What Kind Of Raise Do You Deserve? How To Determine, And Ask For It
Want to hear a disappointing fact? The average wage hasn’t kept up with inflation in decades. It’s one thing to accept a smaller starting salary, but if you’ve been slaying away and still struggle to make ends meet, it’s time to ask for a raise.
A raise doesn’t necessarily mean more responsibility or a new job title. Instead, it ensures your salary keeps pace with inflation. You can also negotiate a deal beyond money. If you work for a small company, get creative when making your demands.
Why ask for a raise?
Before you march into your boss’s office, make sure you deserve to move up on the salary scale. Why do you deserve a raise? Being a hard worker doesn’t cut the mustard. Think concrete, relatable. Did you increase production output by 50%? If so, that’s a reason to make more than your current rate.
It’s harsh to accept, but your boss doesn’t care how much you struggle to pay your bills. They care about how much you benefit the company’s bottom line.
What kind of raise do you want?
What if you work for a smaller startup without a lot of capital? You might ask for a raise, and your request might align with the going rate for your industry. Yet if your organization lacks the funds, you’ll hear a no. Now is the time to get creative.
Ask for health insurance
In the U.S., nearly one in 10 people are uninsured. Going without health insurance can mean letting minor issues become major down the road. Many insurers will pay for an annual exam that can catch problems, such as high blood pressure. Without coverage, one trip to the ER can result in bankruptcy. Instead of a bonus or raise, ask your employer about a plan.
Request paid time off
We’ve all had to clock out for a doctor’s appointment or call out for mental health day. Unfortunately, the U.S. lags woefully behind in paid leave. In the United Kingdom, for example, employees have 28 days of paid annual leave and nine public holidays — a total of 37 days off. In comparison, the U.S. mandates no minimum paid leave and has 10 public holidays. Leverage your skillset for a few bonus vacation days.
Explore flextime and telecommuting
If you could save hours each week by not driving, why wouldn’t you? Unless you work in a customer-facing role, chances are you can telecommute — at least part of the time. If you need to travel to the office for client meetings, doing so on a flextime basis can help you avoid traffic. According to one survey, 88% of workers say flexible hours would make up for less pay. Consider this request when asking for your next raise.
How to make your pitch
Your boss’s jaw won’t hit the floor when you make your request. They expect you to ask for a raise. Still, they expect you to do so the right way. Schedule a time to speak. Ten minutes should cover most presentations. Try to do this on a Friday afternoon or a time that isn’t hectic.
Prepare in advance and lay out your case. Stay focused on what the company needs and how you can help. Showcase what you’ve already achieved in terms of business growth and profits.
How to know when to wait
Timing can mean the difference between no and yes in salary negotiations. For example, say your company recently underwent a round of corporate layoffs. You’d want to wait before making your pitch.
If your company recently underwent a round of corporate layoffs, wait before making your pitch. If you committed a major blunder that cost your company money, next Tuesday isn’t the best time to ask for a salary bump.
Ready for a raise? Get paid what you’re worth
The business world turns on results. If you help your company excel, you deserve a slice of the pie. Follow the guide above to get the salary you deserve.