Are you looking for ways to increase your income? If so, you may be wondering how to ask for a raise. Asking for a raise can be intimidating, but it doesn’t have to be.
In this blog post, we’ll outline the best way to go about asking for a raise. We’ll also provide tips on preparing for the meeting with your boss. Let’s get started!
3 Legitimate Reasons for a Pay Rise
You may be wondering why you should ask for a raise. After all, your boss may not be happy with the idea. Here are three key reasons to ask for a raise:
- If you feel like you are underpaid for your position, then asking for a raise is a way to rectify the situation.
- If you have taken on additional responsibilities at work or have made significant contributions to the company, you may also be entitled to a raise.
- If you are simply looking to increase your income, then asking for a raise is one way to do so.
How to Ask for a Salary Increase
If you are unsure of how to ask for a raise at work, you can do a few things to prepare:
1. Practice Your Elevator Pitch
When you’re asking for a higher salary, you need to be able to sell yourself and your value to the company. This can be difficult, especially if you’re not used to talking about your accomplishments.
A great way to practice is by preparing an elevator pitch. This is a short, concise summary of your skills and experience that you can use to persuade your boss to give you a raise.
When preparing your elevator pitch, remember that the steps for how to properly ask for a raise include specific examples of how you have benefited the company. This will help your boss see how much value you bring to the table.
For example, you can say the following:
“Because of the great work I’ve done, the company has seen a boost in sales/profitability/customer satisfaction. А raise would be a great way to show how much you value my contributions.”
2. Do Your Research
You need to know how much you are currently making and how much other people in your position are making. This will give you a better idea of how much to ask for a raise. Moreover, you should get at least a 3% boost once a year if your salary is to match the rising inflation. Otherwise, you would be losing money!
3. Schedule a Meeting
Once you have done your research, it is time to schedule a meeting with your boss. You can also ask for a hike via email or by writing a letter. How to ask for a raise in writing? Here is an example of how you could start your letter/email:
Dear [Name of Boss],
I am writing to request a raise. I have been with the company for [X] years, and in that time, I have completed a project that was above and beyond my job description. I believe that my experience and skills are worth a raise of x%.
4. Be Polite and Professional
When asking for a wage increase, it is important to be polite and respectful. This shows your boss that you are professional and serious about the meeting.
5. State Your Case
Be clear and concise when asking for a raise.
What to say when asking for a raise?
- “I have worked for the firm for three years and have improved sales by X%, enhanced client satisfaction ratings by X%, and aided in profitability growth by X%. I believe that my experience and skills are worth a raise of x%.”
- “I have been researching the market rate for my position, and I believe a raise of x% is appropriate. Would you be able to meet this request?”
6. Negotiate
If your boss is not immediately receptive to the idea of a raise, be prepared to negotiate. Discuss how much you would like to receive and be willing to compromise. Remember that any raise is better than no raise.
For example, if you’re a video editor and make $30 an hour, or $62,400 a year, try asking your employer for a 23% raise if the project you’re working on requires 3D animation since 3D animators make an average of $77,000 per year.
The Best Time to Ask for a Bigger Salary
When to ask for a raise? When you have recently completed a project or achieved a goal. This shows your boss that you are an asset to the company and deserve a salary increase.
You can also ask for a bigger income during your annual review. This gives you an opportunity to discuss your accomplishments and how they have contributed to the company’s success.
Remember, timing is everything (even in TV shopping). Avoid the talk during busy times or when the company is going through financial difficulties. Instead, wait for a time when business is slow, and your boss is more likely to be receptive to your request.
How Much of a Raise Should I Ask For?
Your raise rate will depend on your experience, education, skills, and how long you have been with the company. A good rule of thumb is to ask for a raise that is commensurate with your experience and skills.
You should wait at least six months before asking for a raise. This way, you’ll have time to demonstrate your skills. However, you’re more likely to receive a salary raise after your first year at the firm.
For example, if you’ve been with the company for two years and have received positive feedback from your superiors, you may want to ask for around 10% to 20% of your current salary.
Another factor to consider is how much the company can afford to pay you. If you are asking for a raise that is significantly higher than the cost of living increase, your boss may not be able to justify it to the company.
Be realistic with your expectations and understand the company’s financial situation.
Things to Avoid When Asking for a Pay Rise
What not to say when asking for a raise?
- “I want more money”…What should you say instead? You can reply with a stated salary range.
- “I think I’m entitled to a raise because”…Don’t underestimate yourself. If you don’t believe that you deserve a raise, your boss is unlikely to give you one. What should you say instead? Ditch the I think part. Be confident.
- “I’ll quit and go to the competition if”…Don’t make threats or ultimatums. This will only make you look unprofessional and difficult to work with. In this case, the best way to ask for a raise is to say that you have other job offers but you’d like to stay and make your position more sustainable.
- Using the F word — This is a big no-no. Avoid using foul language at all costs.
What to Do If Your Boss Says No
If your boss says no to your raise request, there are a few things you can do.
- First, try to negotiate and see if there is any room for compromise.
- Secondly, if your boss is not able to give you a raise at this time, you can ask for additional vacation days or flexible work hours.
- Finally, if you are not happy with the outcome of your meeting, you can always look for a new job.
Conclusion
So, how to ask your boss for a raise? The best way to approach this conversation is by doing your research. Come armed with data that shows why you deserve a pay increase. Be prepared to have a discussion about what you could contribute if given a salary bump.
And finally, stay positive and confident throughout the entire process! If you follow these tips, you’re sure to get the raise you deserve.
Good luck!
FAQs
How to ask for a raise via email?
In the subject line of your email, include a request for an appointment to talk about your compensation.
The email should include:
- Your name
- Position
- How long you have been with the company
- The reason for a raise
- Additional responsibilities you have taken since you’ve been hired
- New skills or certifications you’ve acquired since you’ve been hired.
What should I say when asking for a raise?
Be specific about your accomplishments and how they have helped the company.
For example, you can say:
- “I understand that the company is tight on budget, but I believe that my contribution to the team justifies a raise of x%. I am willing to negotiate.”
- “I have been with the company for X years and have completed/contributed to…”
- “A raise would help me meet my goals/contributions to the company.”
What is a good salary raise to ask for?
Start by seeking between 10% to 20% more than you’re currently making. You can also ask for more based on your performance, length of employment with the firm, and other criteria, such as your skills, education, and experience.
How to ask for a raise in a small company?
The process is similar to asking for a raise in a large company, but there are a few things that you should keep in mind.
First, it is important to research the going rate for your position and location. This will help you determine how much of a raise to ask for.
Second, be mindful of the company’s financial situation. Many small businesses are struggling and may not be able to afford to give you a hefty raise.
So, how to ask for a raise? Be reasonable with your expectations, prepare an outline, and be ready to negotiate.
