Have you been looking at your paycheck and wondering when the last time you saw an increase was? If it's been a year or more, inflation isn't just nibbling at your earnings—it's taking a big bite.
Let's tackle how to step up and ask for that raise in a way that feels right and gets results.
When's the Right Time?
Timing isn't just about finding the right moment but maximizing your opportunity. Here are a few things to remember as you prepare:
- Look at company cycles. Is budget season coming up this fall? That's your window. If you wait until the decorations are up for the holidays, chances are, budgets are already locked in.
- After a win. Did you recently knock a big project out of the park? That's the perfect time to highlight your value.
- Is the company doing well? If the answer is yes, it might be a good time to discuss your hard work and how it contributes to the company's success.
Prepping for the Conversation
This part is about homework and strategy. You want to come in confident and ready.
- Keep track of your achievements. Lead a successful project? Boosted performance metrics? These are your hard-earned wins; make sure they're front and center.
- Understand what you're worth. This means looking at what others in your role, in your area, are earning. If you're remote, adjust accordingly, but be realistic about the comparisons.
- Raises are a lagging indicator. Remember, what companies pay today often lags behind the curve. You have to put in the work before expecting a salary bump.
How Much to Ask For?
Here's where it gets a bit tricky, but stick with me:
- Aiming for a 5% to 10% raise is pretty standard, but let your achievements guide you. If you've been killing it, don't be shy to aim higher within reason.
- Can't move the needle on cash? Think about what else matters to you. More vacation days, a flexible schedule, or maybe a budget for further education could be just as valuable.
Having the Talk
When it's time to sit down and discuss your raise, approach it as a conversation, not a confrontation. You're not there to issue ultimatums based on others' salaries or your personal needs.
Instead, it's about showcasing your achievements and the tangible value you bring to the team. Keep the focus on your professional growth and how it aligns with the company's goals, paving the way for a productive and positive discussion.
Here's to Your Next Raise
Asking for a raise is more than just about the money; it's about recognizing your growth and ensuring your compensation reflects your contributions. Equip yourself with the right timing, solid prep, and a clear understanding of your worth.
Have you recently negotiated a raise or promotion? Reply to this email or contact me at david@morethancoders.com with your story. I respond to each one.