Although most employees deserve a raise at various times, few actually ask for one. Employees may feel intimidated by their manager or uncomfortable talking about money. However, asking for a salary increase is an essential skill that increases your financial wellness and career success. Therefore, now is the time to learn about asking for a raise.
Understand Your Worth
For instance, focus on your responsibilities. Perhaps you lead projects or took on special initiatives that your colleagues would not. Make a list of your top accomplishments and specific ways they impacted your department and the company. Perhaps you participated in training programs to gain additional skills, brought in a significant amount of new business or became certified in your field.
Research Your Salary Range
Use market data sites such as Salary.com, PayScale and Glassdoor to determine the market average of similar job listings with companies of comparable size in your geographic area that offer similar benefits. Create a spreadsheet of your findings to see how your current salary compares. If you have connections with local hiring managers or recruiters, ask them to look at your resume and provide you a realistic salary request for your position and experience. Use the numbers to justify your request.
Consider How Your Manager Will Benefit
Share your goals to enhance business and what steps you will take to achieve them. Also, ask your manager what goals they would like to see you achieve and determine how you can attain them. Finding out how you can fill their needs will place you in a more advantageous position for getting what you desire.
Prepare for Potential Outcomes
If your request is declined, ask for specific ways you can improve your performance and potentially earn more compensation. Set a time to resume the conversation in a few months. Also, if your manager cannot give you a raise due to budget restrictions, negotiate for more paid time off or other increase in benefits.
Ask at an Appropriate Time
If you ask for a raise after achieving a substantial accomplishment, during a positive performance review or before the fiscal year ends, your manager may be more inclined to grant your request. Other good times include when you take on a new project or assume a new leadership role.
Let Our Expert Recruiters Negotiate a New Job and Salary for You
When you are ready for a new job and salary, contact the professional recruiters at Casey Accounting and Finance Resources, a leading Chicago employment agency!