5 Ways to Ask for a Raise

by Matt

in Making Money

In life, you sometimes need to make sacrifices to get what you need or want.  Maybe you are running low on cash to make your payments or fund a vacation, etc, so you decide to ask for a raise.  Approaching your boss to ask for a raise can be pretty intimidating but worth it if you have the right tactics.  Make sure that if you do go ahead and try to get a raise that you are ready for “no”.  Keeping your head up high after a “no” will always earn you respect.  Here are five steps you can take to better your chances at getting a raise.

  1.  Ask for it.  If you haven’t had a raise in awhile and you are an asset to a company, they will most likely get you that raise.  You need to be able to demonstrate your value to your boss and prove to him that you do indeed deserve a raise.  Your value could be innovative ideas, leadership, cost cutting tactics, etc.
  2. Come up with a new project.  Showing your boss that you are not only taking the initiative to get new ideas rolling along with leadership roles could warrant you a raise.  You could make the case that you will be putting in more work hours with this new project that is going to benefit the company in some way.
  3. Make sure your timing is right.  Asking for a raise when you know the company is hurting for money will unlikely get you a raise.  The best time to ask for a raise is during your performance reviews after your boss has recognized that you have, indeed a strong performance for your company.  Maybe you did complete that project that helped the company and your boss is praising you for a job well done.  Now that is a perfect time to ask for a raise after your boss has your performance and accomplishments fresh in his mind.
  4. Pay-raise alternatives.  Maybe your company just doesn’t have the money in the budget right now to be handing out raises so you could shoot for some alternatives such as vacation time, better hours, bigger year-end bonus, etc.  If your boss denies you for these alternatives and you do have a good track record with the company, you may want to ask your boss what the best way to position yourself for a future raise.  That way they know your intentions and could point you towards a more probable outcome.
  5. Research current rate for your position.   There are a number of sites you can go on to research what the average, high and low payment of your position is to see how you being compensated for your work.  One such site is glassdoor.com, this site is what I use mostly and it is very reliable.  If you go to this site and you find that you are being paid under the average for your position, you may want to set up a meeting with your boss to make your case that you are being underpaid.  Just make sure you are careful at how you word yourself.

It can be hard to ask for a raise but if you have the right tactics you will have a better shot.  It would be best if you had good negotiation skills along with self-confidence.  It is not a comfortable situation when you go to ask your boss for more money but it is part of the game and the only way to make it in your job and life is to play the game.

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