12 Things You Need to Know Before You Ask For A Raise
Your year-end-review is looming and anxiety is already setting in at the thought of how to ask for that raise you feel you’re long overdue for. And while it might be uncomfortable, there are tricks to nailing a meeting with your manager to help things go your way.
First, it turns out you actually shouldn't showcase every accomplishment-only the ones that matter. “It’s more quality than quantity based. You’re trying to show your leadership has developed and that you’re already working at that next level,” Tammy Sheffer, Chief People Officer at Rent the Runway, says.
Devon Smiley, a negotiation expert with over 15 years of experience and over 2,000 clients under her belt, says this process is especially frustrating for women, who often feel demanding or difficult when they ask for a raise or a promotion at work. Being prepared, concise, and direct with your manager is the key to crossing that hurdle, she says.
And researching your market value, projecting confidence, and presenting a clear cut case for why you deserve a salary adjustment is only part of the equation. Continually expanding your skills, keeping an ongoing dialogue with your manager, and networking internally and externally round out the other half. As Sheffer recommends, “always have a relationship with your boss’s boss.”
Ahead, experts offer tips on how to ask for a raise, when to ask, and the best way to present your case.
Start collecting a file of all your wins at work.
“A year is a long time, people forget what happened,” says Smiley. So she recommends starting a “sweet folder,” a file documenting all your successes at work. Did you receive positive notes and feedback from senior staff or clients? Add that to the file. Did you pitch and work on a successful project? Add that to the tile. Presenting your wins and the value you’re creating for the company will help build your case for that raise or promotion-and makes a manager’s task easier when they present your case.
Remember: This doesn't need to be an annual conversation.
You’ve already had a salary review that didn’t result in a raise. Six months later, you have a big win at work. What now? “Don’t sit on your success,” Smiley recommends. Instead, jump on your positive momentum and present a case to have your salary adjusted to your manager. Discuss the benefits your project brought to the company. Was there a revenue increase? Has your market value changed? Don’t be wary of having this meeting outside the year-end-review window.
Own your own development.
Take stock of your skills and shortcomings and take charge of improving yourself, recommends Sheffer. “The employer has to help you grow and cultivate your talents, but at the end of the day, everyone is in charge of their own development,” she says. For example, if you don’t enjoy public speaking, read books on the subject, take classes, attend conferences. This will add to your value for your current employer and for future opportunities down the pipeline.
Prepare by practicing asking for what you want in other places, like skipping the grocery line.
Start asking for smaller things both at work and in your personal life.
To build up confidence, Smiley advocates practicing asking for what you want. Start small by asking to skip the line at the grocery store if you’re in a hurry, or requesting help at work to finish a project. Over time, these small asks will hopefully alleviate feelings of being difficult, a bother, or a nuisance and prepare you for a meeting with your manager.
Don’t threaten to leave.
Nothing shuts a conversation down faster than a negative attitude and threats. You can always leave if you want to, but keep that to yourself. Go into the meeting with your manager with a positive attitude that creates a dialogue.
You want to distill the key facts in bite-sized content that your manager can absorb.
Keep your performance reviews short and to the point.
While it may be tempting to make your end of year review an opus of your accomplishments over the past year, Sheffer says this is a disservice to you. Even if you can fill five to eight pages, keep it short so your manager doesn’t get lost in the information. "You want to distill the key facts in bite-sized content that your manager can absorb. Be succinct, but give them the right information they need to make a good decision,” she says.
Think about more than just the money.
Think outside the box, is there more than just money that you are looking for? If you’re a parent, perhaps it’s adjusted hours for better work-life balance. Perhaps you want the company to invest in professional development classes so you can increase and cultivate your skills. Not only does this boost your market value, but you’re now more invaluable to the company.
Network within the organization.
A key factor in presenting your case is showing not only your value to your team, but how you're contributing to the company’s overarching mission and vision, explains Smiley. And a considerable part of that comes down to networking within the organization. The bigger network you have, the bigger value attached to your name. Smiley recommends attending breakfast events, joining a leadership group at your company, or jumping on an opportunity to work on a new project. All of this makes it easier for your manager to present your case to senior staff and human resources.
Don’t apologize for asking for what you want and deserve.
This goes for everyone, but is especially important for women. “We apologize for even asking to have a discussion about a raise,” says Smiley, adding that feeling of insecurity stems from an awkwardness negotiating for ourselves and not wanting to seem greedy. She recommends thinking broadly about the universal effect that a raise or promotion will bring. Will it help you better take care of your children or your elderly parents? Will it determine if you take a vacation or invest in a home?
Put time into researching your market value so you have a clear sense of where your range is.
Research and know your market value.
Put time into researching your market value so you have a clear sense of where your range is. Free and trustworthy resources like Glassdoor.com are invaluable in helping you determine a custom salary estimate based on your experience, location, and company. As you develop your skills throughout the year, check back in for an updated estimate before your meeting.
Ask for a raise when you know you are underpaid.
You've done your research and realize you're underpaid. What now? "Have confidence and lay out the agnostic view, your understanding of the market, and how you think about your positioning within that range," Sheffer says. Avoid boxing yourself in by asking for a specific number. Instead, make a fact-heavy case for why your salary should reflect the market value for the position, your experience, and your skills.
Project confidence and believe you deserve what you’re asking for.
Projecting confidence is key in having a productive meeting. Be confident that you are deserving, show that you are determined, and appreciate what you bring to the table. “It’s not what you ask for, it’s how you ask it,” says Sheffer. Be fact-based in terms of your achievements, how you’ve added value to the company, and how you’re already functioning at the next level.
Be prepared to be passed over for a raise or promotion.
If you’ve presented your case in the best way possible but did not get the raise or promotion you were hoping for, how you handle this moment is important. The most productive thing you can do, says, Sheffer, is to go back to your manager and ask why. Inquire into the specific reasons, where are the gaps where you can improve? What areas should you invest in improving and developing? Stay cordial and leave the meeting really understanding what you can continue to work on.
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