Statistically speaking, you have never been more valuable to an employer than you are right now. This year, unemployment is down, way down, and that means employee retention is more important than ever before. With there being more jobs open than there are people looking, we are seeing employers holding on tight to their current staff. If you have been putting in the work and are due for a raise, now is the time to ask for it. Here is how you can prepare and present your case to get the raise you deserve.
To determine an appropriate pay raise, you will need to research what other people in your position are making. There are several online resources to investigate industry norms for your current title. Check out PayScale.com. This knowledge will help you decide if you are above or below the going rate for someone like you. Keep in mind, merit raises tend to fall between 1% and 5%, so unless you are gunning for a big promotion, try to keep it in that range.
Here comes the “highlight reel”! Before you start the conversation with your manager, you need to review your current job duties. Consider additional duties that may have been added over time, without a pay increase. Make a list of accomplishments, new business you’ve brought in, large projects you have worked on, etc. Be sure to clearly communicate your success within the company and how it relates to the big picture, as well as, the company’s mission and vision.
Go for It
Don’t take advice from the Apex Kids, you can’t just “take your boss to dinner” to “get more dollars.” The task may seem daunting and although there is never a perfect time to request a raise, there are certain instances that make it a little easier. First, never ask for a raise on a Monday. Schedule a meeting with your manager and try to plan it after a “big win” or a recent accomplishment. You have completed your research, you know what you want, and you have the highlight reel in hand. The best way to convince someone that you deserve more money is for them to believe in your hard work and your commitment to the company. Start the conversation off by relaying how grateful you are for your position and your passion for the work you do. After that, it is time to use your research and prove your worth, and finally, ask for a raise.
For more articles like this one, visit our Career Corner or give us a call today at 501-801-7626 to discuss your career goals and how we can help you reach them.