How to Ask For a Raise and Get It
Asking for a raise requires preparation, skill, timing and a fallback plan. Don’t expect to stop your boss in the hallway on a whim, and walk away with a big raise. Or ANY raise, for that matter.
A pay increase is based on performance and the market for your skills. Build your case for a raise by making a list of your accomplishments in the previous year. Don't be bashful about listing your accomplishments, but don't brag, either.
Before talking to your boss, try to learn what your company can afford. If it’s a public company, read its quarterly earnings report, filed with the SEC. If it's a private company, get a feel for its general economic health. If desks are remaining unoccupied after someone leaves, your timing may be poor.
If you ask for a raise and don't get it, don’t just walk away. Ask, “What do I need to do to get the raise I think I deserve?" If the response isn't encouraging, it may be time to start looking for another job. No job lasts forever, and you may have exhausted prospects for advancement with your current employer.
Be conscious of the timing of your request. Chances are, first thing Monday morning or late Friday afternoon won’t be the best time to make your plea. Think through what you want to say… rehearse it in front of a mirror. Summarize your pitch for a raise in a short written statement, and have a trusted colleague read it. Everything you do to better prepare your presentation will give you a better chance of success.
If cash is an issue for the company, you may want to consider asking for more or better benefits. Educational reimbursement child care assistance, and health coverage are all possibilities that may appeal more to your boss, and be more affordable for the company, as well.
Above all, remember that a raise should be based on your performance and the market data establishing the value of your job. Your time with the company has little to do with your worth.
Here are seven rules regarding arguments to never use for a raise:
1. Don't act like you're entitled to a raise – you’ll turn him off!
2. Don't tell the boss why you need more money – he doesn’t care!
3. Don't stamp your feet, pound the desk or cry – babies don’t get raises!
4. Don't say you should be paid the same as Joe Smith – you’re not Joe Smith!
5. Don't threaten to quit – he may call your bluff!
6. Don't get personal – don’t be confrontational… you’ll lose!
7. Don't go for overkill – keep your spiel short and sweet!