A raise: everyone wants one, but how to get it? And more importantly, how to ask for a raise without jeopardizing your relationship with your manager. No one wants to come across as money hungry, but the reality is that taking initiative about your career and salary will have a major impact on your lifetime earning.
1) Ask for It
The most common reason that people don’t get the salary they want is because they don’t ask for it. While the unique value you offer to your company is clear to you, it may not always in be in the forefront of your manager’s mind. They likely have other direct reports and other responsibilities to worry about. Many people assume that their hard work will be noticed and rewarded, so they feel that asking for a raise will be unnecessary or have a negative impact on how they are perceived. However, if done calmly and logically, negotiating for a raise could actually improve your manager’s opinion of you. Wouldn’t you want to work with someone who was eager to challenge themselves and confident in their strengths? I know I would.
2) Time it Right
Timing is very important when it comes to increasing your salary. Most people wait until the end of the review period to bring this up, which is a big mistake. By then, you don’t have any more time to prove you are deserving of a higher salary. If there was something specific your manager was hoping to see from you and hasn’t, you won’t have time to correct this. Additionally, there is a lot of review and oversight that goes into setting yearly compensation. Your manager has most likely gone through rounds of reviews with her superiors and gotten approval from HR. If you wait until your review is about to be delivered, chances are your raise (or lack thereof) has already been determined. So, to give yourself time to prove you are deserving of a higher salary, bring up your goals at the beginning of the review period. Be honest about what you you want to achieve in terms of responsibility and salary increases. It’s also a good idea to ask them to be specific about what they want to see from you in order to increase your salary. For example, “I would like to be making $80,00 by this time next year. What do you think my biggest development areas are? Which projects could I work on to build these skills and demonstrate that I can operate at a higher level?” By asking up front, you will ensure you are on the same page about what’s required to move into a bigger role and earn a higher salary. That way, you can spend your time working on what is most important, and by the time your next review period rolls around, you should have a very strong case for getting a raise.
3) Track Your Accomplishments
Once you have had a conversation with your boss and discussed your goals, don’t go silent. Keep the conversation open throughout the review period. Make sure you are checking in with your boss at least once a month to assess your progress. This will help you avoid getting out of sync with them by decision time. It is also incredibly important that you advocate for yourself. No one else is paying as much attention to your accomplishments as you are, so be sure to keep a running list of examples where you were successful. By staying in charge of your own development this way, you will have a tangible record at the end of the year. This is so much more powerful than relying on someone else’s memory and interpretation of events.