If you’ve been working at your job for a while, chances are you might be thinking of asking for a salary increase. Unfortunately, many people see this as a daunting task and wind up putting it off, never getting the raise they deserve.
Now, if you don’t want that to be you, it’s important to get past the jitters and pluck up the courage to have that chat with your manager. And, luckily, I’m here to help.
The key to turning this potentially nerve-wracking situation into a positive, empowering experience lies in transparent communication paired with a strong plan built on research and preparation.
In this article, we will travel this journey together, addressing all your concerns and providing a comprehensive guide on how to efficiently ask for a salary increase. We’ll tackle how to prepare before making the request, determine the right time, decipher appropriate waiting periods, craft a persuasive appeal, and understand the average increase range.
Determining the Best Time to Ask for a Salary Increase
In your professional journey, determining when to ask for a raise can often be just as vital as how you ask. To help you gauge whether it’s the right time to ask or not, there are a couple of things to be aware of.
Keep in mind that timing is everything, and picking the right moment shows your sensitivity to the company’s situation. It demonstrates your understanding of the bigger picture beyond your individual role. These considerations will reflect favorably on you when you make your case for a salary increase.
Let’s look at a few factors to help you choose when to ask for a raise.
Company’s Financial Health
If profits are spiking and expansion plans are being drawn up, it’s a signal that the company has the capacity to pay more. In contrast, if there have been recent layoffs or budget cuts, it might be best to keep your paycheck expectations in check.
Internal and External Events
Both internal and external events can provide an opportunity to approach the salary conversation. If you’ve recently completed a major project that has brought considerable value to the company or accepted new responsibilities, use these milestones to illustrate how invaluable you are to the team.
Personal Employment Journey
This can also affect the timing. For example, after a year of working at the same salary rate, you may feel that it’s an appropriate time to discuss a raise.
Annual Performance Reviews
Often, the best time to discuss a salary increase is during your annual performance review. However, don’t limit yourself to this period. If you’ve ticked off significant accomplishments from the work plan, it could be the perfect time to raise the discussion.
Particularly, companies often have better cash flow at the beginning of the fiscal year as budgets are refreshed. Conversely, the end of the fiscal year can also be great timing as budget planning for the next year happens.
What You Should Do Before Asking for a Salary Increase
Before broaching the subject of a raise with your boss, know there is groundwork to be done. Being well-prepared can make a significant difference not only to your confidence but also to whether the response you get is positive.
For starters, you’ll need to conduct a market analysis. This means researching average salaries for my current job title, responsibilities, and industry. You can get this information through online resources such as Glassdoor, Bureau of Labor Statistics, and Payscale.
They offer platforms that can give you a ballpark understanding of what professionals with similar roles in the same industry and geographical location earn. This figure offers a critical starting point for the salary conversation with your employer.
Besides conducting market research, you’ll also need to do a self-evaluation. You need to provide concrete proof of your contribution to the company. Ask yourself these questions:
- Did you meet or exceed company targets and goals?
- Have you taken on additional responsibilities?
These types of accomplishments signify your value and should be taken into account during the raise negotiation. List these out and be prepared to talk about them with your supervisor as you discuss a salary increase.
How to Ask for a Salary Increase
Now that we’ve gone over the ‘when’ of asking for a salary increase it’s time to focus on the ‘how’. This is arguably one of the most crucial aspects of the entire process, as your approach can significantly influence the outcome.
Here are the steps you’ll need to take when starting this discussion with your supervisor.
Step 1: Request a Meeting
The first and foremost step is to request a face-to-face meeting to discuss your salary. It’s important to approach this with professionalism from the get-go. An email is an appropriate way to set this up, and you might say something like, “Dear [Manager], I would like to schedule a meeting to discuss something I’ve been thinking about. When would be a good time for you?”
Step 2: Be Specific and Clear About Your Request.
During the meeting, be clear, confident, and specific about your request. Start by expressing your passion and commitment to your role and the company. Then, detail your accomplishments with tangible results and explain why you believe a salary increase is justified.
Step 3: Listen and Respond to Your Manager’s Feedback
After laying out your case, be prepared to listen and calmly respond to your manager’s feedback. There might be questions or negotiations, or they may need time to think it over.
Step 4: Follow Up
Before concluding the meeting, confirm a follow-up date, ideally within a week. Send an email recapping the conversation and thanking them for their time.
Tips for Asking for a Salary Increase and Getting It
We’ve all heard the phrase ‘just ask for it,’ but when it comes to asking for a salary increase, it’s more than just those words — it’s an art form that requires careful thought, planning, research, and even a little bit of courage.
I’d like to share my top tips for asking for a salary increase and, more importantly, strategies for getting it. These will help ensure that your conversation is a successful one:
- Practice & Perfect Your Pitch: Rehearsing your pitch allows you to nail down the key talking points and ensures your message is clear and concise.
