How to ask for a pay rise
A step-by-step guide
Let’s be real, money isn’t everything but it is important. In today's economic climate, the need for a higher income is more apparent than ever. Costs are rising on everything from rent to essential groceries.
Why it’s important to ask
Many people hesitate to ask for a raise, but research suggests that those who negotiate their salary tend to earn more over their careers. According to a survey by Payscale, only 37% of professionals have ever asked for a raise, yet 70% of those who did received some form of increase. This highlights a major opportunity—most companies expect negotiations, yet many employees miss out due to fear or uncertainty.
Asking for a raise or promotion can feel daunting, but with the right preparation and approach, you can confidently advocate for yourself and achieve your career goals. This post will provide actionable steps to help you navigate this crucial conversation.
1. Gather Your Evidence
Before you walk into the conversation, make a strong case for why you deserve it. Document your achievements, key projects, and any measurable impact you’ve had on the business. Have you increased revenue, improved processes, or taken on responsibilities beyond your role? Bring the receipts, you can keep an excel spreadsheets of achievements to help you when the time comes.
2. Research Market Rates
Check industry benchmarks for your role using platforms like Glassdoor, LinkedIn Salary Insights, or Payscale. If you find that your salary is below market value, that strengthens your case.
3. Pick the Right Timing
Timing matters. The best moments to ask are after a successful project, during performance reviews, or when the company is in a good financial position. Avoid asking during layoffs, budget cuts, or when your manager is overwhelmed.
Also, schedule the meeting in advance. Don't ambush your manager. Request a dedicated time to discuss your career growth and compensation.
4. Practice Your Pitch
Confidence is key. Frame the conversation around your contributions rather than personal financial needs. Instead of saying, "I need a raise because my rent went up," try, "Over the past year, I’ve taken on additional responsibilities and delivered results that have positively impacted the team. I’d love to discuss an adjustment to my compensation to reflect that."
Everything starts in our minds, what you believe, you are. It starts there. Think about what is true, the accomplishments you’ve achieved, the work it took to actually get this job and even the amount of effort you have already put towards the tasks that have been given to you.
5. Be Ready for Any Response
If your request is approved—great! If not, ask for feedback on what you can do to qualify for a raise in the future. If a salary increase isn’t possible, consider negotiating other benefits like additional vacation days, professional development budgets, or a title change.
Final Thoughts
Advocating for yourself can feel daunting, but remember—asking for a raise isn’t being difficult; it’s a normal part of career progression. The worst they can say is no, but the best-case scenario could be a significant step forward in your career. So go for it!
If you’d like further help to expand your vocabulary and express yourself more effectively, check out this insightful video featuring Barbara Corcoran, a renowned American businesswoman and investor: Watch here. You can also check out our #MoneyTalk playlist on YouTube. Thanks for reading Hustle Crew Weekly! This post is public so feel free to share it.
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