(Best of success on getting that raise!)
Prepare for your raise conversation by gathering specific performance data. Examples include your contribution to projects or deals that brought revenue to the business, efficiencies you suggested that saved your team time, clients you helped save, and awards or accolades that you received. Bonus tip: Make a habit of proactively sharing your achievements with your boss on a regular basis. This will help your manager see you as a high achiever worthy of a promotion long before a raise discussion occurs.
Compare your current salary from an objective source to see if you have room to negotiate. Online salary research tools such as Glassdoor, Monster or PayScale can help you check salaries of similar roles in your area.
Consider your timing to ensure the request is appropriate. Good times to ask include at your annual performance review or on the heels of a project where your work was remarkable. Avoid asking during exceptionally hectic times or during the busy season.
Make an appointment with your manager to present your case once your preparation is complete. Say something simple and direct like: "I'm excited about growing with this company and I'd like to discuss my future and salary, when would be a good time for you?"
Ask calmly and confidently in your meeting. Begin by expressing gratitude over your current pay and enthusiasm for your future. Specify the salary you desire and use the data you've gathered to explain your reasoning. Point out that while your current role is the priority, you want to ensure you set yourself up properly for future achievement. Whether your raise is approved or not, it's key to enlist your manager in helping you achieve career goals over the long term.
Following a successful raise conversation make sure you're clear on any additional responsibilities and deliverables, so you can sustain or surpass the performance level you present as the justification of your increase.
If raises aren't in the budget this time around, suggest an interim performance appraisal or check-in to review the situation. Ask for recommendations on how to improve in your current role and next steps that would bring higher income and implement this feedback. This could also be a moment to ask for perks instead of a raise: more vacation time, a title change, half-day Fridays, flex-time or working from home, which can all help bridge the gap.
Taking these steps when asking for a pay increase can simplify the legwork, boost your confidence and increase your odds of a favorable answer!
Sources: Glassdoor, Forbes