- Be Positive & Professional: Approach the conversation with confidence, showcasing your dedication to your job and your eagerness to continue contributing to the company. Remember to stay calm and composed.
- Be Ready to Negotiate: You might not get the exact number you’re aiming for, but that doesn’t mean you won’t get an increase at all. Being flexible and open to negotiation demonstrates a constructive and understanding attitude.
- Have a Backup Plan: If a raise isn’t possible, consider asking for other benefits like flexible working hours, additional vacation time, or opportunities for learning and development.
- Persistence Pays Off: If you don’t succeed at first, don’t be disheartened. You’ve opened the door for future discussions, demonstrated your ambition, and shown your commitment to your role.
Remember, even just taking the step to speak with your manager is a big move. These tips will help you say the right things without getting flustered.
Sample Scripts for Asking for a Salary Increase
We all know that talking about money can be a bit uncomfortable, especially with your boss. To help make that conversation easier, here aree sample scripts to navigate this sometimes tricky discussion. Remember, these are just examples, and it’s essential to adjust them to fit your situation and comfort level.
Scenario 1: You’ve Exceeded Expectations
In your meeting, you might say, “As you may be aware, I have recently taken on additional responsibilities within our team, such as [relevant examples]. I enjoy the challenge, and I’m proud of successfully managing these responsibilities. Given my increased role and contributions to our team’s success, I would like to discuss adjusting my salary to reflect this.”
Scenario 2: Your Pay is Below Market Value
You could approach the conversation like this, “I’ve been doing some research, and according to [source], it appears that my current salary is below the average pay for a [your job title] in our area/industry. I have been consistently meeting and exceeding my performance targets (provide examples here), and I believe that an adjustment to align my salary with industry standards would be fair.”
Scenario 3: It’s Been a While Since Your Last Salary Adjustment
You might express it like this, “I appreciate the opportunities and experiences I’ve garnered during my time here. Over the past [number of years/months since your last raise], I’ve been able to [key achievements]. Considering the progress I’ve made and my dedication to my role, I would like to discuss a possible salary adjustment.”
Do’s and Don’ts When Asking for a Salary Increase
As we navigate the delicate yet crucial dialogue of asking for a salary increase, it’s important to remember some key do’s and don’ts. These guidelines, based on professional norms and my own experiences, can help ensure you approach the situation with grace, confidence, and tact.
Do: Be Sure to Plan and Rehearse the Conversation
This isn’t a conversation to wing. Consider the main points you want to highlight, including your accomplishments and the data supporting your request. Practicing out loud or with a friend can help ensure you’re confident and articulate when the time comes.
Do: Show Gratitude
Show appreciation for any feedback, even if the answer is not what you hoped for. Remember, this is not just about getting the raise but also about building your professional relationship with your manager.
Don’t: Make It Personal
Keep the focus on your professional performance and contributions. Avoid discussing personal financial issues.
It can be tempting to bring up coworker’s salaries. However, this can come across as unprofessional. Stick to market averages and your personal value to the company.
Don’t: Be Confrontational
Bear in mind that your tone will play a key role in the conversation. Stay assertive yet polite and respectful. Avoid sounding demanding or entitled.
Don’t: Be Discouraged by a “No”
You may not get the raise at this instance, but this doesn’t signify an end. Use any feedback provided constructively to build toward better performance and future salary discussions.
Understanding the Range of an Average Salary Increase
Understanding the average range for a salary increase can often feel like trying to hit a moving target. It varies considerably depending on numerous factors such as your industry, job role, geographic location, and the current economic climate.
Although salary increases can vary, the average salary increase in the United States is approximately 3%. For example, if you earn a salary of $50,000 a year, a typical increase might be about $1,500.
Some employers also choose to tie their salary increases to performance. So, if you’ve had a standout year with significant achievements, you may be eligible for a larger increase, potentially up to 10% or higher.
Additionally, a salary increase isn’t solely about the money. It’s about recognition and value. Even if you don’t receive a high monetary increase, if your employer may be willing to provide other perks like flexible working hours, opportunities for more learning and development, or higher degrees of responsibility.
Score Yourself a Salary Increase
When it comes to asking for a salary increase, preparation is your cornerstone. Taking a thorough inventory of your accomplishments, clearly understanding your market value, doing your research on salary trends, and being future-focused in your contribution to the company are all essential steps in creating a compelling case for your salary increase.
Besides preparing, it’s also important to have the right timing. Make sure to choose your moment carefully and analyze the company and industry climate before asking. With these tips up your sleeve, you’re ready to step into a difficult conversation and secure a positive outcome.
And, if you still need a bit more assistance? We’ve got more articles on career development to help you master the conversation and succeed in your job.