How to Ask for a Salary Increase
Why Ask for A Salary Increase
Achieving a salary increase is a critical part of any employee’s professional development. Employers do this to reward their employee’s dedication or as a sign of the companies continued growth. Some companies, though, are not that proactive in ensuring their employees realise this benefit – it’s parting with money, after all! But you should feel empowered to ask and negotiate – especially when your contribution significantly improves the company’s performance.
New to negotiating a salary increase? Here are some tips.
How to Ask for a Salary Increase: Preparation
Research Salary Data
As priorities go, do your research first. Check legitimate job sites and news to see the current pay ranges for your position. This will be your guide to getting a clear view of the market rates for your location. You can check sites like Glassdoor, Indeed, or LinkedIn.
Consider Your Contributions and Company’s Condition
The reason why you’re reading a “how to ask for a salary increase” blog is because you’re aware that you give great value to your company. You’ve probably received a positive review in the last year and maybe taken on more workload or responsibilities. So reflect on these contributions. Consider your company’s position too – do you think they’re capable of giving you your desired salary increase?
Set a Target Salary Range
When you’ve gathered the necessary information, create your salary range. Your lowest is the minimum you are happy to receive, while the highest is the top pay you can reasonably negotiate. You can also be open to receiving additional benefits or shares instead of cash.
Schedule Meeting
The next tip on how to ask for a salary increase is to get your timing right. It’s a rule of thumb to check with your employer’s calendar and schedule a meeting with them. This gives you both breathing time. Whilst waiting for your set schedule, you can prepare by practicing your presentation while continuing to provide valuable output for the company.
Execution
Present Solid Data Representing Your Value
Discuss your data, highlighting your achievements and contribution to the company. Let your research and performance data communicate why you are negotiating a salary increase, then tie it to your salary expectations. Keep your range and alternatives in your back pocket to negotiate with if the upper limit isn’t feasible for your company.
Harvard suggests creating a brag sheet. This is a one-page summary of your achievements that presents your value to the company. Make sure to tie in how these achievements are connected to the benefits you can still give the company moving forward.
Be Professional
Another important tip on how to ask for a salary increase is professionalism. Always aim to carry the conversation and presentation professionally. This may sound tough if it’s your first time discussing your performance. But it is your job to present your value in this negotiation whilst being open to feedback and alternative perspectives. So, balance calm confidence and humility to come across positively and professionally.
Be Clear and Direct
Discuss your points clearly, and be direct to the point. While you negotiate, listen actively as well. Your employer may give you suggestions or counterpoints, so listen and take notes while keeping this in mind. Having a clear record of both sides will help you reach an agreement – even if it’s a later point than your initial discussion. They will either meet your salary expectations, or perhaps find a middle ground.
Following Up
Express Gratitude
You’ve searched for “how to ask for a salary increase”. You’ve done the preparation and execution. Now, maintain a good relationship by expressing gratitude. Show that you appreciate the opportunity to negotiate a salary increase. Be open to rejection or being offered other benefits instead of your first ‘ask’. It’s also an opportunity to ask important questions, like the performance milestones required to achieve your desired raise.
Maintain Strong Value
After the negotiation, whether they approve of your negotiated salary or not, continue to provide your value to the company. If, in the instance you decide to explore external opportunities due to not getting your desired increase, you want to leave the company on a high and with strong references.
Plan for Future Opportunities
If approved, congratulations! Use this to provide more value to the company and try to figure out what you need to get to your next milestone with the company. This might be another salary increase, promotion or simply increased responsibilities.
Conclusion
Learning how to ask for a salary increase is key to your progression and professional development. It naturally feels a bit uncomfortable because we are brought up to think talking about how much money you have or asking for money is a bit ‘tacky’. You’re also advocating and selling yourself to the company which can feel very awkward if you’re a quiet achiever. But remember – most often, a company would rather know that you want something more, than lose a valuable asset to the open market.
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