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Asking for a raise during your performance review is a great way to start the conversation. However, knowing precisely how to go about it can be tricky.
In this blog post, we will provide some tips on how to ask for a raise during your performance review. We will also discuss what to expect once you have asked for the raise. Let’s get started!
How Much Should You Ask For When Negotiating A Raise?
It’s no secret that everyone would like to make more money. And while a pay raise is one way to achieve that goal, it’s essential to be realistic about what you can expect. The average pay raise is 3%, with good raises falling in the 4.5% to 5% range. Anything more than that is considered exceptional. Of course, there are always exceptions to the rule.
For instance, if you accepted a position with little travel and are now on the road more than half the time, asking for 20% isn’t unreasonable because your duties have significantly changed.
Or if you are asking for a pay increase because it’s been more than a year since your last one and you’ve continued to perform well in your regular duties, start with a more reasonable percentage. You still deserve a raise, but be prepared to support your request with specific examples of your achievements.
Here are a few factors to consider when deciding how much to ask for when negotiating a raise:
- Your current salary: If you’re making significantly less than the average salary for your position, ask for a more significant raise to catch up to your peers. On the other hand, if you’re already making more than the average salary, ask for a smaller raise to avoid appearing greedy.
- The cost of living in your area: If your area is high, you may need to ask for a higher salary to maintain your current standard of living. Conversely, if the cost of living is low, you may be able to get by with a smaller raise.
- Your experience and qualifications: If you have more experience or qualifications than the average person in your position, you may be able to command a higher salary. However, if you’re starting or don’t have as much experience as others in your field, you may need to settle for a smaller raise.
Related: Communication Phrases for Performance Reviews
18 Ways to ask for a raise in a performance review
Here are 18 ways to ask for a raise during a performance review.
1. Do your research beforehand
Before you go into your performance review, take some time to research your company’s policies on raises and promotions and the going rate for your position in the market. This will help you know what to expect and make a case for why you deserve more money.
2. Choose the right time to ask
When it comes to asking for a raise, timing is everything. You don’t want to ask too early in your employment, as you haven’t had time to prove your value to the company. Conversely, you don’t want to wait too long, as you may become entrenched in your salary range. The best time to ask for a raise is during your annual performance reviews.
This is when your boss will assess your work over the past year and determine whether you deserve a raise. When asking for a raise, be sure to come prepared. Have a list of all your accomplishments over the past year, and be ready to present them clearly and concisely. If you have received positive feedback from clients or co-workers, mention this.
3. Find a reason for your salary increase
The first step is to determine why you feel you deserve a raise. Please list your accomplishments over the past year, and be prepared to discuss them with your boss.
Once you have determined why you deserve a salary increase, it’s time to research. Find out what other people in your field are making. This will help you ask for a salary that is fair and reasonable.
Asking for a raise can be a tricky business. On the one hand, you want to be confident and assertive in asking for the salary you deserve. But on the other hand, you don’t want to seem greedy or unappreciative of your current wages.
4. Create a plan
Now that you know why you want a salary increase and what others in your field are making, it’s time to create a plan. This plan should include when you ask for the raise ( during your performance review is typically the best time), how much money you would like to make, and what you will do if your boss says no.
5. Prepare for the meeting
Now that you have created a plan, it’s time to prepare for the meeting. This means practicing what you will say and getting rid of any nerves. You want to be confident when you ask for a raise.
Now it’s time to ask for a pay raise. During your performance review, state your case and why you deserve a salary increase. Be confident and prepared for any questions your boss may have.
6. Do your salary research
Negotiating your salary can be daunting, especially if you have little experience. However, you can take some simple steps to prepare yourself for the discussion.
First, it’s essential to do your research. Look up salary information for your industry and job title on websites like salary.com. This will give you a good starting point for negotiating your salary.
Second, ensure you clearly know what you want to earn. Don’t lowball yourself, but don’t ask for an unreasonable amount.
Finally, be prepared to back up your request with data from your research. If you follow these steps, you’ll be in good shape to negotiate a salary that reflects your skills and experience.
7. Be strategic in timing
Once you’ve researched and prepared your case, it’s time to ask for a raise. Schedule a meeting with your boss and state your case. If your boss hesitates to raise you, try asking for a salary review instead. This means that your salary will be re-evaluated at a later date.
Timing is also critical, so ensure you pay attention to what is happening across the entire organization’s bank account before scheduling your meeting. In the end, remember that asking for a raise is a negotiation.
8. Have specific goals in mind
When asking for a salary increase, it’s essential to have specific goals in mind. Vague requests such as “I’d like to make more money” are less likely to be successful than requests tied to particular accomplishments. For example, you might say, “I’d like a 5% salary increase because I increased sales by 10% last year.”
By being specific, you’re more likely to get the salary increase you’re asking for.
9. Know what you’re worth
Before asking for a salary increase, knowing what you’re worth is essential. There are a number of ways to determine this. You can look at salary data for your position and location. Websites like salary.com and payscale.com offer this information. You can also talk to people in your network who hold similar jobs and ask them about their salaries.
