4 Key Tactics for Negotiating a Raise
You’re already taking the first step in advancing your career by getting a degree from Argosy University. If, in addition, you've recently taken on new responsibilities, been recognized for your contributions to high-priority projects, or improved your company in other notable ways, you might be wondering if it's time to ask for a raise.
Even when they believe it is deserved, many employees are afraid to propose a raise and are completely unsure of how to approach the issue with their boss.
If you’ve been considering negotiating a raise, here’s some advice that we hope can help!
1. Consider Your Timing
Timing can be crucial. First, consider the financial well-being of the organization. If your company is obviously struggling or going through tumultuous changes, it probably isn’t the best time to propose a raise. Also, avoid waiting until your annual review to bring up a raise. By that time, your raise (or lack thereof) may already be decided.
2. Do Your Research
Research the average salary for people with similar experience, education, and job responsibilities in your industry. Know how you compare as well as the value you bring to the organization (quantify this value if you can). Information about the projected growth of the company and overall industry may also come in handy in proving your point.
3. Compile Convincing Evidence
Always be on the lookout for evidence that you’re doing well. Save performance reviews, customer testimonials, or any statistical data that demonstrates the impact you have on your organization. Use this information to build a case that you are indeed a top performer and deserve to be compensated as such.
4. Stand Your Ground
When negotiating your raise, be confident and stand your ground. It may help to practice beforehand with a friend or family member. Bring along your performance information as well as your industry research. Start with the high end of the salary you desire and be prepared to work your way down. If your boss isn’t open to a salary increase, bring up alternative benefits that you desire in lieu of a raise such as telecommuting or more vacation time. If you encounter objections, keep the conversation going. Ask your boss probing questions so that you can understand their point of view and, if possible, address their concerns.
And the outcome is...
If your supervisor does say no, don’t give up hope just yet. Work with your boss to create goals or performance targets and then do your best to achieve them. The most you can do is to continue to be honest with your boss, reach and exceed your goals, and be prepared to revisit the issue in the future.