Negotiating a pay raise can be an important step in your career. With a raise now, you improve your future earning potential, and you could save nearly $400,000 over the next 30 years if you invest your $5,000 raise in an account that earns a six percent return. Successfully negotiate and land your next raise when you take eight easy steps.
- Showcase your Performance
You may think you deserve more money, but you must prove your worth and value to the company before your boss will give you a raise. Provide data and details as you showcase your performance.
Start with a list of your measurable achievements. Have you landed a lucrative client or tackled a complicated video production project? Maybe you’ve mastered a new skill or earned an advanced degree that will benefit your company. Outline these achievements as you prove that you’re worthy of a raise.
Next, record significant contributions you’ve made to the team and the company. Have you maintained a good attitude during challenges, diffused a stressful situation, built relationships, or stepped into a leadership position without being asked? List any specific contributions like these to illustrate examples of when you went above and beyond the call of duty.
Now analyze your job responsibilities. If you’ve taken on extra duties or your job description has changed, ask for extra money to compensate for the extra time and effort you put in each day.
You’ll also want to share any praise you’ve received from your boss, coworkers or clients. Print emails or share details about the specific instances when you received verbal accolades for your performance, attitude or actions, proof that you add value to the company.
- Know the Numbers
Do your research to discover what your position is worth and calculate the exact raise you want before you meet with your boss. Talk with job recruiters, check out salary sites like Glassdoor or Payscale or talk with other employees in your industry to verify the going rate for your position.
- Focus on the Company
While you may want more money because your rent increased or you’re expecting twins, focus on how your raise will help the company rather than on your personal financial situation. Ensure your boss understands that your raise will equip you to continue to improve the company’s bottom line.
- Negotiate Perks
An increase in your pay rate is nice, but remember that you can also negotiate perks, especially if your boss feels reluctant to give you more money. Consider asking for extra vacation days, flexible time off, telecommute opportunities, tuition reimbursement, specialized training, or stock options. These perks could improve your morale, help you achieve work-life balance or open doors of opportunity.
- Prep your Boss
Talk to your boss in advance about your desire for a raise. With advance warning, your boss can review your performance and current salary and begin thinking about the ways you benefit the company.
- Schedule the Meeting
Avoid discussing a raise during a busy or slow season, after a financial slump, or before or after your boss’s vacation. Instead, choose a time when your boss is likely to feel relaxed or after you’ve created a stellar ad presentation or made a significant contribution to the company.
- Prepare for a No
Despite your best negotiations, your boss may refuse to give you more money. The way you handle this news can determine your future success, so be prepared to negotiate for perks or request to revisit the raise issue in six months. Additionally, ask your boss to identify performance achievements, move you to a different position with more responsibility or provide additional training that will qualify you for the raise you want. As a last resort, consider finding a different job where you can receive fair compensation or grow in both your career and paycheck.
- Remain Professional
Because negotiations can be challenging, do your best to remain calm, humble and relaxed. Stand firm in your accomplishments, but don’t be cocky, greedy or entitled. Also, don’t threaten to quit because empty threats could affect your job.
You can successfully negotiate a raise with these eight easy steps. They prepare you to ask for more money and receive the pay you deserve.