A deep dive into how to properly ask for a raise

A deep dive into how to properly ask for a raiseA deep dive into how to properly ask for a raiseOften, whether or not youre offered a raise has little to do with your job wertzuwachs. Instead, your compensation may be based on your departments budget, your managers priorities, and (in some cases) whether or not your employer thinks they can keep you doing such a great job for cheap.The bottom line is this To get a raise in this non-merit-based world, youve got to make the case for it. Heres a deep dive into how.What to say when asking for a raiseYou have to be strategic when asking for a raise. The specifics will depend on your job, your goals, and your individual situation, but there are a few tactics you could take that work across most industries. Adjust as necessary to fit your situation.Define your goals and ask for adviceBefore you the raise conversation, sit down with your manager and make sure they know what your goals are. Tell them that your first priority is to do a great job in the role youre in- but that youve got your sights on advancement.Then ask for your managers advice. Solicit feedback on the job youre doing, and enlist their help in setting you up to make the next move. Implement their advice, and let your manager see that youre doing everything you can to meet their requirements.This puts you in a stronger position when you do sit down to have that raise conversation down the line.Toot your own hornBecause no one else is gonna toot it for you.Assume people at work will take you for granted- thats why you need to make sure they notice your achievements. Be proactive and systematic in communicating your successes.Track down the results of your projects, assemble numbers and data, and make sure your babo knows the impact youre having. Keep them informed on the outcome of what youve done, and dont be shy about sharing often. This way, by the time you ask for a raise, your boss knows youve earned it.Demonstrate your valueThe most persuasive data across most industries is money- how much you saved or earned your company. If you can walk into a raise conversation with these numbers in your back pocket, your boss will clearly see the cost-benefit analysis of giving you a raise.But even if you cant tie specific dollar amounts to your value, you can still make sure your boss knows what youre worth. Give concrete details about the outcome of projects youve managed and specific accomplishments youre responsible for.Tell a story about a problem you solved- start with the state things were in before you stepped in move on to what you did and then talk about the outcome. What youre essentially doing is developing a testimonial- and you can develop as many of these as you have accomplishments.Keep short versions of these testimonials in your pocket for when youre having a mora casual conversation with your boss- and a longer version for when youre sitting down across from them to ask for a raise.Keep the focus on why you deserve more , not why you need moreThe cold truth is, you mightneedmore money. Bills dont pay themselves. But your boss is not going to be as moved by your story of need as they will by a different story one where youre highly valuable and might move somewhere else if they dont try to keep you.Your boss wants to reward you based on wertzuwachs, not need. Avoid bringing up personal reasons for needing a raise. Stick to successes youve had on the job, and tie them to concrete numbers as much as possible.Anticipate your bosss objectionsWhat are all the reasons your boss might say no? Give some thought to these- and have a plan for how youll respond. Consider your bosss point of view- what are their priorities? How can giving you a raise serve their needs?Once youve written out some of your bosss possible responses and your answers to those, practice. Get a friend or trusted colleague to read the dialogue with you. Get used to keeping your cool and meeting these responses with well-reasoned answers .Focus on shared goalsThe language you use is important. Focus on how paying you more benefits the entire company, not just yourself- and express your desire to help the kollektiv and excel in your role and career with the company.This is particularly key for women. According to a recentHarvard study, women are often unfairly perceived as selfish when asking for a raise- much more so than men- and have to be especially careful not to come across as self-serving.Using we language- focusing onweandourinstead ofIandmystatements- can be an easy shortcut to using the kind of inclusive language that wont turn your boss off.How much should you ask for a raise?To determine whats a good pay raise for you, youll have to do some research.Go onPayscale.com,Salary.com,Glassdoors Know Your Worth tool, or theOccupational Outlook Handbook. Look up the average salary for your position and your part of the country. Find out what other people are making.If youre underpaid, youll need to know that goin g in. Asking for the median salary for people in your job description and location is generally easier asking for a number in the top of the sortiment can be done, but youll need to justify it.Do you have more education than most people in your position? Do you have more experience than most? Are you worth a lot to the company (in terms of the amount youve either saved or earned for them)? These are all important justifications you can use when asking for a raise at the top of the typical pay scale.Bear in mind that the average raise percentage is somewhere between 1 and 5%. The bigger the raise youre asking for, the more youll have to demonstrate an extraordinary contribution and value to your company.How to ask for a raise when you are underpaidDuring your salary research, you might find that youre criminally