Asking for a raise is not an easy conversation to have with your manager but if you feel that you are truly underpaid, this chat is necessary. With right preparation, confidence and you can get the raise you deserve! Read on to find out how!
1) Understand your value: Do your research and figure out what the going rate is for your position and experience. "Research salaries on jobs comparable to yours in a like industry and region. It is vital that you know the prevailing rate of pay on jobs sharing similar circumstances with yours." says Donna Flagg via Psychology Today.
2) Speak to a head hunter: To confirm what people in similar positions are earning, speak to a head hunter. Explain your current responsibilities and years of experience for your head hunter to provide you with an accurate number.
3) Come up with a final number: Once you have done all your research, come up with a final number to present to the management. Always leave a bit of wiggle room, as your manager may want to negotiate the numbers down. "The amount of money you ask for should depend on the going rate for that particular job, the amount of experience you have..." says Fredric Neuman M.D.
4) Schedule a meeting at perfect time: Timing is very important when asking for a raise. Find out the finances of your company and plan your meeting around that. Experts also suggest to ask for a raise towards the end of the week as managers are usually more accommodating during that time.
5) Bring a list of accomplishments: Talking about your accomplishments vs. proving your accomplishments are two very different things. Come to the meeting prepared with a list of times you have proven yourself as a valuable asset for the company. "You may consider writing up a one-page summary of your accomplishments or having a binder which includes positive performance evaluations, examples of projects you've work on, or unsolicited compliments from clients or customers" says Alan A. Cavaiola Ph.D.
6) Make your case, then wait: Present your case to your manager in a professional and confident manner. Once you have requested a final number and discussed your achievements, the next step is to wait. Your manager may require a few days to get a raise approval or review the department finances.
7) Have a backup plan: Your manager may come back with a 'no' to your salary increase request, and for this moment you should have a back up plan. Ask yourself, are you willing to take on more responsibility to prove your worth, or should you move on to find another job to get paid what you deserve?