Pay Raise Advice: How to Ask For and Receive One
No matter where you work or how much you make, you probably feel you could use a raise. Asking for a raise is difficult, and if you don’t do it correctly, you may end up putting-off your superior. At Menlo Partners, we want you to get paid what you deserve. We’ve put together some tips and advice from experts on how to get a pay raise.
Steph Auteri, career coach, writer, and editor of Word Nerd Pro says, “Your boss doesn't care that your commuting costs went up, that you're supporting another child or that your spouse lost her job. Don't lead with why you need more money. Instead, make a case for how you've helped your company become even more profitable. Sure, you may need the money. But make it clear that you also deserve it.” The best way to show that you deserve a pay raise is to demonstrate your value.
Demonstrate Your Value
Remember, like anything at work, getting a raise is a numbers game. Logan Lenz, the founder, and president of Endagon recommends keeping track of everything you do at your job. When you’re ready to ask for a raise, “design an impressive chart or graph that definitively displays the monetary value you have created for the company. Throw in your current salary and calculate their internal profits from your work. Present this to your boss and strongly state your case.” Your boss will be motivated to give you a pay raise if you can show him or her your value.
Elizabeth Saunders, founder, and CEO of Real Life E® recommends getting another offer on the line. “The bottom line is that you are worth what someone is willing to pay you. The most compelling argument you can make for a raise is that you have other written offer(s) on the table and that you would consider staying if your boss can give you a high-enough counter-offer.” Be sure not to use this tactic if you’re not willing to follow through and take the other offer.
Timing is Everything
This is the most important thing to remember when asking for a pay raise. Anthony Saladino, co-founder, and CEO of Kitchen Cabinet Kings reminds you to ask for your raise at an opportune time. “Some favorable situations to look for: company releases higher than expected quarterly earnings, public recognition of a job well done or a situation where your boss is in a good mood.” If you ask your boss for a raise when your company is doing well financially, your odds of getting the raise goes up.
Asking for a raise is tough but often getting up the nerve to ask is half the battle. Don't beg, demonstrate your value, gain leverage and make sure your timing is right before asking for a pay raise.If pay is a consideration in changing jobs, make sure to explore this important topic with your boss before putting yourself on the market.