WCT #87: 7 strategies for negotiating a raise like a pro (even if you hate talking money)
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Asking for a raise is a critical step in your career. It’s about ensuring that your contributions to the company are adequately recognized and ensuring your pay reflects your value in the market. Many things often key off your salary, including bonuses, retirement contributions, and life insurance/disability coverage. The process involves more than just asking. It requires strategy and understanding. In this newsletter, we’ll discuss the main reasons for requesting a raise and the principles that will guide you in making a strong case.
Why Should You Ask for a Raise?
1. For Your Employer’s Benefit
Whoa! This reason may seem counterintuitive. Why is paying you more a plus for your employer? The reason is that if your employer is happy with you and you are truly paid under market, you’ll always be looking for something better. It’s in your employer’s best interests to keep you focused, motivated, and productive and not continually thinking about how you can correct your comp.
2. Increased Responsibilities or Outstanding Performance
If you've consistently exceeded expectations, taken on more responsibilities, or delivered exceptional results, it's time to discuss a raise. Highlight your achievements and the positive impact you've made. Be specific and use numbers to back up your claims—this adds weight to your argument and shows why you deserve more.
3. Inflation and Rising Costs
With inflation and the rising cost of living, it's only fair to request a salary adjustment. Explain how your current pay isn’t keeping up with these changes. While inflation is valid, avoid mentioning personal expenses like lifestyle or debts as your rationale.
4. Acquiring New Skills
You can justify a raise based on this added value if you've gained new skills or qualifications that benefit your role or the company. Show how these skills have improved your work and align with the company's goals.
The Nuts and Bolts of Asking for a Raise
Now that you know why you deserve a raise, let’s look at the best ways to approach your request:
1. Come Prepared
Preparation is key. Gather evidence of your accomplishments, salary data, and living costs. This information will strengthen your case. Remember, numbers and facts are your best friends here.
2. Pick the Right Moment
Timing matters. Request a meeting after completing a major project or achieving significant goals. Also, consider the company’s financial situation and upcoming budgets. Asking during tough times might not be as effective.
3. Stay Respectful and Professional
Keep the conversation respectful and professional. Express your gratitude for your role and enthusiasm for contributing further. Maintain a positive and forward-looking tone throughout the discussion. Importantly, put you and your employer on the same side of the table. Make it a win-win for you both.
4. Show Confidence
Believe in your value and convey that confidence during your conversation. Confidence is about knowing your worth, not about being pushy. Many people struggle here, feeling awkward about asking and staying in roles where they feel undervalued.
5. Be Flexible
Be open to negotiation. Your employer might not fully meet your request, so show a willingness to find a middle ground. This approach can lead to a mutually beneficial outcome.
6. Explore Other Benefits
If a raise isn’t possible due to budget limits, consider other perks like additional vacation days, flexible hours, stock options, or training opportunities. Sometimes, these can be just as valuable.
7. Follow Up
If you don’t get an immediate yes, don’t be discouraged. Ask for feedback on what you can do to achieve your desired salary later. This demonstrates your commitment to growth and can pave the way for future increases.
The Bottom Line
Asking for a raise is a crucial part of your career journey. It’s about ensuring your pay matches your value and contributions. The key is to approach it strategically, with well-researched reasons and guided by solid principles. By doing so, you can confidently ask for the raise you deserve.
Remember, a raise isn’t just about the money; it’s about recognition and achieving financial security. With the right approach, you can effectively make your case for a compensation increase.
I help people land amazing jobs fast and manage their career journeys through coaching and advising. I also transform resumes and LinkedIn profiles to attract more interviews and offers. Learn more about my career coaching and contact me or request a free 15-minute Career Solutions Call.