So you're ready to ask your boss for a raise and cue the stress.
But good news everybody, asking for a raise
doesn't have to be so stressful.
In fact, talking salary with your employer
is way more common than you probably realize.
I'm Sinéad, and I get it.
Talking salary with your boss takes a whole lot of courage.
So in this video, we are guiding you
through how to confidently ask for a raise in six steps.
We're making sure you have the tools to present a strong case,
sharing tips on how to prepare for the discussion,
and giving insight into what to do if your manager says, no.
Successfully navigating a talk about your salary
or potential increase is a big win for everybody.
Not only do you feel valued, but your employer
gets to enjoy the benefits of a satisfied and committed
employee.
And yes, there are so many great ways to approach the discussion
about your salary.
But of course, there are definite situations
that you do not want to ask for a raise.
So be sure to stay tuned to avoid that pitfall.
All right, let's get started with step number 1.
Know when the time is right.
Ask yourself, am I due for a raise?
Sometimes, you may know the answer to that question
right away, but just in case you're not completely sure,
consider the following circumstances
that will help you decide whether or not it's a good time
to talk salary.
It's been more than a year since your salary was last reviewed.
Your workload has noticeably increased for at least
the past six months.
You have an upcoming performance evaluation and/or
you've been offered another job.
Now, before we explore these circumstances
just a little bit more, a quick warning about that last one.
Being offered another job, this is
one of those tricky situations that
can potentially end poorly.
If you are currently in this situation,
stick around because we will give you
insight on how to handle it.
For now, let's talk about timing because, oh,
yeah, timing matters.
Your timing when asking for a raise
can make all the difference.
First, think of the big picture.
Be smart, considerate it and ensure that one,
the company isn't facing major hardships.
If you've survived a round of recent layoffs,
it's wise to lay off asking for a raise.
No matter how well-deserved, layoffs likely
mean the company simply does not have the means to give you
what you need.
Two, there are no significant market trends
or current events that could negatively
impact your industry.
The people who make the financial decisions
have to think about the entire company, not just
your position.
So an example of bad timing along these lines
would be asking for a raise during a housing crisis
when you work in construction, finance, or real estate.
Just be thoughtful and consider it.
On an individual level, consider you and your boss's day to day.
First, has your job changed or have your responsibilities
increased since your salary was last reviewed?
Second, have you been asked to take on new tasks
at work that have caused personal difficulties
like increased travel demands, or a newly complicated commute?
Next, have you done a great job on something recently?
If the answer is yes, it might be a great time
to shine some light on your above and beyond achievements.
And finally, not only does general timing matter,
but specific timing matters too, down to the day
you choose to approach the topic of a raise.
It's not a good idea to corner your boss on a Friday night
or 30 minutes before the end of the workday.
And yes, specific timing also matters over Zoom.
So take the time to consider what day is best
and always schedule a one-on-one meeting in advance.
There are other no-no's when it comes to asking for a salary
increase.
So for tips on what to avoid when negotiating your salary,
check out this video, right here.
Now, about that ask, be specific and base the number
on research.
Step 2, identify your number.
It's common to enter a salary discussion
without an explicit figure in mind, let alone a number
based on solid research.
So to avoid this potential pitfall,
prepare ahead of the meeting.
One, ask for a specific dollar amount or percentage.
A common adjustment is in the 3% to 5% range.
Now, that doesn't always mean you shouldn't ask for more,
but it's important to keep it reasonable.
Two, research the market in multiple ways,
including reviewing salary websites that
provide broad data.
Keep an open mind while on the web, because titles, locations,
and of course, qualifications do vary widely,
but the internet is a great place to start.
And be sure to check out Indeed salaries
to see what other people in your role and location
are making on average.
You can often get really good info
by simply talking to recruiters and by researching similar jobs
and their salary ranges.
Some companies are transparent about their salary bands,
so take your time doing that research.
And take note if you currently sit below or on the low end
of the range for your role.
Salary bands are restrictive, but it's
important to know where you sit to make
a strong case for an increase.
Talk to your colleagues, get some insight
from your coworkers into how your company usually approaches
salary increases, that way you can calibrate your hopes
and have an idea of the parameters.
Ask others in relevant industry groups
or check with professional organizations in your field.
There's so much great information out there.
And as you're doing the research,
simply look for patterns and trends
and not necessarily exact figures,
because all situations vary.
Now, before I move on, if you've watched this far,
give us a like, hit the Subscribe button,
and hit that notification bell to get our latest career
advice.
The next step is to prepare your case.
Why do you deserve more money?
Step 3, identify your why.
When you ask for a raise, you'll need
to explain why you've earned it.
This is the most important step.
So ask yourself one, what positive feedback
have I received?
Two, what recent result am I most proud of?
Three, where have I taken initiative?
Four, where have I made the biggest impact?
And you definitely want to quantify your results.
You probably don't need to walk in with graphs
and slides, necessarily, but you should always
be prepared to make a great case.
And most of the time you can do that in a fairly easy going
way.
