How To Ask For A Pay Raise

A recent survey from compensation platform PayScale found that 70% of employees who ask for a raise received one. Those are pretty good odds. Want even better odds? Use these tips for asking for and getting a pay raise.

First and foremost, part of getting what you want is knowing the right time to ask for and receive it. 

A few examples of a good time to ask for a raise include:

• After the successful completion of a big project.
• When you’re given more responsibilities.
• When you’re put in charge of other team members.
• After your company has had a profitable quarter or year.
• During a mid-year review.

A few times to avoid asking for a raise include:

• When you’ve been there less than a year.
• After a bad year or quarter for the company.
• During or directly after a reorganization , layoffs or hiring freeze.
• Less than a year after your last raise.
• During your year-end review, when budgets have already been planned and passed and your raise already decided.

When you’ve determined it’s the right time to ask for a raise, here’s how to do it.

You should get to know your company’s compensation philosophy, which is the framework for and the “why” behind employee compensation. It explains the company’s attitude and approach to salary, raises and bonuses and will give you a better idea of what you’re working with.

Knowing the range in salary you should be making will ensure your raise is fair. Research the average salary for someone in your position, with your experience and in your location. Make sure that the number you have in mind is in line with the type of raise your company usually gives. If your employer typically offers raises around 3%, asking for a 10% raise may be excessive. Instead, something along the lines of 4 – 5% may be more reasonable. Consider, too, the state of the economy and your business and how in-demand your job is.

Your employer will want to know why you think you deserve a raise. Having your argument prepared ahead of time will make your case for a raise that much stronger, so have a few points – with proof – ready to go when asked. Throughout the year, keep a running list of all of your work accomplishments, major projects you’ve been a part of and any responsibilities you’ve taken on that are above and beyond your job description. Prepare any accolades you received for your work and data that shows a direct correlation between your work and the success of the business. 

Schedule a meeting to talk specifically about compensation. Don’t just spring the topic on them. When you catch them off guard, they could feel attacked. Don’t expect a result to come from one meeting, either. The discussion may require a few meetings and your leader may need time to mull everything over. After you’ve made your case, circle back with them at a later time.   

If your leader agrees to the raise, the next step is to iron out such details as how much you’ll receive and when it will go into effect. Afterward, keep up the great work to show just how much you deserved it. 

If your leader opposes the raise, take it in stride. If your employer thinks it isn’t the right time, have a constructive discussion on what you can do to earn a raise in the near future. Ask your leader what skills you need to gain and goals you need to hit before approaching the subject again. Figure out a timeline and create a plan with them that includes regular meetings to check in on your progress.