Getting a raise is not a simple task. A study done by Payscale found that 43 percent of workers have asked for a raise, but (out of those) only 44 percent received the amount they wanted. Twenty-five percent received no raise at all.
Discouraged? Don’t be…keep reading.
When Payscale dug deeper, they found a definite correlation between higher salary and the likelihood of asking for a raise. Workers who made less than $60,000 a year, were less likely than average to ask for more money. Workers who made more than $60,000 a year, were more likely than average to ask for more money.
Now there are other factors to take into account (such as cost to replace higher salaried employees, etc.) but the point remains….”if you don’t ask, you will never get.”
3 Steps To Take
Therefore, if you feel that time has come to ask for more money, here are 3 steps you must take in order to fully prepare to go talk to your boss.
- Time it right. Know your boss, and pick a time when he/she is more likely to be receptive. Adjust your request to that person’s work style and remain positive throughout the conversation. If you do not get an immediate answer, respect the fact that he/she may have to discuss the request with upper management. Don’t push. If you are turned down, ask what you need to do to get the raise. The “no” may simply be due to the fact that you have hit the “pay ceiling” for that particular job.
- Provide proof of your worth. It is never a good idea to start the conversation with your boss with a statement that some other employee received a raise so you want one too. That does not fly. However, if you can provide a bulleted list that details new job duties that you have successfully taken on, that can help prove your point that you warrant a step up in pay.
- Quantify your worth. Use salary surveys and job comparison studies to support your suggested compensation level. Employers do not want to underpay what is the market’s going rate. That causes turnover, and turnover is extremely costly.
Never threaten to quit or refuse to work in order to get more money in your paycheck. That is another big no-no. However, the point does remain that the biggest bumps in pay do come when moving to a new employer. Internal raises rarely exceed 5%. The major raises ― think 40-50% ― come from selling yourself effectively to a new company. So if your employer is not paying the true value of the work you do, it may be time to explore new job opportunities.
This is where Snelling can help. We know your local job market, and we have the expertise to help you find your next best-fit job. So when you decide that the time has come to move to a new position that fully leverages your talents, locate your local Snelling office and send us your resume. We look forward to hearing from you!