How to Get a Raise in the New Year

Get a Raise

You’ve worked hard all year, and you think it’s time for a raise. Not sure how to go about getting one?

Don’t worry. You aren’t alone. Lots of employees are in the same predicament that you are. Unfortunately, many companies are less than enthusiastic about handing out raises during unstable financial times. You might be worried about getting turned down if you ask, but if you ask properly, you just might be surprised and get a raise. After all, if you’re as valuable as you believe you are, your copany may entertain the idea of spending a little extra money to keep you.

Here are a few tips to help you in your quest to get a raise from your employer.

Determine Why You Deserve a Raise

Do you deserve a raise? Do you really? It’s not enough to just believe you should get a raise, you must also know why you deserve to get a raise. Make a list of your contributions and accomplishments during your employment, particularly during the recent months. This will give you some leverage when you ask for a raise.

Timing is Everything

If you’re looking to get a raise, timing is everything. Plan to ask for a raise when the company is doing relatively well financially. Do not ask for a raise when a company is in financial trouble or laying employees off. Not only will you not get a raise, but you could possibly put your own job security at risk, depending on how bad your company’s financial situation is.

Do Your Homework

Do a little research into your field of expertise, and compare your current salary to the average salary of employees in your field in your area. Are you making more than, less than, or the same as these professionals? If you’re making less than others in your area, there’s a good chance that you might get a raise if you ask. However, if you’re making the same as or more than others in your field, you must be able to provide valid reasons that you deserve to get a raise. Also, take a look at your own company’s polices regarding compensation and raises. What’s the policy on giving raises? How long has it been since your last raise?

Know What You Want and Plan Carefully

If you want to get a raise, barging in on your supervisor with no real plan is never a good idea. Before you ask for a raise, plan everything carefully. Gather the list of your accomplishments and achievements, and practice what you’re going to say. You should also consider what you’ll do if you don’t get a raise. Are you fully prepared to leave? Do you have another job lined up? If the answer to either of these two questions is no, do not threaten to leave the company if you don’t get a raise. You just might end up jobless. Once you’ve planned everything carefully, it’s time to schedule a meeting.

Be Specific

Explain to your supervisor exactly why you think that you deserve to get a raise. Be prepared to show evidence and provide examples of how you are valuable to the company and deserve more. This can include showing how you’ve landed a hot new client, or how you have an impeccable work ethic and never miss a deadline or day of work. This is also the time to break out the salary research you did earlier.

Be Willing to Negotiate

You might find out that your company isn’t willing to give you exactly what you want when you ask for a raise for any number of reasons. So, what do you do when you don’t get a raise you want, even after you’ve proven that you’re indispensable? Negotiate! Ask if there’s anything at all that can be done to increase your compensation. You might be able to negotiate other benefits, such as extra vacation time or a better heath plan.

 

What about you? Do you plan to try to get a raise any time soon? If you have, what other tips would you add?

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