So, what are you waiting for? Here's how to ask for a raise:
Arm yourself with facts
You need to know how your company and industry are doing. Is your company meeting its financial goals? What is the current market rate for someone doing your job? Unofficial data, such as whether anyone in the company has been getting raises, can also be useful if you're able to find out discreetly.
Finally, it's imperative to know where you stand in the eyes of your manager and the management team. If you're considered indispensable, you'll have a more grounded case.
Choose the right time
As you gather your information about the company's performance, you may realise that it's not the best time to ask for a pay increase. Asking for a raise while the company is in the middle of layoffs, for example, could send a signal that you're not tuned in to the business.
Phrase your request carefully
Presenting a request that highlights both your knowledge of the company's situation and your contributions would be ideal. If you have market data for your job position to back up your request, you may phrase your request something like this: “I know that I joined the company during a softening economy. I was hoping that we could use this next year to get me closer to the norm.”
It's imperative to know where you stand in the eyes of your manager and the management team
Demonstrate your accomplishments and added value
Show your value. You want to be able to demonstrate that you have taken on additional responsibilities, as well as provide specific details about your accomplishments. Share examples of projects you have completed and how they’ve positively impacted the business. Was there an increase in revenue? Did you save a customer? If you’ve received positive feedback from colleagues or other leaders regarding your work, be prepared to share that with your manager as well. These are not only good indicators of your contributions, but also of your future potential.
Focus on why you deserve it (not why you need it)
Before you can convince your boss that you deserve a raise, you need to believe that you’ve earned it. The best approach to asking for a raise is to focus on deserving one versus needing one. Everyone would like to make more money, but don’t bring up personal reasons like your rent increasing, needing to plan an expensive birthday party or your vacation to Thailand. Stick to discussing your performance and impact.
Have a backup plan
If a raise isn't possible now, lay the groundwork for the future. Ask for feedback on your work so you know where to improve.