Asking for a raise can be a nerve-racking experience. Even for supremely assertive, confident people, it's usually a difficult ordeal. Here are the keys to successfully requesting a raise.
Evaluate your worth.
Give specific examples with percentages, numbers, facts and figures. Make a list of your accomplishments, skills and contributions. Make before-and-after comparisons. Be sure to include your goals for next quarter.
The Big Picture
Research what the market pay rates are for your job. Check out compensation surveys like the National Compensation Survey by the U.S. Department of Labor or web sites like Salary.com to determine how your salary stacks up to what other local employees in your position are making.
Get a Good Reason
If you are going to ask your boss for a raise, make sure you have a good reason. 'Needing the money' doesn't count. Present it in a business framework. Explain how others with similar responsibilities are paid — prepare to show your market research. Remember, the money you get paid is all about the value you add to the company.
Plan Your Strategy
Too often, people don't think about what they're going to say until they're actually in their boss' office. That's too late. You have to plan your strategy in advance, just as you would plan any business project. With copies of salary surveys and salary scales, you'll have quantifiable evidence that your request for a raise is a reasonable one. And you'll be able to back that up with a strong list of accomplishments that demonstrate how valuable you are to the company.
Timing is Everything
Assess your supervisor's mood and outlook. Is he or she ready to consider your request? Often the best time is after a strong performance review in which your boss acknowledged your accomplishments or when you've just accomplished a big success. That way, your achievement won't lose its luster.
If you decide to have the raise discussion when your boss is not expecting it, or if your company does not have regularly scheduled formal reviews, let her know you want to set aside time to sit down and talk about your compensation and performance.
The Art of Negotiation
Your best bet is go in and ask for a specific amount that's a little higher than what you want. Be flexible. Would you consider additional perks, more time off, flextime or vacation time instead of a raise?
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