Money

How to Negotiate for a Raise

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Every now and then, you’ll come to a point in your career when you need a raise. Approaching your boss to ask for one can be intimidating, especially if you’ve never negotiated for a raise before. With our tips, you’ll feel more confident and more likely to get the money you want.

Use Your Annual Review

Many employers send out reviews and evaluations right before Christmas, so after the holidays might be a good time to negotiate for a raise. This is particularly true if your performance review was excellent or if you’ve shown marked improvement in significant areas. If your current review won’t get you a raise, learn how you can prepare for the next one. Ask your boss what he or she wants to see from you and how you can make it happen.

Crunch the Numbers

Always have a figure in mind when you negotiate for a raise. Start with the average salary for a person at your company or in your field. Are you being paid more or less? If less, why? If more, do you want more—and how much? Keep the company’s performance and your last pay increase in mind.

Time It Right

Don’t ask for a raise if your company is struggling financially or if your boss is already juggling many duties. He or she may feel overwhelmed, and payroll questions will probably feel burdensome. Again, use your track record to make your case, but don’t run to the boss’ office asking for a raise every time you do well on a task. Give the boss time to notice and approach you.

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