underpaid.Take a deep breath- go punch something inanimate if you have to- and then start formulating your strategy.The tactics for asking for a raise when youre underpaid ar e similar to those when you arent- but it helps to know the numbers. Walk in with data on how much people are paid in your position and area, using a range of tools.Consider your bosss objections, too. For instance, maybe the reason you make less is that you have less education than most people in your position. One way to respond to this is with concrete numbers about how youve benefited the company, showing a clear, dollar-sign value for your work.How to ask for a raise when given more responsibilityYour boss trusts you to take on more- and thats great But make sure youre not being asked to do more work for the same pay.Gaining more responsibility is a great sign, but you may have to push for a corresponding pay raise. First, document all your new responsibilities. Write down the tasks youre responsible for on a daily basis, and note how each one contributes to the company. Track the positive outcomes of any projects youve done.If the new responsibilities youre taking on correspon d to a specific job role in addition to the one you currently serve, know what people in that role are getting paid in your area. Walk in with a strong idea of whats realistic to ask for, given the market.How long do you wait to ask for a raise?The standard answer to this question is one year.However, some situations arent standard. For instance, if your job has significantly changed, or if youve taken on more responsibilities than you had when you first started, you have good reason to ask for a raise before that time.How to ask for a raise in writingIf you decide to ask for a raise in writing, youll need to build your case in writing.First, consider your audience. Your boss is much more likely to want to give you a pay raise if it benefitsthem,not necessarily you. For instance, if youd be tough to replace or if youve earned or saved your company a lot of money, or if you have rare skills.Consider what makes you valuable and hard to replace. With that information in mind, here are a few tipsRead over your original job descriptions. Pull out the most important bullet points and list the ways you go above and beyond on those.Track the outcomes of your projects and initiatives, and state clearly the benefits theyve brought to the company. List specific numbers and percentages- especially dollars saved or earned- whenever possible.Express how youve gone above and beyond in your role- and the results youve had. Tell a story that starts with a problem, details how you solved it, and shows the positive outcome clearly.Be clear about the amount of increase you want. Do your research beforehand and know what people in your role and area are getting paid, and know whats a reasonable amount. If youre asking for money on the top end of the pay scale, be prepared to justify that.Stay positive, and emphasize your commitment to the company and the team.What is the average salary increase for 2018?Not so great. Most companies are planning to raise wages about 3% in 2018. Tha ts downright stingy.However, theres hope. According to theJune Job Market Update, unemployment in the United States is currently around 4%- and companies are struggling both to fill positions and hold on to their current workforce. That means your company might be desperate to keep you, even if that desperation isnt showing up in your paycheck.It means, in other words, that your boss may be particularly receptive to the idea that to keep you around, they have to boost your pay.But every industry is different, which is why its so important to do your research and keep your number realistic.Whats an example of how to ask your boss for a raise?We can give you all the advice you want- but sometimes what you need is a concrete example. Dont say we didnt ever do anything for you.This shouldnt be copied word-for-word, of course- and it may not work for your industry. But heres a very general example of how to make the initial ask in writing, including a request to meet to finalize the deta ils.Dear Your Boss,Ive enjoyed working as a Sales Associate at ABC Company for the past five years, and feel Ive grown a great deal in my career. The skills Ive learned in this position have allowed me to make a strong contribution to the companys bottom line.Here are some of the achievements Im most proud of from the past yearEarning Presidents Club recognition for my sales performance two out of three quarters.Securing over $500,000 in revenue by developing and launching highly targeted sales strategies.Leading the effort to expand into a new, highly competitive market, securing 50% market share.Leveraging my network and connections to secure 5 high-profile new clients, worth approximately $1.5 million in total business.Throughout my time at ABC Company, I have met or exceeded all of my revenue goals. I have also implemented new processes to streamline sales operations, and I have trained team members in best practices that have further boosted our bottom line.I would greatly appr eciate the opportunity to discuss my current salary with you. I am requesting a pay raise of 5%, which I believe is in line with both industry salaries in this area and my value to the company.As I stated before, I am very happy to be working under you at ABC Company, and I look forward to making a positive contribution to ABCs bottom-line performance for many years to come.Sincerely,Your NameIts time to go for itIf youre going to ask for a raise, do your research. Know what youre worth, and what other people in your position are being paid. Keep the conversation positive, and your request realistic- and hopefully youll get what you want.Thisarticlefirst appeared onComet Financial.