Asking for a raise is one way you can protect your financial well-being, but it’s not always successful. In a recent Kickresume survey, only 52% of respondents had ever asked for a raise. Of those, about half succeeded.
But with inflation on the rise and wages failing to keep up, it’s more important than ever to broach the subject. Here are six tips to improve your odds.
1. Research Salary Data
In an article for Business Insider, salary negotiator Jeremy Barnyak advised employees not to use their current compensation as their only benchmark for value.
Instead, research what people earn in roles similar to yours. Use reliable sources such as Payscale and Salary.com, both of which publish their data methodologies.
Look for the best possible match for your position, seniority level and location, as all of these factors significantly affect market rates. Gather as much data as possible, including median salary, top and bottom quartiles and pay range.
Find Out: The Fastest Ways To Get a Raise and Increase Your Paycheck
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2. Ask For Advice
Barnyak also suggested asking others to share negotiation tips and, if appropriate, their own compensation. If someone you know makes a certain amount in a similar role at a competing company, you can use that information as leverage. Be sure to account for context, such as differences in your experience levels and skillsets.
You can also ask friends, family and colleagues if they’ve negotiated their salaries and how they approached the topic. Insights from coworkers can be particularly relevant but check your company’s policy first. Among Kickresume’s 1,850 survey respondents, 37% said they work for a company that prohibits talking about pay.
3. Have a Plan
According to the Anxiety and Depression Association of America, constructive planning can help you feel less nervous about a stressful event. It gets your mind out of worry mode and gives you a sense of control over the situation.
You may not be able to control the outcome, but you can plan how you’ll respond in various situations. At minimum, know what you’ll do if your boss or the human resources representative:
- Says “no” without explanation
- Offers a raise that’s below what you need
- Suggests alternative non-monetary compensation, such as more paid time off
- Questions whether your performance merits a raise
The more prepared you are, the more professionally you can respond in the moment.
4. Focus on Value
In a recent blog article from Harvard Law School’s program on negotiation, subject-matter experts recommended highlighting what you bring to the table. Prepare a list of contributions you’ve made to the company, using numbers whenever possible. Emphasize the value of any new business you brought in, cost savings you achieved or projects you launched.
5. Avoid Ultimatums
While it helps to have a minimum acceptable salary in mind, it’s dangerous to frame it as such, Barnyak said. You don’t want to say or imply that you’ll hand in your notice if you don’t receive a raise of at least a certain amount.
An ultimatum can feel manipulative and put you in a difficult position. Either you follow through and resign, or you backpedal, and your employer starts thinking that you’ll quit at any moment.
Instead, frame your target number with confidence: “Based on my research and contributions, I’m targeting an annual salary of $X.”
6. Don’t Fear the ‘No’
Of the 48% of Kickresume respondents who have never asked for a raise, 4% avoided it because they were “too nervous to ask.” Nearly 3% were afraid of being greedy, and 6.7% didn’t know how to bring it up.
As Barnyak pointed out, “Closed mouths don’t get fed. The fastest pathway to not getting more money is to not ask for it.” As long as you approach the process respectfully and honor your supervisor’s answer, you usually have little to lose by asking.
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This article originally appeared on GOBankingRates.com: Only 50% of Salary Raise Requests Succeed — 6 Proven Strategies To Boost Your Chances
