Before you can discover how to ask for a raise, you need to know when and where it is appropriate to ask for a raise. Firstly, you should only consider asking for a raise if you believe you should be paid more for the work that you do and you are ready to do something about it. According to Indeed, you have two options:
- Ask for a Raise
- Look for a Higher Paying Job
If you’re confident and ready to ask for a raise, follow these important steps:
- Make a List of Your Accomplishments from the Past Six Months: Gather more information about all of the projects you have worked on within the past six months. Highlight any key accomplishments that you feel best exemplify your work ethic, skill, and dedication to your job. Furthermore, list any concrete examples of projects you have worked on that performed well or helped the company achieve its goals.
- Research the Average Salary for Your Position: Before you can ask your boss for a raise, it is important to do your due diligence and research relevant salary trends in your industry. If you work as a financial analyst, for example, the average yearly salary for your position in America is anywhere from $60-150k.
- Consider Your Eligibility for a Higher Salary: Another factor to consider before you ask for a raise is to think about your education, years of experience in the industry, and how long you have been with your current employer. It’s important to recognize what you bring to the table and keep that in mind when asking for higher compensation!
What Should You Avoid Saying When You Ask for a Raise?
There are a lot of “dos” to consider when asking for a raise, but you must be aware of the “don’ts”. Some of the specific things that you should avoid saying when asking for a raise are the following:
- I will leave if I do not receive a raise of (x amount).
- I feel that I deserve a raise now.
- I’ve been here for (x amount) of years, I deserve a raise.
- My coworker is making more than me.
- I will find a different job.
Avoid threatening statements and stick to the facts! Although it is helpful to consider your years of experience and service to the company that you are at, you may not get a raise just because you spent 5 years at a company. Make sure to consider your accomplishments and other factors, as well as your years of service to the company.
What is a Reasonable Raise to Ask for?
Generally, a 3% raise is considered to be quite reasonable, but it depends on your position, the industry you are in, your job performance, and the financial stability of your company. If you have not asked for a raise in quite a few years, you may want to shoot for 5%-6%.
If your company is not in a good spot, however, it may not be time to ask for a raise (even if you deserve one). Although CNBC reported that many Americans are not receiving raises that reflect the current cost of living in their city, many industries have changed exponentially in the past few years. Inflation has made it difficult for many individuals to handle everyday expenses, and although you may not receive a big raise due to the fluctuating economic conditions of our country, it is important to be an advocate for yourself and still ask for one if the time is right.
What Happens if I Ask for a Raise and My Company Says No?
If you do not receive a raise, it is not the end of the world. In fact, it may not have anything to do with your job performance or your skillset! Take it one step at a time and remember that life has temporary setbacks that you can’t always prepare for, but you need to handle the response professionally- no tears or tantrums!
If you cannot financially support yourself without a raise, however, it may be time to start searching for another job or consider supplementing your income through additional means.
How Can I Supplement My Income?
Whether your company cannot afford a raise or you are not in the right spot to ask for one, getting a raise can be tough. If you need to supplement your income because you did not receive an increase in salary, here are a few things to consider before you start your job search:
- Your Schedule: If the majority of your free time is on the weekends, you may want to consider waiting tables or working in the food industry. According to Yahoo News, servers make a reasonable amount of money just by working on the weekends! However, you need to consider what working 7 days a week will do to your mental health. It is recommended to work one extra day a week if you need to supplement your income – you definitely need a day off to rest!
- Your Skills: If you do not want to work a seasonal job or wait tables to supplement your income, you may want to consider using the skills you already have to freelance! For example, if you work in graphic design, you could use sites like Fiverr or TaskRabbit to find contract design work. Or, if you are an editor by trade, you could find supplemental work from authors, playwrights, and business owners. Keep in mind that it takes time to build a portfolio and find freelance work, but don’t give up! Build up your portfolio and take smaller jobs in order to prove to other clients that you can handle the workload.
- Other Options Could Be Available: Working a second job takes up a lot of your free time, and freelancing is not easy! You may want to apply for a loan from LoanMart if you do not have time to take on a second job or a side hustle.