What are the Best Ways to Negotiate Your Pay Raise?

The economy is not in great shape, rampant inflation is making the cost of living a real challenge and negotiating a pay raise could be helpful to weather the storm. But, as you might expect most employers in this economic climate will be reluctant to volunteer a pay raise for good work. So, you’re going to need to ask them and this can make people feel anxious because most of us don’t relish negotiations. In this article, we will take you through the best ways that you can negotiate a pay raise. 

Develop a Positive Attitude at Work

This should be an ongoing process, work goes much easier if you foster positive relationships with your boss and colleagues. An employee that’s positive is typically regarded as someone with leadership potential by management. Being kind and helpful costs nothing, but it can have a positive and lasting impact on everyone around you. This will be helpful later when you need allies for a raise or promotion. 

Put in Some Extra Hours

Most employees are willing for the clock to rollover as quitting time approaches. This is natural, the working day can be hard, but putting in some extra hours can really boost your working profile. Volunteering for extra hours at the end of the day will put some much needed cash in your paypacket. But, this commitment will also be noticed by management, you will be the dependable person and you’re willing to go the extra mile. So, the next time that a colleague calls in sick or someone has to leave in an emergency and your employer can’t find cover, it’s time to step up. When you put yourself in the spotlight in this way, you will soon become the problem solver.

Keep a Diary

This may sound strange, but many people forget about what they’ve done and others forget what has been done for them. Keeping a record of the extra hours and commitment that you’ve made to help the business is helpful. Even if your employer praises you for winning a new client or making sure a project deadline was met, it won’t hurt to have a reminder. Document your successes with the date, keep records and don’t be afraid to share how your efforts helped the business to prosper.  

Have Realistic Expectations

Look at the earning potential for people that are working in your industry to see how your salary stacks up against them. Search the Indeed Salary Index from the U.S. Bureau of Labor Statistics for the job title and positions. If you know family and friends working in the same industry, ask them about their salary if they are happy to share their financials. The data you collect can help you to set realistic expectations on what you should be paid. This will be important as a starting point when it’s time to negotiate a pay raise.

Improve Your Skill Set

There will be times when you should consider extending your skill set or retraining to ensure that you are up to date with the latest industry standards. This is an excellent way to improve your prospects with your current employer or with a new employer later. If you have useful skills in a related department or you’ve completed a course, make sure your manager knows. There may be new responsibilities that can lead to a pay raise later.

Schedule Meetings

Many employees try to approach their employers in a casual manner during the regular work day. But, you’re unlikely to have their full attention if you try to talk to them in the elevator. They may be busy dealing with something else and this means that you may be asking for a raise at an inopportune moment. The best way to approach this topic is to schedule an official meeting where you want to discuss your salary. This will give the employer time to look at your personnel file and to block out some time to speak with you. If there have been any negative issues or absences make sure you’re prepared to answer any questions about them. 

Clear Communication

It’s easy to get caught up in your own headspace and construct scenarios where you’re being overlooked for all the great work you do. The fact is that your employer has to deal with dozens of tasks every day and it’s likely that they have no idea that you’re unhappy with your current salary. So, it’s important to be explicit about your desires and concerns without being blunt or rude. Tell your manager or employer about the work you’ve done, how you feel about the company and the pay raise you need. 

Patience is a Virtue

We live in an era of instant gratification, but things tend to take longer when it comes to a pay raise. There may be a period where you need to prove your value or some additional on the job training may be required. As your boss considers your pay raise request, make sure you remain cool, professional and patient. Remember that your boss may need to get approval from their boss before they can arrive at a decision. 

Choose Your Moment

Timing can be everything when it comes to asking for a pay raise. Even employees that are proving their worth and working hard can be at a disadvantage, if they time their request badly. Some may want a raise after 1-2 years of employment which is fair, but you should limit your requests to three key periods. First, only ask for a raise when the business is calm to ensure that your case can be heard fairly. Second, asking for a raise during an annual performance evaluation is common. It’s likely that your supervisor will expect this conversation if you’ve been working at the company for a couple of years. Finally, asking for a raise after an important project is completed that would have failed without your input is a fair way to evaluate your worth to the company.