Out of all the things we should have been taught in high school or college, how to negotiate a raise should be in the top five. The thought of negotiating a raise can feel stressful, whether it’s your first time or your tenth time doing it. However, when it comes down to making more money vs. making less, you gotta do what you gotta do.
Negotiating a raise might seem like a scary situation, but you can successfully have this conversation with your manager with some preparation and tried-and-true tips.
Whether it’s time for your annual review, or your current salary just doesn’t cut it anymore, here is how to negotiate a raise in 5 steps:
1. Know your worth.
Do your research and find out what other people in your area with your job title are paid. This way, you can go into your meeting with a number in mind and research to back it up.
2. Make a list detailing your accomplishments.
If you deserve a raise, you’ll have to prove it. Go into your meeting prepared with a detailed list of your accomplishments and contributions to the company. Include any new responsibilities you’ve taken on, and be sure to use numbers and facts.
3. Get the timing right.
Time your ask when appropriate. Your annual review is an obvious option, but you can also plan to ask for a raise when you’ve just done well on an important project or when the company is doing well financially.
4. Practice your pitch.
Practice makes perfect, so go over your argument with your friends, or even practice in the mirror. Time your pauses, write a script, or do whatever you need to make sure you remember what you’d like to say.
5. Schedule your meeting.
Try to schedule your meeting towards the end of the week as people are much more agreeable as the week goes on. Be professional and leveled during the conversation with your manager, and don’t forget to follow up with a thank you afterward.
With the right timing and some preparation, you’ll be ready to meet with your boss and ask for what you’re worth!