3 Tips on How to Ask for a Pay Raise

Practically everyone could use a little more money in their lives. However, many employees are terrified at the idea of asking their bosses for a pay raise. The next time you decide to ask for a  raise, keep the following tips in mind.

  1. Focus on Accomplishments and Impact

When asking for a raise, you never want to bring up rising rent costs or other personal expenses. Your boss ultimately is not going to care about this. Instead, you want to discuss what you have contributed to the organization lately and why you deserve to be paid more.

  1. Bring in Industry Research

You want to prepare before actually asking your boss for a raise. This involves preparing your speech, anticipating potential questions and bringing in relevant research from your industry. You should bring in facts and figures about what kinds of salaries other people with your job are making. For example, if you are making $40,000 annually and most people with your job make between $40,000 and $45,000, then you could kindly ask for a raise of $43,000 annually. You can check the U.S. Census Bureau for average incomes in your industry to make sure you are fully prepared.  You do not want to ask for an excessive raise because that could cause the employer to tune out. You also want to ask for a specific number rather than a range.

  1. Intent to Stay Could Equal A Pay Raise

Before discussing numbers, you should start the conversation by talking about how much you enjoy working at this company and how you intend to stay for the foreseeable future. You can also talk about what you plan on doing in the months and years to come. An employer will be more likely to provide you with a raise if you show you intend to stay. This way, giving a raise is an investment on the part of your boss.

Do not get discouraged if asking for a pay raise does not work the first time. You can always try again.  For accounting and finance salary information, check out our Salary Guide. We are here to help.