How to Ask for a Raise

How to Ask for a Raise How to Ask for a Raise Building Your Case 7 Steps to Asking for That RaiseAsking for a raise is no easy task. Be confident in your value, and prepare your argument with these steps.Youre good at your job and you like what you do. The only problem is youre simply not making as much money as you think youre worth. Thats okay. Theres a good chance that youre right.Its always nerve-wracking to go to the anfhrer and begin negotiating a raise. However, if you take these seven crucial steps before having that meeting, you can boost your confidence and your chances of getting the bump in pay that you deserve. Heres what to do to learn how to ask for a raiseStep 1 Review company policyBefore negotiating a raise, take a little time to review your companys policy on raises. If your company has it clearly defined in the handbook that raises are only permitted during annual reviews, you know that youre in a bad spot. You can still go for it, but youll have to address that i ssue directly and present a reason why your case is outside the scope of those guidelines.Step 2 Consider your recent (and future) performanceHave you been killing it lately? Not just for a week or two, but have you put together a few months of work that is clearly above and beyond your established role? What do your colleagues think? If you have received kudos, awards, and compliments lately, log them and use them as evidence in your favor. If you really want to wow the boss, present your ideas of how your work is going to get even better and help the bottom line in the months to come. The mora you can quantify your value to the company, the easier it will be for your boss to justify spending a little more on you.Step 3 Research market dataSo you feel like you are underpaid. Are you really? Learning how to ask for a raise means you need to know this before the big conversation. Check out websites like Salary.com or Payscale.com to check out the market data and discover what your po sition typically earns. Dont overlook the market that you are in. Cost of living, competition for jobs, and market size all factor into the pay scale for your position. If you discover that youre already on the higher end of the pay scale for your job, you may need to consider other options. Perhaps theres a promotion waiting for you.Step 4 Consider the timingNegotiating a raise isnt about you. This is about the other factors at your workplace. How is your company doing as a whole? Are profits on an upswing? You want to make your request when the going is good. Asking for an increase in pay when things arent going well for the company could be disastrous. You also want to consider the timing for your boss. If your boss is going through a difficult time, whether at the office or at home, you may want to wait until things relax a bit. Always aim for happy times when asking for that bump in pay.Step 5 Prepare for the objectionsWhen learning how to ask for a raise, Its time to think lik e a lawyer. If you are going to present your case as to why you deserve more money, you have to be ready for the opposing side to present reasons why they can say no. For instance, if they say Its a bad economy right now, but you know that your companys profits are way up, you can suggest that you are a big part of the reason that your company is defying the economy (but only if thats true).The more prepared you are for negotiating a raise, the easier it will be for you to have a calm and rational conversation.Step 6 Have a Plan B (and maybe C)Youve done your best, but a salary raise has been completely ruled out. Now what? Be prepared with other ideas that could make you happy. Would a few more days of vacation time work? Perhaps you could create some sort of bonus or incentive program with clearly defined objectives? Put some thought into what could make you happier at your job besides just a bump in pay. You may not end up with the raise you wanted, but you could still come out a head.Step 7 Be prepared for noWhat if you dont get the raise and the boss doesnt go for plan B or C either? Are you preparedtoupdate your resume and leave the company? Will you be okay with the status quo? You dont have to tell your boss what youre thinking, but you do need to have a plan because its always a possibility. Think it through and be ready to follow through if that situation should happen.Negotiating a pay raise is a tough thing to do. You have to be confident in your work and have the ability to sell the value that you bring to your company. The more prepared you are before you have that meeting, the better your chances of success. Its your career, go ahead and take charge of itReady to write the next chapter of your career? Hire a TopResume writer todayRecommended Reading5 PhrasesYou Should Never Use When Negotiating SalaryHow to Know When to Quit Your Job and When to Love It AgainHow to Handle the Dreaded Salary Question During Interviews