Have you ever felt nervous about negotiating your salary? The mere thought of the request is enough to send some fleeing. According to a recent survey, 70% of people who ask for a raise receive one, yet only 37% of workers even ask.
Despite the dread, asking for a raise is the best way to quickly improve your financial standing. With an increased annual income, you can enjoy more vacations, pay off student debt faster, or save for a downpayment on a home.
If you’re new to the workforce or if you’ve never had to ask for a raise before, you may be one of those who get apprehensive – but you may be surprised to learn that there are several other things you can leverage to help maximize your salary. All it takes is confidence, professionalism, and a little bit of research beforehand. This guide from Self Lender gives you the tools to be successful in your salary negotiation, no matter your age or work experience.
Table of Contents
No-Fail Tips – To Help You Receive The Raise You Deserve
Asking for a raise may seem daunting, but with best practices at your fingertips, you can get the pay you deserve.
- Only 8% of workers report being satisfied with their salary.
- 70% of those who ask for a raise receive some type of increase.
- Despite this, only 37% of employees ask for a raise.
How to ask for a raise?
Understand what your work is worth.
Consider the full breadth of your responsibilities, then compare your compensation with others in similar roles at other companies.
Ask often for what you’re worth.
Remind your boss of your value during performance reviews and one-on-one meetings.
Make your request timely.
Ask for a raise after a noteworthy accomplishment, during a performance review, or with the acceptance of a new project.
Do your research.
Review the market data for your job title, workforce industry, and geographical region.
Prepare and practice your pitch.
Bring data, confidence, and a list of your contributions to the conversation.
Dress for success.
Choose a sharp, professional ensemble and avoid bright colors and revealing clothing.
Communicate your goals.
Connect your raise request to your long-term career aspirations.
Know the fair market value for your position so you enter the conversation with clear numbers backed by evidence.
Phrase your raise request in a positive light and focus on solutions to avoid burning bridges.
Prepare for every outcome.
Consider how you’ll respond if you’re part of the 30% of those who ask for a raise and don’t receive one.
Establish next steps.
Make a plan for when you’ll ask for a raise next, what goals you need to focus on and how you’ll achieve the next step in your career.