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How to Ask for a Raise
"Courage is the power to let go of the familiar."
Raymond Lindquist
John was confident that he deserved a raise. After all, he just saved his company thousands of dollars by finding and implementing a new software program that cut down on the labor hours it took to pay invoices. While he knew the economy was still shaky and that he should be grateful just to have a job and a steady paycheck, he also knew that four years without a pay increase was taking its toll at home. His insurance premiums and gasoline expenses were increasing each year even though he tried to be more frugal in his purchasing decisions. During the last four years his company had numerous layoffs and even cut out the cost of living increase that he was use to receiving over the nine years he was at his company.
As he prepared to meet with his boss to discuss the possibility of getting a raise,the palms of his hands began to sweat and his stomach churned. He wished he did not have to humble himself and ask for a raise. He thought to himself, "Why couldn't my boss recognize my great work and just offer me a raise?"
Lets face it, many times our bosses don't recognize the need to review our compensation. Sometimes they feel we should be thankful just to have a job. Often, they simply do not have the extra income to support a raise. More recently, employers are opting for bonuses over salary and wage increases to protect their payroll costs.
So how do you prepare to have that conversation when you need to remind your boss of your value to the organization? Below you will find four tips to consider and prepare for as the economy slowly recovers:
- Do your homework- What are similar positions paying in your position in your market area? Contact your local Society for Human Resource Management (SHRM) club to see if they have conducted a recent wage and benefit survey. If you are making more than your comparison job, maybe you should be asking for more challenging work to help bump you up to the next pay level.
- List your accomplishments- What tangible results have you accomplished that warrants a increase in pay? Can you quantify your accomplishments, i.e., increased sales, decreased waste, improved customer satisfaction scores, etc.
- Watch your timing-It is best to ask for a raise after a successful project or event that you played a significant role in achieving versus just after losing a client.
- Have a BATNA- According to the book, Getting to Yes by Roger Fisher, William Ury and Bruce Patton, you will need a Best Alternative to a Negotiated Agreement or BATNA. This is your walkaway point that you have in your back pocket while negotiating For instance, If you had another job offer on the table you would negotiate with more confidence. Maybe your BATNA is gaining a clear understanding from your boss on what you would need to do in the next three to six months in order to receive a raise. Also be clear if you are willing to accept a one time bonus or if you really need the pay raise.
Asking for a raise takes courage, especially in an economy that seems to be slowly recovering. But if you watch your timing, do your homework and have an alternative in your back pocket, your chances of a successful result will rise right along with your paycheck.
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