Tips for Negotiating a Raise

Employers love good employees – you do amazing work, you keep the company’s reputation sterling, and at the most pragmatic, it’s a pain to replace good employees. Even though it might not seem like it, a good employer wants to reward a great employee, and that’s where your leverage comes in.

Negotiating a raise is a lot like interviewing for your job all over again. You need to make a compelling case and win them over to your way of thinking. Before all of this, however, you need to take an honest appraisal of your contribution to your company; would YOU give yourself a raise?

Let’s look at 5 tips for negotiating a raise that will dramatically increase your chances of landing that pay increase.

Determine your worth

Look at how long you’ve done your specific job; not just for your company, but overall. If you’ve been an administrative assistant for 5 years, for instance, look at what the typical admin assistant with that type of service makes in your industry. You might find you’re overvaluing or undervaluing your particular skillset, and that can frame your request.

Additionally, it’s important to find out what others in your position at your exact company have made in the past.

Be prepared to make your case

Did you put together any huge projects? Coordinate a staff merger? Anything and everything that is an example of you doing your job well is a feather in your cap when trying to get a raise. Additionally, anything that goes beyond your job description is a big boon to your chances of success.

You need to make the case that you are valuable and that you have added value in the past, for them to see the value of giving you a raise in the future.

Practice, practice, practice

Again, pretend this is an interview and you really need this job. Practice with friends and family or just in front of a mirror to get your pitch down perfectly. Make a folder of your greatest hits and be prepared to passionately explain why you deserve a raise.

Understand your value

Don’t be scared of shopping around for a better job, even if you like your current one. If you’re a good employee, one of the fastest ways to get a raise is to be courted by another company. Apply for jobs, even if it’s just for the interview experience and even if you love your current position.

Knowing you have a better offer someplace else is a good confidence booster when you do go to your boss for a raise.

Be prepared for more responsibility

Getting a raise isn’t about simply asking and maybe your boss feels like you deserve it. A raise or promotion is basically your company’s way of keeping a quality employee, sure, but by giving you more money, they can avoid hiring an additional person. This often means that you’re going to end up getting more work.

One way you can parlay this into a raise is to find work that is floating in the office – something nobody really has on their docket – and write up a way to integrate it into your responsibilities. Present this to your boss when you make the raise proposal and be prepared to do these job duties.

Getting a pay raise is about confidence and providing value to your company. If you don’t think you deserve it, then nobody else will, either. Work hard, but don’t be taken advantage of; if you’re doing a ton of work and not getting respect or additional compensation, then you need to look elsewhere. It might just be the point where your boss realizes what they could lose by not giving you that raise.