If you feel underpaid due to your workload and responsibilities not equating to your current salary, it may be time to ask for a raise.
We hear from many candidates who are frustrated and dissatisfied in their job because they feel underpaid for the work they do; or they hear of peers with the same experience earning more money than they do and they find it demotivating. This frustration often comes from high performers who take on additional responsibilities that are not recognized.
If this is the case for you, it may be time to ask for a raise. We understand that asking for more money can be nerve wracking. Therefore, Net Gold, LLC outlines our five simple steps to prepare you for the critical meeting with your boss.
Do your research.
Research the average salary for your position.
Make sure you hone in on your skill-set, geographic location and years of experience as these factors greatly influence your salary. In addition, an advanced degree and certifications relevant to your position can sometimes command higher salaries. Bring those data points with you.
Know your value.
Bring a list of your achievements and the impact you’ve made on the organization. Identify the additional responsibilities you’ve taken on that are beyond your job description. Wherever you can, clearly state the connections between your achievements and revenue increases and/or operating cost decreases.
In addition, detail what you plan to achieve in the next 6-12 months. This will show that you’re an irreplaceable asset with the track record to prove it.
Be clear on what you are seeking.
Think about your short and long-term goals for your role, and the conditions that will set you up for success. Determine if you will need additional resources or reports to achieve your goals. Outline what responsibilities will be a part of your job description so you and your boss are on the same page.
Know your deal breakers.
As much as you may deserve a raise, it’s possible you simply won’t get it, or you’ll get a counteroffer for a smaller raise.
Be clear on your boundaries beforehand so you don’t find yourself stumbling. If the answer is no, will you resign, or stay? What’s the lowest number you’d agree to?
Prepare your answers for every possible situation.
Rehearse your pitch.
It’s important to rehearse your pitch so you are ready to confidently state your ask. It’s crucial to practice exactly what you’re going to say, out loud in the mirror or with a friend.
In the meeting, remember to breathe, smile, and maintain a calm, steady, natural tone of voice. It’s easy to get a little heated in these conversations, so preparing beforehand and staying calm during the meeting is necessary.
The key to negotiating a higher salary when you feel underpaid is being prepared with proof and presenting your case professionally. Practice your pitch, schedule the meeting, and you’ll quickly be on your way to a salary increase!
What questions do you have about asking for a higher salary? We’d be happy to schedule time to speak with you and discuss further.