What’s the best way to ask for a raise or promotion?

Dear Mentors: It’s long overdue; how can I effectively ask for a raise or promotion?

Editor’s Note:

No matter where you are in your career, seeking more compensation always feels daunting. Money is such a personal topic.  Across the board, our Mentors recommend doing your homework and being prepared. Having a rational approach can help offset the emotional nature of the conversation. 

Also, don’t wait so long to ask that you feel impatient or ignored. Remember, even when your supervisor agrees you are ready for a raise or promotion, it can take some time to get funding allocated or approved and you don’t want to be disappointed by the timing. – Paige Booth

Dear Mentee,

It is never easy to initiate or lead a conversation around a raise or promotion. I’ve always found reflection and planning are key to success. First, let your boss know that you’d like to schedule a meeting to discuss compensation planning. Once you’ve set a time, consider how you want to frame the conversation. Are you asking for a merit-based raise, an equity adjustment, or a promotion? You might have reasons to ask for all three, or just one. 

Do your research on comparable salaries for similar positions in the same market, and consider whether your current salary is equitable among your peers in your field and organization. Reflect on the impact you’ve had on the organization since you were hired or last promoted, and be ready to back it up with metrics wherever possible. With this preparation, you can confidently lead a conversation with your boss about a raise, promotion, or equity adjustment – or perhaps all three!

Anne Lasseigne Tiedt APR 

 

Dear Mentee,

Good for you for advocating for yourself!

To set yourself up for success, first be sure you are logging your wins and the positive feedback you receive at work. Don’t assume your manager is aware of ALL the ways you’re contributing to the company’s success. 

Second, review your existing job description and the description of the role you would like to be promoted to. Is it possible you’re already taking on additional duties without the corresponding compensation?

Third, do your homework on what other companies are paying comparable roles. Your manager should know if the company is no longer offering a competitive salary. 

Finally, I would let your supervisor know if you are being actively recruited by another company. It’s often more cost effective to reward an existing employee than to recruit, hire and on-board someone new. When you’re ready for the conversation, I suggest scheduling a one-on-one with your manager and letting them know you would like to discuss your role and compensation. You’ll want him or her to be mentally prepared for this important conversation. 

Alice Walton

 

Dear Mentee,

Do your homework! Not only will you need to persuade the boss, but often your boss will have to persuade HER boss on your behalf. Prepare factual information to make your case all the way up the line.

Start a private folder today by listing the successes and contributions that you bring to your team and company. Add something every week. You should have a solid list when it comes time to ask for that raise or promotion.

Some examples:

• Completed project two days before deadline? Check
• Created a training document that saves peers 1 hour per project XYZ. Check
• Caught (someone’s) error before the $50,000 print job started. Check
• Always the go-to person for onboarding new staff. Check
• Filled in for boss while she was out sick for three weeks. Check
• Completed professional leadership training offered by corporate. Check

Nice note from a client appreciating your “above and beyond” effort. Check (And put that on the bulletin board or Slack channel, too.)

And now, some statements that do not work:

•         You owe me.
•         I deserve it.
•         I’ve been here a long time.
•         I work hard.
•         It’s expensive to live here.
•         I am terribly unhappy.

Best of luck!

Sandra Kleinsasser

 

Dear Mentee,

Snaps for advocating for yourself! I think the best way to arm yourself for these conversations is data and examples. Do some research. What is the market salary range for your job title in Austin? A few salary guides for help: Robert Half, 24 Seven, Creative Circle. If you are not being paid within your market range, definitely use those sources to push for a raise. If you’re near the top of your bracket and feel you’re underpaid, provide an appropriate title change suggestion.

Next provide examples of ways you’ve excelled since hiring or your last raise. If suggesting a title change, give examples of things you are already doing that would be part of the new role along with ways increasing your job responsibility will help the company and/or your direct supervisor. 

Think saying all this is TERRIFYING?? I totally get it, me too! I like to send my ask (raise) and here’s why (market comparisons, examples of ways you’ve gone above and beyond, etc) in an email and request a meeting to discuss. That allows both parties (you and the money decision maker) to come to that meeting prepared.

Good luck!

Caitlyn Macaluso

 

Got your own career conundrum you’d like advice on?

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Compiled and edited by Paige Booth