Raise it Up

Looking for a way to increase your income? Before you go looking for a new job, start with the one you have. Try asking for a raise. Here are some strategies that will help you be successful as you ask for a raise. Let’s review.

Start Today

If you feel like you’ve earned an income bump at work, you can start today. Here’s how:

• Drop Hints. Start talking about an eventual raise without flat-out asking for one, which gives your employer time to prepare.
• Ask About the Path. Go to your boss and ask about mapping out a path to a higher salary.
• Set the goal. Set six, nine, and 12-month reviews with the ultimate mission being that potential raise in income.
• Get on the Radar. Setting up a path to a raise is a smart way to get on your boss’s radar and provide you with clear goals and action steps.

Do Your Research

Being prepared with data to back up your request gives you solid footing to make the ask.

• Research what other people in your same role, industry, and market are making.
• Use job search boards and LinkedIn for income information.
• Once you know your worth, consider that the average American worker’s salary is expected to increase by three percent per year.
• With that number in mind, ask for something on the high side of reasonable, like a five percent raise. Give your employer room to negotiate.

Cite Your Work

When you do decide to talk with your boss, be prepared to list out your accomplishments.

• For a special boost, cite any time you were able to save the company money or any time you boosted the company’s revenue.
• Use numbers in dollars or percentages to convey your value to the company.
  • Cut costs by 20% by implementing my ABC special project.
  • Increased revenue by 10% with a new client acquisition tool.
  • Boosted customer satisfaction rating by 25 points.
• Bring a print-out that you can leave behind as a reminder. It’s important to have concrete examples of just how important you are to your employer. 

Bottom Line

Asking for a raise is a bold move, but if you’re prepared with industry data and the concrete reasons why you deserve the raise, you’ll definitely make an impression. Regardless of whether you get the raise, the exercise will reaffirm your value to the company and give you confidence in your role.