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If you’ve put in the time and effort at your job and your wages have been stagnant, it may be time to sit down with your boss and make the case for a pay bump — which is often one of the fastest ways to get ahead financially .
To help you score that raise, here are 15 tips and strategies from career experts.
Make Money: 8 things to do if you're barely scraping by financially 1. Know salary stats
When you approach management, it helps to know what the going rate for your position is.
Some minor research online will give you an idea of what the average salary for your position in your area is. If you’re making lower than the average, bring it up as a sticking point.
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2. Tout your achievements
While you don’t want to overwhelm management with a huge list of accomplishments, it’s important to come prepared with key information about what you bring to the company.
If you can bring specific numbers, like the percentage you reduced overhead costs or how much you generated in sales, that can be a big help.
3. Reference your job description
In addition to having a list of your accomplishments and an idea of the salary you want, consider revisiting your original job description.
This way, you can highlight how you are meeting your job requirements, and anything you’re doing above and beyond that may warrant a bigger paycheck.
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4. Rehearse
Even if you’re just speaking to your boss and not in front of a group, it’ll help to run through what you plan to say. Practice your talking points on a friend or family member — or even in front of the mirror.
Running through what you plan to say a few times can help with nerves.
5. Use direct language
Career experts suggest using strong, direct language so that you come across as confident. Instead of saying you “may” deserve a raise and you “think” you bring a lot to the company, explain that you do deserve a raise because you do bring a lot to your team.
Then you can confidently list those positive qualities.
6. Pick the right time
Timing can have a lot to do with whether you get that raise or not. Consider factors like the company’s financial health and your boss’s workload before asking for that salary bump.
If the company is doing record sales, it could be the perfect time to ask. If there have been rumors of layoffs or you’re in the middle of a busy season, perhaps wait it out for a few months.
Get Out of Debt for Good: Try these 6 clever ways to crush your debt 7. Have a range in mind
It’s also important to know how much you want — and what your minimum is. This tip goes hand in hand with knowing the average salary for your position.
Also, make sure you’re comfortable with whatever is on the low-end of the range you ask for.
8. Set up a meeting
You’re going to want to have time to make your case face-to-face — and should also avoid popping into your boss’s office after a long day and rattling off reasons you deserve a raise.
Setting up an in-person meeting with your boss is your best bet as it gives you time to plan and have a serious conversation in person.
9. Thank your manager
Even if the conversation isn’t as effective as you hope, make sure you thank your manager for their time.
Sending a thank you email will also serve as a record of the conversation you had, and perhaps a reminder if your boss needs to make a case on your behalf to upper management.
Break the Cycle: 8 moves to escape the paycheck to paycheck grind 10. Explain how your boss will benefit
Reminding your boss how you can and do make their life easier can give you a leg up.
This doesn’t necessarily mean you have to offer to take on more responsibilities, but if you took any tasks off your boss’s plate — like scheduling, mentoring new hires, etc. — bring it up.
11. Give management time to consider
Your boss may not be the person who has the final say on whether your raise is approved, so give management time to consider your request — and make a case for you if needed.
Before ending the conversation, ask if you can check back in a week or two if you have not gotten the OK.
12. Prepare for your annual review
If the timing works out, your annual review is a great time to make the case for a bigger raise.
Be sure to spend some time preparing for your review with the tips mentioned above, like knowing your target salary range and making a list of your accomplishments.
Make Money: Discover 17 legit ways to make extra cash 13. Tout extra work you’ve taken on
Have you been taking on any extra work over the past few months, such as covering the work of a former employee or taking tasks off your boss’s plate?
If so, this is something to highlight when you make your case — especially if you’ve taken on tasks that weren’t in your original job description.
14. Treat it like a job interview
Once you have your meeting set with management, a good rule of thumb is to take it as seriously as you would a job interview.
That means dress well, come prepared to highlight your accomplishments, and expect to be asked questions about your experience and expectations.
15. Ask about future prospects
Unfortunately, you may not get the answer you’re looking for when you start the raise talk — even if you came prepared and seemingly did everything right.
If your boss says no, ask what it will take to get a raise in the future or if there is something you can do to warrant something like a bonus.
Bottom line
There are a few steps that go into successfully making the case for a raise — including timing the ask right, highlighting your accomplishments, and carrying yourself with confidence.
Increasing your base salary is a great way to move beyond living paycheck to paycheck , but it all starts with a carefully considered plan.
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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