I’m super excited to cover this listener question on the podcast, and I thought it was timely since we are nearing the end of the year. How do you ask for a raise, and how much should you ask for? That is the million dollar question. Although this can be a never-wracking experience, there are a few tips that you need to keep in mind.
Here are a Few Tips
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- Preparation and information is key
- I always suggest that you use a backwards approach. You want to put yourself in the shoes of your boss and answer one key question, “Why would I (as your boss) consider giving you a raise?”
- If you understand your boss’s interests and goals, it is easier to form a case for why you deserve the raise
- You need to sell value- value- value
- Gather evidence
A Few Things to Avoid
- Don’t say, “I deserve this raise…”
- Don’t wobble in your words- be confident and clear and direct
- Don’t cross your arms, have positive body language, just like you are talking to a friend
- Don’t compare yourself or give ultimatums, instead focus on YOUR value
- Don’t throw out facts without backup info- So, I did such a great job on that project- that’s vague, instead what did the great job you did do for the company and/or your boss. For example, here’s what I’m doing and how it’s going to help us meet our goals
How Much Should I Ask for?
- Make sure you do research on current salaries that are comparable and compare your salary
- Are you higher/lower, by how much?
- Most companies don’t offer more than 5-25% raise, but there are exceptions for instance if you’ve been offered a higher paying job and they are competing
- Don’t go in expecting a 50% raise
- Always ask higher though than you think – if you want 10%, ask for 15%- remember our negotiation rules
- PRACTICE with a friend or relative first so you have it down cold