It can be difficult to ask for a raise, but it’s important to make sure you’re getting paid what you’re worth. In this article, we’ll give you some tips on how to go about asking for a raise and what to expect. Keep in mind that every situation is different, so make sure you tailor your approach accordingly.
Do Your Research.
The first step is to do some research on the national average salary for your position. This will give you a good idea of what other people in your field are making. You should also compare your current salary to local job listings, alongside your qualifications, to ensure you’re using comparable numbers. It may be helpful to make a spreadsheet that you would be comfortable sharing that lists out the companies, job responsibilities, and salaries you’ve found.
Once you’ve gathered this information, it’s time to schedule a meeting with whoever is responsible for your salary for a review for your performance and compensation. You can say this “I would like to schedule a meeting with you to discuss my performance as well as my compensation. Feedback is important for my growth as an individual, and I’d like to discuss my growth in my position as well.”
Your Performance Review
At the meeting, be sure to review your performance and compensation with your employer. This is an important conversation to have, and it can be difficult, but it’s important to be honest about what you’re worth. After the meeting, you’ll either have a raise or a better understanding of how the company will manage your compensation going forward. If you feel like you’re not being valued at your current job, it may be time to start looking for new opportunities.
Job Hunting
If you’re unsatisfied with the results of your performance review meeting, it may be time to apply for new jobs. You can start with the jobs that you used to gather information on your salary. Once you have a job offer, you then have another option. You can use your job offer to leverage getting a higher salary in your current position. Try saying something like this: “I’ve received a written offer from another company for a position that’s comparable to my current one. They have offered me greater compensation, however I would like to stay in this position so long as you can match their offer.”
Unfortunately, they may not be able to match the offer. You’ll have to be ready to transition into a new position if you use that tactic. If that’s the case, a new position might be the best choice you can make. Asking for a raise can be a daunting task, but it’s important to make sure you’re being paid what you deserve.
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Rademacher Financial Inc. is an independent advisory firm. Rademacher Financial is not a registered broker dealer. Investment Advisory Services offered through Rademacher Financial, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Raymond James Financial Services is independent of Rademacher Financial, Inc. Any opinions are those of the author and not necessarily those of Raymond James.
