If you are rejected, don’t stop there. Be sure to continue the conversation and ask what it would take for you to reach your target goal. This will show your boss that you are not discouraged or resentful, but rather determined to do your best for the company.
Whether it's a yes or no, accept the answer with grace and professionalism.
