Introduction

In today’s business world, it’s imperative that you ask for what you want. Securing a raise is no different. If you want more money, you must ask for it. It’s very simple: if you don’t ask, you don’t get more.

The biggest mistake people make when asking for a raise is a lack of preparation. When you are not prepared, you set yourself up for failure.

 

What is Your Market Value?

You must know what you are worth before you ask for a raise, so do your homework.

First, you can find out what others are earning in their companies. Some companies don’t hide the salary range for different positions. Check out GuideStar if you’re in the nonprofit field.

Second, you should perform a comprehensive market analysis. Utilize career portals (like glassdoor.com, payscale.com or salary.com), forums, salary calculators, and talk to your friends. Make sure you factor in your own performance and longevity within the company as well.

Once you’ve done thorough research, you should have a specific number in mind. It may change in negotiations, but it will give you and your employer something concrete to work with.

 

What to Ask Yourself Before Asking For a Raise:

Here are some questions to ask yourself before negotiating a raise:

1. Am I actually underpaid?

Do your research. Are you being paid fairly already?

2. Do I deserve a salary boost, or do I just want one?

How has your work been lately? Have you recently completed a big project with great success or has your performance been average? You will increase your chances of getting a raise if your work performance supports it.

3. When is the last time I got a raise?

Did you just receive a raise? Have you ever gotten a raise before? According to Forbes, if you’ve been with the company for one year and more without a raise, then it is time to ask. However, if you just received an increase in pay or benefits within the last year, it may make sense to wait.

4. Am I aiming too low?

Don’t sell yourself short. Your employer will most likely want to negotiate to a lower amount during your salary meeting, so don’t ask for the amount you actually want. Ask for slightly more than you would be happy with to give yourself room to come down a little if needed.

5. Should I ask for benefits instead?

Don’t forget about benefits – sometimes they matter more than a dollar figure. If your employer won’t budge on salary, have extra vacation days, a private office or another perk in your back pocket to ask for instead.

6. What will I do if they say no?

Have your worst-case scenario in the back of your mind just in case. An initial “no” doesn’t mean no forever. Turn a negative into a positive. Be prepared with a different request if your first one is turned down.

7. How am I performing compared to my colleagues?

Are others in similar roles outperforming you in any areas? Even if you’re making personal improvements, it may be hard to convince your employer to give you a raise if you’re surrounded by people who are performing at a higher level than you.

By answering these questions before your meeting, you will feel more confident in yourself and what you’re asking for. Remember: no amount of preparation is too much.

 

Mindset is everything!

If your mind isn’t in the right place, you’re likely going to fail no matter how much research you’ve done.

Across many cultures, women are often conditioned to be submissive basically from the time they are born. Even the most powerful women may struggle to maintain a positive, success-based mindset in a male-dominated business world.  It’s easy to get caught up in self-doubt and to chronically undervalue yourself.

The more self-defeating your outlook, the less likely it is that you will receive what you ask for. On the other hand, the stronger your mentality, the higher the likelihood of success.

Before you ask for a raise, make sure you have adopted a powerful frame of mind.

 

Before Asking For a Raise

These next strategies will help you build a case for why you should get a raise. These are not “quick fixes.” They are long-term tactics, so don’t expect results right away. Anticipate three to six months to see real results.

Once we dig into these strategies, you will see why they will take time – and why they’re worth the effort.

1. Become Indispensable

Who does your boss call on when they need something important done – and done right? Is it you? If not, look for opportunities to position yourself as the go-to person for high-level tasks. Your name should be the first one that comes to mind when your employers need someone they can count on.

 2. Find an Advocate Within Your Company

Who thinks you’re great? Who is willing to support you and comment on your excellence within the company? Perhaps there is someone in another department who loves to partner with you on projects. Maybe it’s someone at the executive level who has taken an interest in your professional success and sees your current or potential worth within the company.

3. Develop a Good Relationship with Your Boss

Nothing beats positive, strong interpersonal relationships in the workplace. You want to be a trusted colleague, not just another employee. Don’t hide away at your desk – become a creative collaborator with your boss.

4. Make Your Boss Look Great

This is the person who has the power to give you a raise, so it serves you to help them appear amazing to their boss whenever possible. For example, if you have a deadline, turn your work in early so your boss can meet their deadline early.

5. Volunteer for Tasks No One Wants to Do

Be careful not to overload yourself, but if you have the bandwidth to take on undesirable but important tasks – do it. This could include training new employees, filing or creating documents, logging reports, or any number of other tasks. Everyone loves the person who is willing to do what they don’t want to do.

 6. Get a High-Profile Assignment

Look for any chance to join a major project. Sure, high-profile means high-risk. But it also means a major opportunity for visibility and success. If you help bring your business big money through an important assignment, you will be in the perfect position to ask for a salary increase.

7. Acquire New Skills

The more you know how to do, the more valuable you are. Show that you’re invested in becoming the best employee you can be. Take classes, ask for additional training, read books on leadership and business – anything and everything you can do to increase your abilities.

8. Add Value by Bringing in New Customers

When you bring in more business, you show that you are a much-needed asset to the team. Without you, that additional business would not exist. The more money you bring into your company in the form of new clients or customers, the more you show yourself to be a valuable member of the company – and the more likely you are to be compensated for that value.

9. Do What You are Asked

If you already got feedback from your boss about what you have to do to earn a raise, follow their recommendations as long as they are reasonable and possible to implement.

For example, if your boss said that you needed better programming skills and stronger Spanish, enroll in online courses.

These strategic examples of making yourself more valuable to your employer will take work on your part, but it will be worth the investment.

 

Explore other options beyond salary

Quite often, people who ask for a raise fail to consider their overall benefits package. There are other ways to be compensated besides a salary increase. An increase in benefits may satisfy you just as much as receiving more money.

Consider what you want from these common benefits before you walk into your raise negotiations.

1. Vacation Days

What if you were able to take double the amount of paid vacation per year? Would that achieve the same level of contentment that you imagine a higher salary would provide? There are a lot of options when it comes to vacation days. Consider several positive outcomes of negotiating at this point and be ready to counteroffer whatever your employer comes back with.

2. Bonuses

Maybe a larger base salary is out of the picture, but what about quarterly or annual bonuses? This can be a lucrative negotiation point if handled carefully. Do the math beforehand and be ready with some numbers for your employer.

3. Flexible Work Hours

Perhaps you would be more satisfied if you could work from home or while traveling? This is a great aspect to negotiate as it can improve your quality of life without costing the employer anything.

4. Insurance

These days, an exceptional insurance package can be even more valuable than an increase in salary. Investigate the type of insurance that you want and be ready with concrete information for your employer to consider.

Those are some common examples, but there are so many other benefits that you could negotiate. Decide what matters to you—whether that’s one of these benefits or something else like tuition reimbursement or retirement contribution.