If you’re feeling the pinch of inflation or increased living expenses and are confident in your performance at work, you may feel like it’s time to ask for a raise.
But feeling like it’s time for a raise and feeling confident in asking for one are two different things. Also, it is important to get the timing right. You might be crushing it at your job, but if the company is going through a rough patch, the odds of landing a raise aren’t in your favor.
While the job market and economy are always changing, a recent survey of senior managers from Robert Half suggests that this is a good time to ask for a raise. In the survey, 91 percent of respondents said keeping valuable staff members is their top concern.
If you think the time might be right for you to get a raise, consider the following factors.
Compare Your Pay to What’s Out There
Time for a hard truth: If you’re already making a lot more than your peers, you might have a tough time getting a raise. Start by researching average salaries for your position on Internet sites like Salary.com. Also, consider any talk around your workplace about what other people are making in your position or any pay-related feedback you’ve gotten. For example, if your boss tells you that you’re the highest-paid person in the company with your job title, you probably have an uphill battle for getting that raise.
Quantify Your Results
You might feel like you’re doing a great job, but obviously you’re biased. The best way to take subjectivity out of the equation is to quantify your results. Collect any data related to your performance and pick out the best numbers for making your case. You should also take notes on any additional responsibility you’ve taken on since your last raise or promotion.
Prepare Your Pitch
Once you’ve quantified your results and outlined any increases in responsibility, it’s time to formulate a pitch for your raise. Think about your biggest achievements and how you went above and beyond what’s expected to reach them. Be prepared for any feedback you might receive. You may not like what you hear, but taking feedback in stride and acting on it will strengthen your position for a raise in the future.
Consider a Fallback Position
Even if you’ve done everything right and you have a very strong case, it’s still possible that your boss will say they can’t give you a raise right now. You should prepare for this possibility by having a fallback position. Ask what it would take to get a raise in the near future. If the issue isn’t your performance, ask if you can get other concessions or perks that don’t have anything to do with financial compensation, such as a flexible schedule or extra days of paid vacation.
Settling on a fallback position is a great way to still get something out of your request, and it can strengthen your hand for a future raise.
We Can Help You Find a Better Paying Job
For many people, the easiest way to earn more money is to get a new job. At American StaffCorp, we regularly help folks get a new job that pays them what they deserve. Please visit our job search page today to see what positions we have available.
