Did you know that over 50% of people who ask for a raise get it?
Here are a few tips on how to get a pay raise when you know you deserve it.
Talk value, not need.
Most of the time your boss doesn’t care that you’re finishing school, that you’re supporting another child, or that your spouse just lost his job. Don’t lead with why you need more money. Instead, make a case for how you’ve helped make the organization better. Have you taken on responsibilities that added value with measurable results? If you’re responsible for increases and have knowledge that is critical to the operation of the business, then your boss will likely be favorable toward the idea of compensating you for your contributions.
When you ask is important. Some favorable times include:
- When the company releases higher-than-expected quarterly earnings.
- When you’ve been publicly recognized for a job well done.
- When your boss is in a good mood.
Someone on my team pointed out that I am always in a better mood when I am wearing a white shirt. I didn’t know that nor do I know why that may be true, but it was a great observation on her part!
Get another offer.
The bottom line is that you are worth what someone is willing to pay you. This can ultimately only be proven by actually having someone offer you more. Only use this approach if you’re willing to follow through by leaving (or staying based on the strength of the counter-offer). Sometimes its worth discovering what someone else would pay to know what you’re worth in your industry.