How to Succeed at Asking for a Pay Raise

How to Succeed at Asking for a Pay RaiseHow to Succeed at Asking for a Pay RaiseAsking for a pay raise can be an awkward conversation for most people. While many companies have a pay increase policy, it may not address your needs. Competitive industries, such as tech, usually are mora inclined to grant wage increases, but the question of a raise still may be valid. How should the conversation go? And what can you do to increase the chances of a salary increment?The Key Elements of Asking for a Pay RaiseUnfortunately, there is no magic formula that will guarantee your boss agreeing to a raise, but enough preparation will make a difference. Before you have the conversation, considerCompany policyTimingProof of your accomplishmentsMarket researchYour bosss personalityMethod of communicationThe mora you prepare, the more confident youll be. If you believe in your skills and that you deserve a raise, negotiations will be much smoother.Company PolicyMany companies dont grant pay raises to employees except during employee-review cycles. Additionally, they already may pay competitive, industry-standard wages which they mayadjust forcost of living. If this is the case at your company, and you demand an out-of-cycle pay raise, your chances of success are slim. You wont fare any better if you want more than the average for your position.Check your employee policy manual (or similar document) for information on pay raises. Follow policy guidelines to the letter. If theres no flexibility on out-of-cycle pay raises, perhaps wait until your next review. Then ask for a better-than-usual increase. You might see better results than by trying to buck the system.TimingIf youve scored some recent wins, strike while the irons hot. Did you hit your targets out of the park or finish a project ahead of time and under budget? Maybe you solved a serious problem for the company. Most bosses will recognize the merits of a reward under these circumstances.Of course, the opposite holds true as well. Are you way off budget on a project orbehind schedule? Then put pay negotiations on the back burner for now. If the scale of the work you do is disproportionate with the bump in salary youve been promised, you still can talk to your boss. Companies set budgets for pay raises before annual reviews, so dont leave it until then.Approach your boss a few months before and begin the conversation. They can investigate how much you do for the company to justify an out-of-policy increase. Youll need to do your research to back up your argument.AccomplishmentsDont just ask for more money. Give the decision-makerincentiveto reward you. If you do little above the call of duty, your employer probably thinks you get paid enough. If you do more than expected, prove that you deserve a pay raise by emphasizing your value to the company. Document your accomplishments, then present your case to the decision maker when the time comes. Be specific, use examples, and include impressive feats su ch asRevenue you earnedMoney you savedCustomer satisfaction you achievedTight deadlines you met or beatSolutions you implementedProducts or services you improvedInitiative you demonstratedExtra hours you worked without overtime payUse action verbs during the conversation to underscore what youve done for the company.You also could play the long game if you think the time isnt right because of issues like financial difficulties or company restructuring. Consider taking on more responsibilities to justify a pay raise in the future.ResearchHave a reasonable figure in mind and prepare tonegotiate. Establish your earnings range based on your job, company size, location, experience, skills, and demand.Conduct research the following waysLook atsalary surveys. Get a rough idea through sites like Glassdoor and Payscale. They contain salary data on a range of jobs. Numbers could be limited to industry averages, though, and may not reflect experience, geography, demand, etc.Talk to peers. Talk to people with similar circumstancess include performance-based bonuses, extra paid time off, or other benefits. If negotiations are a success, get it in writing with authorizing signatures.Some sample letters can give you a framework from which to craft your own written request.Pay Raise Letter SampleDear (Managers Name),Im grateful for the opportunity to work for you, and my time with the company has been a pleasant and rewarding one.I hope youll agree that in the two years Ive worked for you, Ive become an integral member of your team and accomplished a great deal. For example, in the last six months alone, I haveBulleted list of major accomplishmentsHowever, Im still working on the initial salary on which we agreed two years ago.As I recall, we also agreed to renegotiate my salary in two years based on my accomplishments, and that time has come. In light of my accomplishments and per our agreement, Im respectfully requesting an immediate pay raise of 6%, to be followed in six m onths by a performance-based pay raise of an additional 3%.I feel strongly that Ive earned the immediate pay raise and Im confident that I also will earn the six-month raise based on my performance. But Im willing to negotiate, per our agreement. If you would like to meet to discuss this, please let me know. If I dont hear from you by reasonable date, I will assume that youve waived our meeting because youve agreed to my terms.Thanks again for the opportunity. I look forward to continuing to be a key player on your team in a mutually rewarding relationship.Pay Raise Letter Sample Asking for Meeting 1Dear (Managers Name),Im grateful for the opportunity to work for you, and my time with the company has been a pleasant and rewarding one. I would appreciate your advice on how to increase the reward for my contributions. Would you please schedule a time for us to meet within the next week or so?Any time that is convenient for you will work for me.I look forward to our meeting.Pay Raise Letter Sample Asking for Meeting 2Dear (Managers Name),Im grateful for the opportunity to work for you, and my time with the company has been a pleasant and rewarding one. Im also pleased that youve added new responsibilities to my job and I appreciate the chance to grow my skills. I would like to meet with you to further discuss my new responsibilities and the possibility of a pay raise for performing them well.I can meet with you anytime this week that is convenient for you. If this week isnt convenient, please let me know.