The conversation might begin with, "I'm
grateful for the challenges and responsibilities I
have taken on over the last year and a half.
I've consistently exceeded my goals,
and I'd like to talk about adjusting my salary
to reflect this higher level of contribution."
Now, if your organization is more data driven,
that same discussion should include more data and KPIs
or Key Performance Indicators.
For example, this conversation may sound similar to,
"Since my last raise, over a year ago,
I've taken on many additional responsibilities.
I'm now overseeing our five junior level employees.
And as you mentioned last week, our results in that area
have increased by almost 10% in the last quarter.
I've addressed concerns we had about procurement's relations
with vendors, reducing P&L costs in the last quarter.
Finally, with accounts receivable,
our late payments are down by 40%.
Can we discuss adjusting my salary
to a level that reflects this new work?"
Even if your work feels less quantifiable,
you should still factualize your case using numbers.
And we actually have a great video on that, right here.
But think about if you were a nurse,
you could analyze the overall hospital's numbers
and apply those to your own department.
For example, "Since my last performance evaluation,
our unit has consistently handled higher case count
without adding any staff members.
Our capacity has expanded since we took over
that extra wing of the hospital and my patient care surveys
have higher satisfaction ratings than average.
Are you open to reevaluating my compensation
given the increased workload, while still exceeding
our service level goals?"
Pay attention to some of the nuances
in these verbal examples.
Refer to work you've already done
not work you're promising for the future, very important.
Communicate your confidence with strong words
that assume cooperation.
Make a case based on the value you
bring not your personal situation.
Although your twins may need braces,
this should not be the reasoning behind why you need a raise.
So now that we've discussed how to work through your why
you deserve a raise, let's take a step back
and put ourselves in our boss's shoes.
Step 4, consider what your manager may be thinking.
Most managers want to hold on to great employees.
And if you follow the advice that we're sharing,
your manager isn't likely to be thinking, wow, what nerve.
Most often, they'll be thinking, how big of a raise
does this person deserve?
Managers have the responsibility to understand
how valuable you are to the company,
not just how well-liked you are.
Do I have money to say yes to this request?
Your manager might want to give you a raise
but not have the money in their budget.
In larger companies there may be salary bands for exactly
this purpose and going outside the range can be difficult.
What would this mean for other people's salaries?
Your manager has to consider all others in similar levels
when negotiating with one individual.
Is this a reasonable salary overall?
Yes, it is possible to ask for too much.
If you ask for something absurdly high like doubling
your salary, it's likely to look naive and maybe even
a bit egotistical.
So absolutely know your worth, yes, but also be humble.
Finally, am I worried about losing this person?
The subtext to a request for a raise is always,
I might go somewhere else if you say no.
And managers will be way more willing to go out
of their way to negotiate a raise than risk
losing a fantastic team.
Managers want to keep worthy employees.
And besides, it's perfectly natural to ask for a raise.
We have a video on how to ask for more, right here.
But if your request is reasonable and backed up
by your value, a good manager isn't
going to respond critically, though they might not
be able to say, yes, which brings us to step number 5.
Prepare for no.
Oh, yes, this one hurts just a little bit even thinking
about it.
But if your boss does turn you down, don't sulk.
Embody that professional grace you
have and ask your manager or your boss what
you could do to earn an increase in the future.
A supportive boss will be able to tell you
what you need to do in order to earn that raise.
Now, what if you've been turned down,
but you desperately need a raise?
What are you supposed to do then?
That leads us to step 6.
Know when to put yourself back on the market.
When you've been with a company for so long
and the timing is just right, asking for a raise makes sense.
It's important for you to ensure that you
are compensated appropriately for what
you bring to the company.
However, some companies aren't in the habit of evaluating
salaries all that often or as we've learned,
may not have the means to increase your pay right away.
So if you get turned down but are still
in need of a bigger paycheck, put yourself back
on the market.
See how your resume performs, and learn
if you can attract the right employer to your desired
compensation.
You never know what opportunities
are out there until you look.
Now, always keep in mind that looking for a new job
might lead to a new job.
And yes, of course, that's great,
but that also means a new company or employer.
So take your time determining how much of a salary increase
you need and the associated responsibilities,
because those will be new too.
Higher pay means the company is making a bigger
investment in you, so make sure you are up for the challenge.
It's common for people to fear the worst,
but if you've taken the steps to self-evaluate your performance,
and believe that the timing is right,
build up the courage to ask for a raise.
Remember the key steps.
1, get the timing right.
2, identify your number.
3, prepare your case by identifying your why.
4, understand what your boss is thinking.
5, be prepared for a no.
And 6, know when to put yourself back on the market.
If you follow these guidelines on when and how
to ask for a raise, you have the best chance
of earning what you feel you deserve.
If you found this video helpful, be
sure to hit the like button right down below, so that we
know it's helpful to you.
And then subscribe to our channel right
over here for weekly career advice.
And there's no need to wait because you can check out
this playlist, right here.
And for more tips on what to say when negotiating your salary,
check out this video right down here.
I'm Sinéad, best of luck to all of you,
and I'll see you next time.