How to Ask for a Raise

It’s 2022 and it’s no secret that the cost of living is up in nearly every city. Between rent, inflation, and the price of chicken, our money doesn’t seem to be going as far as it did just a couple of years ago. While I’m sorry to say that I can’t offer a solution to inflation or a decrease in taxes, I can offer a few tips on how to ask for your next raise.

Some people spend their whole career accepting the first job offer and waiting until their boss notices their hard work to move up the ladder. There’s nothing wrong with this, especially since contentedness is quite rare in our world today. However, you are missing out on one of your most powerful wealth-building tools by staying put – that is your base income. Have you ever wondered why businesses offer equity, bonuses, work-from-home options, or extra vacation time? These are either one-time costs for the company or are completely free for the employer to offer. The most expensive way for a company to operate is by increasing their employees’ base salaries. Your job as the person asking for a raise is to prove to your boss that this is not only in your best interest but the best interest of the company as well. What value do you provide? How do you grow the business? What kind of an investment are you to them?

1. Keep track of your accomplishments

This is easier if you have the foresight to know that you are wanting to climb the ladder and maximize your earnings. Ideally, every 1-2 weeks, write down things you’ve accomplished, projects you’ve managed, and praise that you’ve received from coworkers and clients. Even though you might not have a lot to add to the list every single week, doing this on a weekly basis is easier than doing this every six months. The purpose of this step is to have tangible ways that you provide value to your company whether this is hard data like the number of deals you’ve closed or direct quotes from those you work with.

2. Do your homework

Before asking for a raise, make sure you’ve done some research to see what the going rate for your job is. You can start with Glassdoor or other similar websites. When looking at the range for your position or that position you want to be promoted to, make sure to account for your experience level and time at the company. This is not the time to make notes on how your cost of living has increased and therefore you need a raise. Remember to keep this process tied to the value you provide and will continue to provide, not about how underpaid, frustrated, or burnt out you are.

3. Focus on goal setting

Though your chief motive at this moment might be to earn a slightly larger paycheck, it’s important to think about your short-term and long-term goals. If you only care about making more money, this will likely show in your conversation and work ethic. Do you want to lead a team? Be a product owner? Oversee a department or mentor newer people in the industry? Knowing your goals and how to communicate this with your manager will show that you are committed to growing personally and with the company.

4. Schedule a meeting to discuss face to face

After thinking through your contributions to the company and why you deserve a raise, schedule a meeting face to face (or over Zoom if you’re remote). This can be as casual as an email or Slack message asking what their availability is next week to discuss your compensation. Josh Doody, an expert on salary negotiation, spells this process out perfectly on his website.

5. Craft an email to your manager or boss

Now’s the time to combine your accomplishments into one smooth-sounding email to let your boss know why you deserve a raise/promotion. This should be a recap of the meeting that you had face-to-face. This lays out your case and helps them pass it up the chain of command if needed. Again, Josh Doody is a personal favorite when it comes to this topic. He has free templates and countless resources on all things salary related. Though he specializes in Software Engineers, his advice is sound for anyone on a career path.

6. Follow Up

You may have made a great case for yourself and be deserving of a raise, but it may not be your manager’s priority. That’s okay, just make sure it doesn’t fall off their radar. Alternatively, it may not be a good time for the company due to the time of year or the state of the company and its purse strings. Make sure to be clear about wanting to establish a timeline to revisit the request and lay out steps for you to get to your desired salary.

Asking for a raise can be intimidating. Build your plan, be clear and specific, and go for it. You’ll be glad you did.

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