How to Negotiate a Pay Raise
Asking for a pay raise is often intimidating and sometimes terrifying for employees new to the workforce. People often question when and who they should ask. In addition, employees struggle with the question of how to respond if their request for a raise is denied. When negotiating a pay raise, preparation is key. Follow the tips below to persuade your boss to pad your paycheck and get the compensation you deserve!
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Instructions
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How to Negotiate a Pay Raise
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Research industry salary ranges. Prior to initiating the meeting with your boss, find out what others in your industry with equivalent experience in your geographic area are earning annually. You can visit the Bureau of Labor Statistics, Occupational Outlook Handbook or salary calculator sites to research salary ranges. Don’t be afraid to discuss salary and benefit packages with peers to determine if you are at, below or above average, in annual earnings.
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Assemble recent performance evaluations, a list of general job responsibilities and additional responsibilities that you have assumed on your own. Be prepared to discuss ways in which you have benefited the company, such as increased revenue, saved money or developed improved procedures. Also, put together a list of ideas that you feel could benefit the company in the future; this list will come in handy if you are denied your pay raise request during negotiations.
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Find out your company’s chain of command. To avoid stepping on any toes, determine who has the ability to actually give you a pay raise. Usually this is your direct boss but consult your employee handbook to confirm the proper individual(s) and the procedures to follow. Next, schedule a meeting.
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Begin the meeting by applauding the company and the job that your boss has done in helping you achieve your professional goals. Next, highlight your company contributions and how you plan to perform in the future. Then ask for a pay raise based on your current and future company contributions and the average salary for equivalent employees in your area. Have all industry salary reports and performance evaluations available on paper during the meeting.
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Be prepared for your boss to say no or to give you a lesser amount than requested. If this happens keep your emotions to yourself; there are often factors other than your performance that effect pay raises. Instead, be prepared to ask for and give an outline of specific goals and benchmarks that you can achieve in order to earn the raise in the future.
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Get all agreements on paper, signed by the appropriate personnel to document the outcome and avoid future disputes.
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Thank your boss for their time no matter what the outcome; an appreciative and understanding attitude goes a long way and will be remembered.
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