When it comes to job satisfaction, money may not buy happiness, but lack of money sure can make you miserable. That’s why asking for a raise is one of the most stressful and anxiety-inducing tasks you will ever undertake as an employee. This article details the whys, hows, and pitfalls of the process so you can be prepared before attempting to negotiate your salary. In addition to basic advice on how and when to broach the subject, you will find tips tailored toward different job types. If you are thinking about asking for a raise—or even if you just want to understand what factors might make it easier or more difficult for you to do so—read on!

Why is asking for a raise so hard?

One of the main reasons asking for a raise is so stressful is that your employer might say no. Like asking any favor of someone who has the power to say yes or no, asking for a raise can make you feel anxious. But unlike other types of favors—like asking a friend to watch your dog while you go on vacation—your employer’s decision to give you a raise has significant financial implications. The stakes of the conversation might be higher, but you can’t let that make you any less prepared. You need to understand why you’re asking for what you are, and have a strategy for getting it. There are other reasons asking for a raise is so anxiety-inducing. Part of it is cultural. We are notoriously bad at negotiating salary, and many of us don’t feel comfortable even trying. There’s also a chance that you’re expecting too much, too soon. In some industries, especially when you’re just starting out, you might have to wait a couple of years before you’re in a position to ask for a raise.

When is the right time to ask for a raise?

Asking for a raise can be a nerve-wracking experience under any circumstances, but it is especially fraught when you are in a tight financial situation. Despite this, many people feel that there is no better time than the present to initiate a discussion about a pay increase. Unfortunately, this might not be the best strategy. The best time to ask for a raise is when you’ve earned it. Whether that means you’ve been in the same position for a year or five, or you’ve been consistently exceeding expectations, timing has everything to do with your value as an employee. If you have been consistently exceeding expectations and have been providing value to your company, then there is no better time to initiate a discussion about a pay increase than now. If, however, you have just started at your company and have not had much of a chance to prove yourself, it might make more sense to wait until your work has been evaluated by senior management.

Know your worth

Before going into any salary negotiations, you should have a general idea of what your skills are worth to the marketplace. It’s not enough to know how much you are earning now; you need to know how your current compensation stacks up against your peers both inside and outside your field. To begin this process, you will want to identify the job description that best describes your position. This information can be found on job boards or company websites. Once you have a general understanding of your position, it’s time to move on to the next step.

Coming to the negotiation table armed with data

Now that you have a general idea of how much your skills are worth to the marketplace and the job description that best describes your position, it’s time to start digging for data. In order to make the most compelling case for a salary increase, you will want to find out what other people with similar job titles and skill sets are earning. You can do this in a few different ways. First, you should use an online salary calculator to help you get a ballpark idea of what you might be worth. You can also check career websites like Payscale.com, Salary.com, Glassdoor.com, or Indeed.com to find average salaries for particular job titles. Finally, you can also conduct an online search for your particular position in your region.

How to ask for a raise

Now that you have done your research, you’re ready to sit down with your manager and request a raise. There are a few basic rules to keep in mind while doing so: - Always be prepared - Before you ask your manager for a raise, be sure to have all your research and data in hand so that you can make a compelling case. - Be confident, but not cocky - Remember that although you have done your homework, your manager also has access to the same data. Be confident in your numbers and in your abilities, but don’t be cocky or disrespectful. - Be direct - Don’t beat around the bush or try to be too subtle. Say what you need to say directly, but politely.

Negotiating tips and tactics

While the fundamentals stay the same, there are a few strategies you might want to employ when negotiating your salary. First, you should make certain that you are negotiating on the right terms. While some employees might try to negotiate their salary upfront, you should instead be aiming to negotiate your raise. Another tactic you might want to employ is to ask for a specific amount. You might want to say something like, “I would like a 10% raise,” rather than simply asking for a raise. This will make it easier for your boss to say yes. Finally, you might want to try negotiating your salary at the beginning of your employment. Many companies will give you a small bump in pay when you start a new job, which might be a good time to ask for a larger increase.

Conclusion

Getting a raise can be a daunting prospect for anyone, but it is far from impossible. As long as you prepare well in advance and know your worth on the job market, you have a good chance of getting what you ask for. For many people, salary is a key part of their identity at work. It is the thing that we think about when we think about our jobs, and it is the thing that gets us out of bed in the morning. With this in mind, it is easy to understand why people are so passionate about raises. With the right approach and a little bit of luck, you can earn a higher salary and enjoy greater financial stability.