As we move into a new year, one of the biggest hopes everyone has is that the next year will bring a big pay boost. Whether through a new job or a raise at an existing job, there is always the hope that a boost in pay will follow. As with other things, sometimes you must be strategic and consider the best way to approach your management in the coming year.
12. Your Request Should Be In Writing
Any salary increase request should be made in writing.
It’s surprisingly common to ask for a raise in person without it being in writing. This is a strategic mistake, as having a paper trail can be an effective strategy for ensuring you lay out your achievements.
11. Show Value to Your Boss
Showing your work is a solid way to show your value.
With the understanding that your boss doesn’t care about your mortgage payments, please help them by understanding what is in it for them. If you are a strong performer, they look good. Remind them of this.
10. Be Open to Other Benefits
If you don’t get a raise, ask for another benefit.
As difficult as it might be, a pay raise might not be in the immediate picture. Instead, consider alternate short-term benefits like additional paid time off, or a one-time bonus.
9. Wait Until a Performance Review
A performance review is the perfect time to ask for a raise.
One smart strategy is to wait until a mid-year or end-of-year review of your performance as an employee. Asking for a raise during these discussions won’t come as a big surprise to your manager.
8. Consider Your Timing
In many instances, you need to choose the right timing.
As much as you might want to ask for an increase in pay right after a big project, be mindful of the world around you. If overall company performance isn’t positive, wait until company performance turns around.
7. Outline the Return On Investment
Outlining the ROI for giving you a raise can be an effective tactic.
One smart strategy might land in your lap if you are assigned to lead or participate in a big project with a clear ROI for the business. If this does happen, outline a scenario where the success of this project is directly tied to a pay increase.
6. Know Your Backup
If Plan A doesn’t work, try Plan B.
You may be incredibly prepared for a raise negotiation, but remember that it can’t always work. In these cases, have a backup plan and ask your manager, with confidence, what it would take to earn you a raise.
5. Use Confident Language
Confidence is key any time you ask for a salary increase.
The last thing you want to do in a negotiation is not use language that projects confidence. Instead of saying things like “I feel like,” or “might,” use language that shows your belief that your contributions to the business demand a raise.
4. Craft a Presentation
Creating a strategy highlighting your achievements is a great step.
One of the most effective strategies to ask for a raise in the new year is to craft a presentation and visually show how your contribution has positively affected the bottom line.
3. Practice Negotiating
Knowing how to negotiate can help you get a bigger salary.
Unfortunately, no matter how much you prepare for a conversation, practicing with a friend or family member is a smart strategy to help you walk through your most important talking points.
2. Discuss Your Achievements
List all of your most recent achievements when talking about salary.
Highlighting your specific accomplishments and how they have positively impacted a company’s bottom line can be a very effective strategy. This shows your immediate financial value to the company.
1. Research Your Position
Knowing how much your job is worth is a great strategy.
One of the best and most savvy ways to ask for a raise is to understand precisely how much your job pays in the open market. This information will give you a data-rich way to match your experience level with what others earn in your space.
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