If you think it’s the right time to ask for a raise, you should be prepared when you negotiate with your supervisor.
The following five key points will help you be ready when you ask for more money from your employer.
Decide if you plan to stay at your company
Before you ask your boss or supervisors for a raise, decide if you are committed to staying at that job or with the company.
You should think critically about whether you like the job, where you would like to stay, invest your time and effort in, and if you are actually interested in negotiating a higher salary.
List your significant and key minor accomplishments
Before you head into your boss’s office, make a list of your best accomplishments, focusing on ones that saved your employer time and money, or increased productivity.
Accomplishments can range from revenue gains, sales and acquisitions, and all leadership roles and achievements.
Be specific with your benefits and salary requirements
When it’s time for you to ask for a salary increase, have specific must-haves in mind. Speak clearly and list the specifics you are requesting.
Asking specifically for what you require helps keep the situation clear from the beginning of your meeting.
You can say, “I am asking that the company raise my salary by X dollars an hour, or X dollars per month/year, or I’m asking for ABC to be added to my employee benefits.”
Research the market value of your job
Another crucial part of a successful raise request is convincing your employer that similar jobs are paid at a different pay rate. Look at the market value of the position you hold.
Market value is crucial to establishing a going rate that you both can be on board with. The best way to establish that going rate is to do your market research and know your job’s value.
Have a plan B
Even if your boss is hesitant to give you a raise, you can still ask about other benefits that may be of value to you. Car or commuter allowances, personal time off, and education benefits for continuing advancement and learning of career skills are a few common benefits some employers offer.
Then you can decide whether you agree with the options offered by your boss.
If your boss refuses to consider your request or doesn’t give you an offer you feel you deserve, you can decide what your next move will be.