Getting a raise is, technically, a great and exciting thing, especially when you feel like you’ve earned it. At the same time, it can be very stressful and for many, asking for a raise or having to counter an offer, is related with great anxiety.
Regardless of how you feel about it or how stressed it makes you feel, it is something we all have to deal with at some point. And the more prepared you are, the better your opportunities will be.
Therefore, we’ve asked the finance experts at BullMarketz.com to collect five tried and tested tips that are crucial to getting the raise you want. So pay close attention and make sure you know what you’re getting yourself into ahead of time.
And don’t forget that it’s your right to get a raise, it’s not a privilege. So don’t feel embarrassed or nervous about asking.
Timing is Everything
The number one rule for getting a raise is timing it correctly.
Firstly, make sure you’re actually in a position to ask for a raise. What does your contract say? How have your colleagues handled it? Asking for a raise at the wrong time can hurt you rather than help you.
Secondly, make sure to ask at the right time of the day. Avoid times when you now you’re manager is typically stressed, or periods when there is a lot to do at the office. A good tip is to wait until a moment when you’ve recently gotten praise for something you’ve done, or if you notice that your manager is a good mood.
Remember, timing is everything and waiting for the right moment can be the difference between getting what you want and deserve or having to settle for less.
Don’t Make it About Your Personal Situation – A Raise is a Professional Matter
Never make a raise about your personal situation or economy. You have a professional relationship with your manager and even though a good manager should care about their employees outside of work, this is about work.
Even if you’re seeking a raise for personal reasons, such as having a baby or wanting to move. You shouldn’t let your boss know that.
Instead, focus on the professional side. Why are you asking for a raise and what have you done to earn it? Your goal is to convince your manager that a raise will server the company well, not just you personally.
It’s not about needing a raise, it’s about deserving it. More importantly, it’s about making your manager understand that you deserve it.
Be Prepared with Numbers and a Plan
Never enter a raise discussion without a plan and a solid foundation to stand on. Take the extra time to lay out a solid plan if you have to and don’t rush into it just because you feel like you’ve earned it.
The better prepared you are and the more watertight your plan is, the better your chances of getting what you want is. Make sure you have stats and numbers to back your claims up and research what other people at your job and in your profession are paid.
Once again, your job is to convince your boss why you deserve a raise and if you fail to do so, you’ll probably end up empty-handed.
Focus on the Future, Not Just the Past
While it’s good to emphasize what you’ve done in the past and how you have been contributing to the company’s bigger goals, there is more to a raise than that.
Why do you deserve a raise and what are you going to do in the future to deserve the extra money? Getting a raise is a right we all have when we deserve it. However, if a company is going to pay you more, they will expect you to work and contribute more as well. In the end, it’s a give-and-take situation.
Because of this, you should include future plans and commitments when approaching your manager about a raise. Make a solid case that giving you more money will be a good investment for the company.
Don’t Feel Rushed
Lastly, don’t feel rushed about it. Waiting an extra week or two to ensure that you are well prepared is not the end of the world. And as discussed above, the better prepared you are, the better your chances are.
Furthermore, in case your manager comes with a counter-offer – and chances are high that he or she will – don’t feel forced to answer right away. It’s better to explain that you need some time and go home and sleep on it. Talk it over with your partner and evaluate your situation.
Not until you’re ready to accept or counter once more, should you do so. Now, with that said, there is a time limit to this too and you can wait forever. Our point is that you shouldn’t feel rushed to make a decision.