Do you feel as though you’re being underpaid by your employer right now? If so, you’re not alone!
According to a recent survey, almost 50% of Americans believe that they’re not being paid enough money. It makes them like their jobs a little bit less than they should.
If you’re tired of not making what you think you’re worth, you should learn about how to increase salary. You can do it by trying to negotiate a raise so that you’re able to bring your earnings up.
It can be stressful asking your boss for a pay raise. But it sure beats the alternative, which is sitting around and wishing you could get a new job that would (hopefully!) treat you better.
Do you need some help asking for a pay raise so that you can increase the salary you make every year? Here are some useful tips on attempting to negotiate salary with your employer.
Start by Doing Some Research On What You Should Be Worth
You know that you want to increase salary when you ask for a pay raise. But how much more money should you be making right now?
That’s the first question that you’re going to want to ask yourself when you know that you’re going to try and ask for a raise from your boss. You need to know what you’re worth at the moment so that you can ask for the right pay raise.
You should do some research on the current job market to see what someone who does your job should be paid. You can find this out by:
- Looking at the salary ranges for jobs similar to yours that are on the job market right now
- Talking to your colleagues at work about what they make (just be careful when you do this since some people might feel uncomfortable talking about it!)
- Speaking with job recruiters in your industry about what someone like you should be making
You should be able to estimate how much you should be making by taking these steps. It’ll put you in a much better position when you begin trying to negotiate a raise with your employer.
Decide What You Would Want Your New Salary to Be
Once you’ve done doing all the necessary research on what you should be worth to your employer, you’ll need to nail down a number as far as what you want your boss to begin paying you from now on. Or better yet, you should nail down a few numbers that you can present when you speak with your employer about the possibility of you getting a pay raise.
The numbers that you come up with should include:
- The ideal salary that you want
- The salary you would be willing to accept after a negotiation
- The lowest salary you’re going to take from your employer
In a perfect world, your employer is going to agree that you deserve a pay raise and give you exactly what you ask for. But you should have these numbers in mind so that you’re able to negotiate strategically just in case they aren’t able to give you exactly what you want.
Arrange to Sit Down With Your Employer to Discuss Your Salary
If you’re going to ask for a raise, you shouldn’t do it through an email. You also shouldn’t do it casually on a whim when you see your boss walking around at work.
Instead, you should reach out to your boss and let them know that there is something important that you would like to discuss with them. You should also request that they sit down with you for a meeting one day to talk about it.
If your boss asks, you’re welcome to tell them that you would like to speak about your salary. But you can also be a little vaguer than that and say something like, “I would like to talk to you about my work performance and about my future with the company.”
Begin Negotiating With Your Employer in the Right Way
When you and your boss sit down to talk about your desire to increase salary, you should make sure that you go about doing it in the right way. You should avoid bombarding them with your request and instead approach it almost like you would a job interview.
You should start things off by running through some of the different ways in which you think you benefit your company. You should then stress that you’ve been thinking a lot about the future and how you want to continue to grow and rise within the ranks of your company.
And once you’ve done those things, you should come right out and say that you believe you deserve a pay raise. You should lay out the research that you’ve done on your salary and finish by telling your boss what salary you think you should be making.
You might also want to phrase your request for a pay raise in the form of a question to put them on the spot without making it seem like you’re trying to do it. Saying something like: “I believe I’m worth $75,000 per year to this company. What can we do to make my salary closer to that?”
The answer that they give to a question like this will be very telling as far as how much they’re willing to increase your salary at this time. It’s why it’s such an effective question to ask your boss while trying to negotiate a raise.
Try Not to Be Too Pushy When Requesting a Pay Raise
More often than not, trying to negotiate a pay raise sounds scarier than it really is. In all likelihood, your boss is going to agree to some degree that you deserve a raise and try to help you out.
That doesn’t always mean that you’re going to get exactly what you want out of your boss. But as long as you’re a good worker, they should at least consider giving you a raise.
With that being said, there are times when requesting a pay raise and trying to go through the negotiation process is not going to go as planned. Depending on what kind of boss that you have, they might deny your request flat-out or even threaten your job.
It’s going to be up to you to decide how far you’re willing to push the issue. There are some people who will take the “no” that they get from their boss and move on. But there are others who will tell their boss that they’re going to quit on the spot if they don’t get a raise.
You should stand your ground if you feel like that’s the best path to take. But you should also try to avoid being too pushy since it could reflect poorly on you and lead to you burning a bridge that you might need later on.
Consider Applying for a New Job If Your Request for a Pay Raise Is Denied
If your boss tells you that there is no way that they can increase your salary right now, there isn’t going to be too much more that you can do about it. They aren’t obligated to give you a pay raise if they don’t want to do it.
At that point, you’ll have to decide what you’re going to do next. You can keep working for the same salary that you’ve been working for and hope your boss reconsiders your request in the future. Or you can start searching for a new job that’s going to pay you more than you’re making now.
If you truly believe you’re underpaid, it wouldn’t hurt to look for a new job. It also wouldn’t hurt to look for a new job if you’re looking around at stated income loans and trying to take out a home loan. It’ll make it easier for you to qualify for a loan like this when you’re able to show you’re making more money than you are now.
If nothing else, you should take a look at which jobs are on the job market now to see if there is a job you might like better than the one you have today. Getting denied a pay raise could turn out to be a blessing in disguise for you if you’re able to find one.
You Can Increase Salary and Begin Making More Money If You Play Your Cards Right
Trying to negotiate a pay raise can be daunting. A lot of people get so stressed out over the mere idea of doing it that they don’t ever get around to giving it a try.
Don’t let this be you! If you feel as though you deserve a better salary, you should try to increase salary by speaking with your boss. It could very well result in you getting a well-deserved pay raise in the near future.
Get more valuable career advice by reading through some of the other articles found on our blog.