You’ve been working to the max and it’s time for some appreciation, of the monetary variety. Much as we’d like to think your boss would go out of his way to give you a reward, chances are you may just have to whip up the courage to ask for it! Here are some tips to help you plan your case:
- Add up your accomplishments: Your boss isn’t going to give you a raise just because you “want” one or “need” one. She’ll decide to give you a raise because you deserve one. Thus, you need to show how much value you’re bringing to the company—ideally in terms of dollars. Prepare short summary in which you calculate all the money you’ve brought in and/or saved the company. Even if your job can’t as easily be translated to dollar figures, try to monetize your accomplishments in some way. For example, if you’ve taken over all the projects of a recently departed colleague, in addition to your own, say that you’re doing two jobs for the price of one, and saving the company her $50,000 in salary. Then, ask for part of those savings. 20% translates to $10,000 more for you!
- Research your “worth”: Before you can adequately assess what you should be earning, you need to know the going market rate for someone of your position, education, skills, and talents. You can discretely ask around to coworkers (although some people and employers are squirrelly about this) or friends who work in similar jobs at other companies. In addition, check out salary info sites that compile ranges for different professions, such as www.salary.com; www.jobstar.org; www.salaryexpert.com; or http://salary.monster.com/. You also may want to check out the financial health of your company. If your company’s stock is dropping, or it just lost a major client or is about to go through a restructuring, maybe now isn’t the best time to ask for a raise! (Although, at the same time, there will always be economic circumstances, and if you’ve really earned it, just go for it!)
- Evaluate your BATNA: As with any other potential negotiation, you need to think about what you will do if your boss says no, or gives you a lower-than-requested amount, before you actually ask. Do you already have another job offer, with a higher salary, in hand? Will you quit—or feel so rejected and demoralized that you’ll want to? Is there any reasoning your boss can give for his denial that will satisfy you? Will you wait it out and re-ask for a raise later? There’s no exact “right” answer for how to deal if your boss denies your request; it depends on your circumstances. But you need to evaluate your options, and prepare yourself, beforehand.
- Make an Appointment: In setting up a time to chat, think in both the micro and macro sense. In the micro sense, you want to pick a day and time that both you and your boss are not busy or frazzled. For what it’s worth, some experts have said that Mondays and Tuesdays are no-nos; those are reserved for firings and layoffs, respectively. Wednesdays are for departmental meetings; and Thursdays and Fridays are for job offers and good reviews (bingo!). In the macro sense, you want to ask at a point in time when your boss hasn’t already made her budgets for the following quarter or year. If she’s already planned to hire a new assistant and give Suzy a raise, it may be less likely she has extra money for you.
- Present your case: Practice your mini-speech to aloud or a friend. Then gather up your all your information and your points, put on a great outfit, and go in there and give your most persuasive presentation about why you deserve a raise!
