Are you getting paid enough? Here's how to ask for a raise

Are you getting paid enough? Do you need a raise? This article outlines simple steps to help you ask your boss for the raise you deserve.

  • Facebook.
  • Twitter.
  • LinkedIn.
  • Google Plus
  • Print

When it comes to the workplace, one thing employees always seem hesitant to do is ask for a raise. And it's understandable, as such a conversation can be very awkward and uncomfortable. Especially if you're the type that doesn't like confrontation, this is one conversation you might be pushing off. You really should fight that fear and stop hesitating though.

Yes, asking for a raise can be very awkward, but only if you make it that way. As an employee, you should feel entitled and empowered to speak to your manager about your goals and expectations. If you feel like you aren't being paid enough, you have every right to ask for more money… as long as you can support your claim. Here are some tips to successfully get that raise:

Understand your value

First and foremost, you need to understand your value as an employee. You're more than just a salary. Your bring a lot to the table, and probably more than you think too. You just need to quantify that. Start with making a list: write down everything you're capable of doing, from big to small. The list is probably a lot longer than you think. Understanding what you're worth as a employee will help you in your salary negotiations. Some skills are priceless and you want to make sure your employer is aware of that.

Research, research, research

Once you've properly quantified your value as an employee, you'll next need to do the research and understand your market value. A good place to start are websites such as Salary.com and GlassDoor.com. Median salaries will differ depending on where you're located and how many years of experience you have, but these websites will give you a rough idea of how much people in a similar role as you are making. While you should take these numbers with a grain of salt, you should still research and understand the competitive landscape.

Communicate your accomplishments

It's time to talk to your manager once you feel comfortable with all the information you've gathered. While you may understand the value you bring to the table, your boss might not be aware of all the benefits of having you as an employee. It's important to start the conversation by communicating your accomplishments. Your boss may never have thought about why you deserve a raise, and now is your opportunity to tell him or her. Highlight your key accomplishments in the past year and why you're such an integral part of the team. No need to be shy now: it's your time to boast and tell the manager why the team wouldn't be able to function without you.

Share your goals with your boss

Obviously, accomplishments are a big factor in why you should get a raise, but it's not all about the past either. What can you contribute in the future? A raise is also an investment in you as an employee and your manager will want to make sure that you can continue taking on more responsibility and being a vital part of the team. So be honest. Share your goals with your boss and give a clear picture of where you want to see yourself and your role in the next year. It's important to always be open and honest so that you don't find yourself hating everything about your job down the road.

Be prepared for rejection

Lastly, it's important to be prepared for any outcome of the conversation, including rejection. Unless your superior owns the company outright, chances are very high that your boss might tell you that you can't get a raise right away. After all, no one except the very high up can justify spending more without approvals and more meetings. While you might want to walk right out and say "I quit," take a step back to ask and understand the reasons why. Perhaps a raise isn't within the department budget or you only qualify for a raise during performance reviews. Whatever it is, create an actionable plan and timeline with your boss. When will you get a raise and what do you have to do, other than wait, to get one? While you might not be eligible for a raise right now, you should understand what you need to do to get there so you can start working toward a higher salaried future.

Topics:
  • Career Planning
  • Pay & Benefits
  • Career Planning
  • Pay & Benefits
  • Career Planning
  • Pay & Benefits
  • Career Planning
  • Pay & Benefits
  • Facebook.
  • Twitter.
  • LinkedIn.
  • Google Plus
  • Print
Article copyright 2017 by MoneyNing. Reprinted from the November 14, 2017 issue with permission from MoneyNing.
The statements and opinions expressed in this article are those of the author. Fidelity Investments cannot guarantee the accuracy or completeness of any statements or data.
This reprint is supplied by Fidelity Brokerage Services LLC, Member NYSE, SIPC.
The third-party provider of the reprint permission and Fidelity Investments are independent entities and are not legally affiliated.

Votes are submitted voluntarily by individuals and reflect their own opinion of the article's helpfulness. A percentage value for helpfulness will display once a sufficient number of votes have been submitted.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

831134.1.0
close
Please enter a valid e-mail address
Please enter a valid e-mail address
Important legal information about the e-mail you will be sending. By using this service, you agree to input your real e-mail address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an e-mail. All information you provide will be used by Fidelity solely for the purpose of sending the e-mail on your behalf.The subject line of the e-mail you send will be "Fidelity.com: "

Your e-mail has been sent.
close

Your e-mail has been sent.
piggy

Get more insights from MyMoney

Just sign up and we'll email our latest thinking every 2 weeks.
Not sure? Learn more
We understand that privacy and security are important to you and will only subscribe you to the MyMoney newsletter. See our Privacy Policy.

Here's what we suggest you explore next

Taking your wallet on vacation? Here's how to keep it safe

Tourists are often targeted by pickpockets or thieves. Read here to learn how you can keep your wallet safe on vacation.

Like your checking account, but with some useful extras

All ATM fees reimbursed. No minimum balance. Pay bills. Deposit checks.

You might also like

Here's how to negotiate your salary over email

Accepting a new job? Don't forget to negotiate your salary! Here's a game plan on how to negotiate your salary over email.

16 signs you're underpaid—and what to do about it

Think you are underpaid? Here are 16 signs that you may be not getting your worth and tips on what you can do to change that.

4 key strategies women need to negotiate a higher salary

Working women face discriminatory salary differences compared to those of their male counterparts. Learn how you as a woman can advocate for yourself in salary negotiations to ensure that you are paid what you rightfully deserve.

Like your checking account, but with some award-winning extras

All ATM fees reimbursed. No minimum balance. Pay bills. Deposit checks.