I had the opportunity to present a program on Live at Lakeside on How to Ask for a Raise. Following are the highlights of the presentation:
- Be realistic: Understand the market in which you work and what you are worth – rough idea – ask around since wages vary by cities.
- Know your company’s policy: some companies only provide raise once a year.
- Understand the state of your company: can it support a raise?
- Schedule time for the discussion: this should not be a drive-by ask.
- Justify your request: Build your business case to justify your ask (ways you’ve helped the company earn or save money- concrete dollar amounts).
- Present yourself well. You are selling yourself, present yourself in a professional manner for the ask.
- Avoid ultimatums and keep to the facts: Minimize your emotions, stick to the fact based on results.
- Ask and wait: Like any good sales person, silence can be your best friend. After asking an important question, be silent.
- Build a plan: regardless of the response, work to understand the next steps and build a plan to get from where you are to where you want to go.
- Yes: Understand when and how you will receive the raise
- No: Why not and what do you need to do to position yourself for a raise. Follow-up
- Thank You: Thank your boss for their time and follow-up with a written thank you.
Click below to watch the show that aired March 5, 2013.