How to Ask for a Raise – Seven Secrets from a Corporate Career Coach
Most of us cringe when we think about asking for a raise. Going to your boss and saying that you want more money is no easy feat. You may get sweaty and anxious just thinking about what to say when asking for a raise. It is one of the most difficult conversations you will ever have in the workplace. We all want more money, a promotion, or to move up in our careers. The plain truth is that if you don't ask, the chances of getting what you want are low.
In my career coaching work, I help people plan, prepare for, and have the "ask for a raise" conversations in a way that increases their probability of obtaining it.
There are many obvious things about asking and getting a raise. However, there are some secrets or not so obvious things that people typically don't tell you. In this article, I will share the secrets that I have learned by coaching professionals in the corporate world. These secrets will dramatically improve your chances of getting that raise you want and deserve:
Manage "asking for a raise" like a project – successfully asking for a raise requires prior planning and preparation. You will want to create a timeline for the different steps needed before you have the "ask for a raise" conversation with your manager. Your planning and preparation will be as important as the actual conversation. You will have to do some self-evaluation of your current on-the-job situation and have enough time to execute what is needed. In my opinion, this initiative is a 4-6 weeks endeavor.
Evaluate your position of power – like in other types of negotiation, you will need to understand your current power position. Are you in excellent standing? Are you already seen as critical to the company? Have you hit your success metrics? What knowledge or expertise do you have that makes your employer need you or want to keep you? Who needs who more? Does the company need you more, or do you need your employer more? You will need to evaluate your potential response to your boss' ultimate comeback answer: "What will you do if we don't or cannot give you a raise?"
Carefully select your timing – like other things in life, timing is everything. Carefully consider your timing: for example, have the conversation when your manager is pleased with your performance, when you secured a win or surpassed objectives or success metrics, or when people around you think you are doing great work. Consider your manager's timing: is he in a good mood? Are things going well between you and your manager, is your manager in a strong position, or is he/she facing challenges?
Market your accomplishments before asking for a raise – The two most important audiences for you at your job are: 1) your manager and 2) your manager's manager. If these two people are not aware of your accomplishments and what you are working on, please don't ask for a salary increase. Typically, your manager is the person that submits a recommendation for your salary increase, but your manager's manager is the one that has the authority to approve it. The last thing you want is for your manager to go to bat for you and have your manager's manager reply be, "Who is Mary?" and "What has she done to deserve a raise?" Net, you need to market your accomplishments months before you ask for a raise. Your manager and manager's boss need to be aware of your positive impact and the projects you own. Be proactive, share what you are working on and your results whenever you have 5 minutes with your boss or boss' boss, present your results in meetings, send emails sharing results, or post about your project in your company's knowledge systems.
Understand this is not a one-time conversation – you may think that "asking for a raise" is a one-time conversation, but it is not. You must plant seeds and build the case over time. Also, you have to understand how your respective employer handles raises and compensation. Some companies have very structured formal performance review cycles and do most of the salary increases at one specific time of the year. If that is the case, you need to build your work-back schedule to know when to start all the conversations, plant seeds, show results, and make your case in time for your manager to make the salary increase request in time for your company's deadlines. It is typically more challenging for your manager to secure a salary increase off-cycle or as a one-off. Think about how to make things easier for your boss to recommend and secure that salary increase for you.
Ask for more money than what you think you deserve – like everything else in life, asking for a raise is a negotiation. If you have proven positive results, the company needs you and wants to keep you happy, you have planted the right seeds, and you have marketed your accomplishments to your boss, then you should ask for an amount greater than what you think you deserve. That way, when your employer comes back with a number lower than what you asked for, you still have a good chance of hitting the salary increase you originally wanted.
Build the business case – many people do not like to hear this: it's not about what's in it for you or why you need it; instead, it is about what's in it for the company. Many companies do not care or cannot do much about your circumstances outside of work. I have seen people ask for a raise because of personal needs. For example, "I need a raise because I am getting divorced, and I am becoming a single-parent household." Even though my empathetic side feels terrible for someone going through personal hardship, most companies will not react well to this approach. I have also seen people come up with comparison statistics: "an Account Manager at another company gets paid $10k more per year than me; therefore, I want a salary increase to match what the other company pays." I have not seen this approach work well unless your current employer strongly needs you, you have shown impressive results, and you have a super-strong negotiation position. Therefore, I do not recommend using the comparison to another company or the third-party salary survey data unless you are ready to walk away if your current employer does not match what another company pays. Instead of focusing on what you need, I recommend you deliver a business case for your salary increase. Specifically, express and quantify the benefits that your salary increase will provide to your employer. For example, with the salary increase, you may take on additional responsibilities, deliver more results, do a critical project that no one currently owns, or provide savings to the company by not hiring an extra person. If you show, with hard numbers, savings, or increased revenue or profit, your chances of success in getting a raise will be much greater. Again, focus on why this will be better for your employer.
So, there you have the advice I have compiled from my experience coaching professionals in top companies and businesses.
I hope this information will help you secure your next raise. If you would like to get a how to ask for a raise letter, visit www.josepinero.com; if you want to ask me any question, please contact me.
I wish you continued success.