If you ask the average person what they don’t like about their current job, you will be sure to hear a pretty large number mention their compensation.
If you then ask those people if they have approached their boss about getting a raise, you may be surprised to learn that the vast majority have not.
It’s pretty natural to feel nervous about asking for more money, but that doesn’t mean you should not try. Let’s take a moment to look at how you should go about asking for a raise, and the mistakes to avoid when doing so.
Choose The Right Time
The overwhelming majority of people wait until their annual review comes around before asking for more money. This may seem like the logical time to do so, but the fact of the matter is that it may well be the worst time.
Your boss is likely to be overwhelmed by having to do his regular duties as well as compiling reviews for everyone under him. He is also likely working off a budget that can seem impossible to manage if everyone waits until the same moment to ask for a raise.
There is only so much money to go around, and the timing of your request may well be everything.
One of the best times to ask for a raise is after you have completed a major project or have been asked to take on something new. Both are a sign that you are in good standing with the company especially if the project you just completed was very well received.
Make sure to talk about your previous work when discussing the possibility of the raise, and also make it clear that you want to stay with the company and help them grow as they move forward.
Take The Calm And Confident Approach
A mistake that many people make when asking for a raise is to go into the negotiations in an argumentative way. Some also make the mistake of delivering an ultimatum, which is not a position that any boss wants to be put in.
The best way to prevent either of those scenarios from happening is to practice what you are going to say before you speak to your boss. This will help you have all of your key points in your head, and will also make you appear calm and confident, which is sure to be appealing to your boss.
Have An Alternate Option / Request Just In Case
There is always the possibility that your request for a raise will be denied, so it’s a good idea to have a Plan B lines up in case it does happen. If the company cannot afford to give you a raise, ask your boss about the possibility of being rewarded in some other way.
You can be rewarded in a variety of ways. This could be in the form of stock options, increased benefits, or perhaps even an adjustment of your work hours to something that better suits your schedule.
While none of these tips are a guarantee of a raise, following them will certainly help your cause.