Ask For That Raise
By Ranjana Naik
Happy New Year, friends! While one New Year celebration has passed, another is on its way. Lunar New Year is just around the corner. As we come together in welcoming the new year, we share our hopes for happiness, good health, and good fortune. Now, let's lean into that "good fortune" part.
2024 is the year when we know our worth and earn our worth. This is the year that we ask for (nay, demand!) that raise. But as the saying goes, "You don't get what you deserve; you get what you negotiate." Keep reading if making more money is on your New Year's to-do list. We've got you covered with tips & tricks to help you get what you deserve.
Come with receipts:
Gathering information is going to be critical here. Start by researching industry standards and salary benchmarks for your role and experience. Websites like Glassdoor, Payscale, or industry-specific reports can provide valuable insights. Heck, even ask your friends in the industry! Knowing your market value arms you with concrete data to support your request.
Remind them who you are:
Prepare a list of your accomplishments and contributions to the company. Showcase how your efforts have positively impacted projects and how you've overcome challenges. (You know those client briefs I'm talking about.) Tangible achievements make a strong case for a salary increase and make you a solid asset to the team.
Timing is everything:
Choose the right moment to initiate the conversation. Set up a performance review with your boss before lunch or toward the end of the day so you can have some personal space afterward.
You won't get a solid answer during that performance review. Most of the U.S. workforce is going through a challenging period of layoffs and financial downturns. And our bosses usually don't have the power to grant a raise – they have to go through the finance guy, the budgets, etc. The key here is to plant the seed by saying, "I deserve a raise. Here's what I'm looking for." If your boss says they'll look into it, follow up after a week. If they say No, then maybe it's time to go.
It's a conversation:
You don't have to have a script written and memorized when asking for a raise. Just remember your talking points. Conversations about money are always awkward, but that's precisely what it is – a conversation. You're the one with the power since you know what the topic will be about. But, if you don't know where to begin with having that convo, here's what I've said before:
"Hey, thanks for taking the time to meet with me! I'd like to talk to you about a raise, preferably by $XX grand. I'm proud of my work here, like [project names]. I have XX years of experience, and a $XX salary is reasonable for my role and skills. What do you think?"
That last question shows your willingness to collaborate. (Even if you're not.)
Prepare to negotiate:
Keep a range in mind for how much more you'd want to be paid. Aim for the high end of your range, but consider an amount you could settle for.
Again, you're planting a seed here. Raises usually take some time to bloom. Hopefully, your boss will check in with the finance team to see what's possible. So before you leave that meeting, ask to ~ reevaluate ~ the following week to keep them accountable.
Be cool about this:
Show up to the conversation with confidence, not entitlement. You're coming into this meeting with the facts of industry standards, accomplishments, and the fact that you're worth more. Communicate your value while remaining open to discussion. Confidence in your performance instills confidence in your boss's decision to invest in you.
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In conclusion, asking for a raise is an empowering step in taking control of your new year. By doing your research, owning your wins, and approaching the conversation with a collaborative and confident spirit, you position yourself for a productive discussion. Stand your ground and follow up in the coming weeks.
No matter what happens, getting comfortable asking for a raise is an accomplishment. Here's to starting the New Year strong and speaking that "good fortune" into existence!