Jenny

In these difficult economic times it is very intimidating to ask for a pay raise.  But, you have worked diligently over the last few years and believe that a raise is warranted. You are wondering, is this the right time to ask for a raise?  Here are a few things you should consider before asking for that pay raise:

1. Research the market rate of your current position.  Knowing the market rate is a good starting point, and will be a handy bargaining tool in your later negotiations.  There are two websites that are helpful sources for determining how competitive your pay is in your particular industry. These are salary.com or payscale.com.  However, if you wanted to get more specific to your local area, or if you are not comfortable with using an online source, then you may want to consider using a local recruiter.  A local recruiter will be able to give you a good idea of the current pay rate for your position in your city or county.

2. After completing your market rate research, you should compile a list of contributions you have made to the business to illustrate to your boss why you deserve a pay increase.  Your contributions can include things like:
• cost savings measures to your company that you have implemented;
• any successful project or projects that you spearheaded at your company;
• productivity improvements that occurred as a result of your suggestions;
• continual superior customer service;
• ways that you have gone above and beyond what the job required.

3. In addition to your list of contributions, you should also make a list of all the additional responsibilities that you have incorporated into the job. For example:
• were you supervising more employees;
• had you taken on additional special projects; or
• had you assumed further responsibilities.
Having this list ready will be helpful for you to rebut those objections that you will likely hear from your boss.

4. Your next step will be to set up a meeting time with your boss.  Giving your boss a heads up as to the topic of the meeting will ensure that he will be prepared to have a serious discussion with you about your request for a pay increase.

5. Once in the meeting, the tone of the discussion should be conversational.  If you have received recognition for a job well done by others or even your boss, bring it up in that meeting.  Have documentation to back up your claims.  If you sense resistance to the request for the pay raise, do not become hostile.  Position yourself as a team player and leader, and do not talk about why you need more money.  Rather, emphasize how your contributions have benefited the company.

6. If it continues to be a tough conversation, offer options that add value for you, and would still be manageable for your boss.  Make it a win-win situation for all.  For example:
• you could suggest a change in your benefit plan versus your hourly rate;
• you could suggest a flex-time arrangement; or
• you could suggest extra vacation days instead of an increase in your hourly rate.

Have you successfully negotiated a recent pay raise?  If so, please share with us your strategy to achieving your pay raise.