Performance reviews are either underway or fast approaching, making it an ideal time to request a pay raise. Arm yourself with the right tools, so you can successfully secure more in compensation right away.
That's why I'm hosting a FREE workshop next week, providing you with the tools to effectively ask for a raise. Details are at the end of this article.
What is your worth?
Firstly, understand your worth. If you started at an entry-level and have since taken on more responsibilities, you're contributing significantly to the organization's success.
But how much more? Do some diligence on this - don't skip it.
Excellent resources to gauge this are Team Blind and Levels FYI and H1 Data. These sites offer comparable salary data and are great starting points. Additionally, tapping into your network to find average salary ranges is another effective approach.
Financial savvy
Be aware of the company's financial performance. If the company is thriving, then it's definitely appropriate to consider a raise.
Write out your pitch
To persuade your employer, you need a well-crafted pitch. Here's an example to kickstart your pitch writing:
"I've enjoyed being part of the company and am enthusiastic about our mission and goals. Over the past [X] years, I've worked on various projects, contributing significantly to the team's success. During this period, I've enhanced my skills in [mention your skills, e.g., project management, marketing strategy, or coding], consistently exceeding my job requirements."
A celebrity equivalent for your manager
Understand your manager. Are they more driven by results or relationships? Do they value long term consistent growth? What kind of language would they respond to best? Think of them in terms of celebrities – are they like Gordon Ramsay, Oprah, Ellen DeGeneres, Mr. Rogers, or Tom Hanks? Then tailor your pitch accordingly.
Also, give your manager plenty of notice. Request a meeting specifically to discuss your pay raise to ensure a constructive conversation. Springing a sudden pay raise request during a casual chat can catch them off guard and might not yield the best results. By scheduling a formal meeting in advance, you give your manager time to prepare and fully consider your request.
Flex and adapt - but ask for more!
Be prepared for different responses and handle them with professionalism and grace. It's crucial to be flexible and open to alternatives that still enhance your overall job satisfaction and financial well-being.
For example, when my client Susan, a marketing specialist, requested a 15% raise, her manager countered with a 10% increase. Susan acknowledged the offer but proposed a performance bonus tied to specific targets within the year. This approach allowed her to potentially increase her overall income based on her performance.
Think creatively about other benefits or perks that could improve your overall compensation package.
Think of a pay raise conversation in the longer term. It is not a one and done conversation. If the answer is no, start asking curiosity based questions. For example:
How can we change this to a "yes"
How can you help me make appropriate tweaks, to get me to a "yes."
When can we schedule a follow-up?
Remember to ask open ended questions, and put the ball in your manager's court. This way, they have to come up with a solution to help you. Don't get disheartened by a, "no."
In most cases, this is a good thing because now you can problem solve - together!
As you know, I am on a mission to close the gender pay gap. Therefore, I am hosting this free workshop to equip you with the necessary tools and techniques to effectively ask for a pay raise.
Lean in to your strengths this year!
FREE Workshop on, "How to Ask for a Raise."
Waiting for a raise or a promotion is not a strategy. You need to control your career trajectory and be paid for your worth!
Register here to learn:
Time the Pay Raise Conversation - Choose the right moment to conduct the pay raise conversation
Speak your Manager's Language - How to ask for a raise in the language that your manager understands
Counter Effectively - Anticipate objections and counter like a negotiation master
Create Leverage - The way to win in negotiations is by creating leverage.
Bring your questions, there will be Q and A at the end.
Register here - https://www.eventcreate.com/e/askforaraise
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