Once you understand what you’re worth, you can start to negotiate for a higher salary. Remember, it’s important to be confident and assertive when asking for a raise – after all, you deserve it!
10. Practice makes perfect
Practice makes perfect, and this is especially true regarding salary negotiations. If you’re not used to asking for raises, practicing your pitch with a friend or family member can be helpful.
This will help you feel more comfortable when it comes time to ask for a salary increase from your boss. By rehearsing what you’re going to say, you’ll be less likely to freeze up or get tongue-tied when it’s time to ask for the raise you deserve.
And, if you can deliver your request confidently, you’re more likely to get the positive result you’re hoping for. So, if you’re feeling nervous about negotiating your salary, remember that a little practice can go a long way.
11. Be ready for questions
There is no doubt that your manager will consider your request for a raise if you have asked for it at a good time and provided evidence that you deserve to be paid more.
In addition, you can expect that your interviewer will be asking you follow-up questions regarding your recent accomplishments or the salary research you have conducted during your job search.
There may also be some negotiation involved, so make sure you listen carefully to what your manager says in response to your request. If you feel intimidated, return to the evidence you have collected to demonstrate your points.
12. Prepare what to say
The first thing you should do before your meeting is prepared what you will say to the boss to request a raise. As you prepare, it may be helpful to recognize that feelings of fear and anxiety are natural when discussing money. Writing a script is one way of addressing those feelings.
As long as you rehearse your script enough, you will be able to stick to it no matter how nervous you may be. Throughout your writing, concentrate more on the professional reasons why you deserve this raise rather than your personal feelings about it.
Follow up with specifics if your manager is open to the discussion: mention the salary increase you’re looking for, provide references to your research, and provide examples of your work to justify it. Include a metric that clearly illustrates your work’s value when you give an example.
13. Make a list of your accomplishments
Describe how your accomplishments have positively impacted your department and company – and provide specific numbers and statistics if possible. For example, you could say, “In the past year, I generated 5,000 leads for the company, an increase of 8% from the prior year. The resulting sales equaled $58,000 in new business market value.”
It’s hard for any manager to turn down a raise request when presented with such numbers. The stronger the data you provide, the more significant case you make for a well-deserved raise.
Showing the work you have done for the company and the efforts you have put in to help it also demonstrates that you are a loyal worker.
14. Looks the competitive salary like your position
When salary negotiation time comes, you can give your boss a salary range based on what others in your field and location are making. This will help to justify the salary increase that you are requesting.
You can find this information by searching online or speaking with people in your network.
15. Show your boss what’s in it for them
When it comes to asking for a salary increase, it’s important to remember that your boss is not just looking out for your best interests – they’re also looking out for the company’s best interests.
As such, it’s essential to show them how granting your request will benefit the business. For instance, if you’re asking for a 5% salary increase, be sure to point out how much money you can save the company by doing X, Y, and Z.
By showing your boss that you’re not just looking out for yourself but also the good of the company, you’re much more likely to get the salary increase you’re asking for.
16. Be confident
One of the most important things to remember when asking for a salary increase is to be confident. If you don’t believe you deserve a raise, your boss probably won’t either. So stand tall, make eye contact, and confidently state your case for why you deserve a salary increase.
With these tips in mind, you’ll be well on your way to asking for – and getting – the salary increase you deserve.
17. Provide your request in written form
If you’re looking to score a raise or promotion, it’s essential to make your case to your boss in the most convincing way possible. While it’s always good to have a face-to-face discussion, providing your request in written form can also be helpful.
This way, you can reference specific numbers and accomplishments when speaking with your boss, and you’ll have a written record of your request if there are any misunderstandings.
Keep in mind that your written request should be clear, concise, and well-reasoned if you want it to stand a chance of being accepted. Taking the time to craft a strong case for yourself will pay off in the long run.
18. Be a compromise
When negotiating your salary, it’s important to remember that it’s a two-way street. If your boss can’t meet your salary request, be open to negotiating other benefits, such as more vacation days or flexible working hours.
By being willing to compromise, you’ll show that you’re reasonable and easy to work with – qualities that any employer would love to have in an employee.
However, don’t be afraid to stand your ground if you’re being lowballed. Be confident in your worth, and remember that you can walk away from the negotiation if you’re not happy with the offer.
19. Prepare yourself for potential rejection
Be prepared to compromise if your boss doesn’t give you the salary increase you’re asking for. Perhaps you can ask for a salary review instead. This means that your salary will be re-evaluated at a later date.
In the end, remember that asking for a raise is a negotiation. Be prepared to compromise and be willing to accept an offer that is less than what you asked for. Doing so can increase your chances of getting a salary increase.
Related: What to Say in a Performance Review
It would be best if you now understood how to ask for a raise during your performance review. Remember, being prepared and confident when asking for a raise is essential. Be sure to practice what you are going to say ahead of time.
We wish you the best of luck! If you have any questions or comments, please leave a comment below.
Related: Annual Performance Reviews Sample Comments