Even for those who have put in the work and made it a habit to deliver results, the prospect of asking for a raise can be daunting. It is not uncommon to fret over coming across as ungrateful or putting your manager on the spot, let alone the possibility of rejection. But then there is the matter of silence, which can set back your earning power by years.
The Pew Research Center has found that workers who are willing to negotiate for better terms or move into new roles tend to see their pay reflect those changes in meaningful ways. And while one can always change jobs, a professional approach to the subject at hand is often the surest way to be compensated for what you bring to the table.
Knowing your value is an important part of earning more, especially when you understand how to build financial confidence without making more money and use that confidence in career decisions.
Why Asking for a Raise Feels Uncomfortable
For some, broaching the subject of money is simply uncomfortable. There is a tendency to think your output should be self-evident, or a fear of being seen as greedy. Add to that the concern that a superior might take umbrage at the request. In truth, however, these are standard career conversations. Any employer would expect an employee to want to be rewarded for taking on more responsibility and growing in their position.
When to Make Your Case
You will find the process much smoother if your record speaks for itself. You are likely in a good position to ask for a raise if you have:
- Been surpassing your objectives.
- Picked up duties outside your job description.
- Put in place some hard numbers for the business.
- Received positive reviews from clients.
- Earned new credentials or certifications.
- Realized your current salary lags behind the market.
Do Your Homework
Preparation is key. Take some time to look at what others in your industry and location with your level of experience are making, so you can make a grounded request rather than a guess. Make a list of your accomplishments: the sales you’ve driven, the costs you have cut, the projects you have steered to success. Then pick your moment; the aftermath of a well-received performance review or a strong quarter for the company is usually the right time to have the talk.
If your current income still does not reflect the life you want, it may also be worth exploring how to earn more without spending it all, so that a higher salary translates into greater financial progress.
A bit of rehearsal never hurts either.
How to Handle the Discussion
Be measured and stick to the value you provide to the organization. This is not the time to air personal financial concerns. Instead, point to how your role has evolved since you were last paid and offer concrete examples of your impact. Be open to what is said and keep your composure; a respectful exchange is far more effective than an emotional one. For women who want to become more intentional about their financial growth, The Wealthy Woman’s Blueprint Financial Planner can help organize goals and create a clearer path toward building wealth.
If You Don’t Get What You Want
A “no” does not mean you have failed. Use the occasion to find out what it would take to make a stronger case down the road. If a raise is off the table for the moment, you might look at other avenues: a bonus, more flexibility, additional time off, or setting a date for a future review. Ultimately, asking for more is about understanding your own worth. If you are working toward greater financial independence, A Sistergirl’s Guide to Making Multiple Streams of Income can provide ideas for creating additional income streams beyond your primary salary.With the right preparation and timing, it can be the start of some real career advancement.
