5 Tips for Landing a Raise

Rising Inflation, surging gas prices and poor investment returns are top of mind for many Americans right now. It’s no different for Janet and her husband Bill, who are middle class, mid-career, and have two young children, which is why they are putting their hopes on landing a raise.

Janet is a marketing manager in a small firm, where she’s earned the respect of her colleagues over the past 20 years. While she enjoys her job, it’s been two years since she’s had a raise and she believes she’s entitled to a one based on the value of her work and current cost-of-living increases. Janet wants to approach her longtime boss to ask for a pay increase — but she’s not sure how best to go about it.

Here are several things Janet should keep in mind as she prepares for this important discussion about landing a raise.

Timing Is Everything

Like any important conversation, talking to your boss should be timed when he or she isn’t preoccupied with something else, such as an imminent deadline, a derailed project or negative company news. Ask to get on his or her calendar for a 30-minute meeting, when there aren’t any major distractions.

Project Confidence — But Not Entitlement

You need to come across as if you deserve a raise because of your performance and contributions. After all, if it doesn’t seem like you believe you deserve a raise — why should your boss? At the same time, avoid arrogance at all costs, which can be off-putting and work against you.

Demonstrate and Document Your Value

Come prepared to discuss past and current contributions. What projects have you spearheaded and what have been the results? Have you contributed behind the scenes in ways that might be less visible? How have you been a team player for the organization? Can you point to examples of leadership on an initiative? Whenever possible, specify concrete results — increased sales, cost saving, greater efficiency.

Be Clear and Concise

Don’t create more work for your boss by making him or her try to figure out what you want. Do your research and be specific about your salary request. And make sure you can back these numbers up with comparable salaries or increases in the same field and geographic area.

Be Prepared to Negotiate

If your boss wants to think about it for a few days or is busy with other projects, politely ask when the topic can be revisited. Also ask what you can do, as a valued employee, to earn this pay increase? If a raise is not possible right now, is there a bonus program or a non-monetary option the company could provide you?

Danger Ahead — Proceed With Caution

Threatening to quit. Complaining about your workload. Citing coworker’s higher compensation. Tread carefully if you decide go down any of these roads as they can seriously backfire — even in a tight labor market. While they might work, it’s prudent to consider all of these as last-ditch strategies.

Two-way Street

With so many things to consider, keep in mind that a raise is a two-way commitment. Your employer is investing in you, and you are making a promise to invest more deeply in your organization. Don’t have a discussion about a raise without talking about your own end of the bargain. You want this mutual relationship to continue, and you believe a raise is a fair reward and incentive as you continue to help your team succeed. How have you helped your department achieve business objectives? How do you plan to continue your efforts moving forward? What ideas do you have to help your company or department achieve KPIs and contribute to a positive culture along the way?

Following these tips, Janet’s odds of success — and yours — for landing a raise may increase heading to the negotiating table. And even if you don’t get what you’re looking for, you’ll gain experience by trying and be better positioned for the next time, whether it’s with your current employer or someone else who can better accommodate your needs.