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How to Ask For a Raise: A Step by Step Guide

ask for a raiseDo you think that you deserve a raise, but it has been a while since your current hourly wage has made a move? How should you approach this with your boss? These were always questions I asked when I was still working for “The Man” and know I’m definitely not alone when it comes to figuring out how and when to ask for a raise.

If you’re wanting to ask for a raise but not certain where to start some of these steps should help you get started and hopefully result with more money in your pocket!

1) Over-perform on the Job

If you want a raise today, you really have to go above and beyond consistently. No longer can you get a raise just for showing up – at least from what I’ve seen. If you don’t prove that you’re worth of a raise by doing extra each and every single day, then you’re likely in for an uphill battle.

Over-performing can be accomplished by either putting in extra hours at the office or by taking on extra projects. These are both ways that your boss can notice your extra efforts that might work out in your favor when you ask for a raise.

2) Keep Track of Your Extra Efforts

If you indeed are over- performing at your job, then you should make a point to take note of all your duties that you have taken on that are not currently part of your job description. You can take this a step further by quantifying either the amount you saved or made for the company.

How this can help when you ask for a raise is showing to your boss the value you bring to the company, that you’re a hard worker and that you think outside the box, and return your diligence with a raise.

3) Gather Data on Salaries of Similar Jobs

With the help of Glassdoor.com and other job boards, you can search job titles that are identical or similar to yours and get a relatively clear idea of what others are earning in other companies. Ideally, you should find salaries of those that are within your area and at competing companies. If you find that your earnings are quite low in comparison then you can use this data to help prove your case for a raise.

4) Kindly Ask For A Raise

If you truly want a raise, griping, complaining, and getting upset about it will not get you any extra cash. Instead, approach your boss kindness and professionally and explain that you enjoy your job as well as the company and would like to ask for a raise. Ask him what he thinks. If he does not jump on board immediately, leave him your findings and tell him that he can get back to you at his earliest convenience. If, even after looking through your data, he does not grant you a raise, you can then consider moving on to step #5.

5) Kindly Accept the Refusal and Look For a New Job

This step is one you’ll want to proceed with wisely. Without telling your boss that you’re searching for another job, entertain other offers in your field of knowledge. If you are offered a new position elsewhere, but would like to stick around with your current company, let your boss know about the offer and give him one last chance to increase your salary.

Do your best not to make him feel like he has a gun to his head, but kindly let him know that you are entertaining the offer and might choose to stay if you are properly compensated. If he still does not increase your pay, then maybe it is time for you to leave. Again, take this step wisely, but that also doesn’t mean you have to stay in your old job.

 

 

What steps do you take when you ask for a raise? Have you ever been denied a raise, and if so, what did you do? How often are you reviewed for a raise?

 

 

Photo courtesy of: Steven Depolo

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

10 comments

  1. Everyone got the same raise at my old job. It didn’t matter whether you sucked or did an awesome job. That’s what I love about self-employment; if I want a raise, I just have to figure out a way to make it happen.
    Holly@ClubThrifty recently posted…Are You Ready to Work Until You’re 80?My Profile

  2. A lot of the things I do are before I ask for the raise. I make sure I am a valuable part of the team by going above and beyond what my job description says. I also figure out the tasks my boss hates doing and see if there is a way for me to do them for him. This really gets their attention.

    Then I sit down before my review and make my intentions clear of wanting a raise and explaining why I deserve it. Most times it works. There were a few times it didn’t but I took the feedback I was given and ended up getting the raise the next year.
    Jon @ Money Smart Guides recently posted…5 Ways To Stay On Top Of Your Debt In 2015My Profile

  3. My hubs just got his salary raised last December and also he got promoted. Yay! 🙂 He told me that he definitely loves his career and he works hard for it.

  4. If everyone gets the same raise, then why work hard? Find a place that values your efforts, and if they won’t, you will have to vote with your feet.
    Alan W. (BCM) recently posted…2015 The Financial Year of the Mason JarMy Profile

  5. Documentation and evidence of your achievements. That’s how I always fight for a raise, here’s all the things I was assigned, here’s the stuff the average person in my position gets done in a year, this is all the extra stuff I did. As you can see I’m doing more than the average worker, and here’s also a list of comparable salaries in the industry in the area. I want you to do your best to match these salaries.

    I don’t say it but I think it’s sort of indicated at that point that these are jobs that I can actually get so if they don’t make it worth my while I will just go out and try to get one of those other jobs.
    Zee @ Work-To-Not-Work recently posted…Landlord HatingMy Profile

  6. John, in my office, we only get a raise annually. That’s it. But there are some who try to resign that’s the only the time managers take a look at the performance as far as I know. So, if the person is deserving an increase, that’s the only time she get another one aside from the annual thing to make her stay. That being said, I am still gonna apply your guide. I just hope one day it works. 🙂
    Jayson @ Monster Piggy Bank recently posted…Is it Worth the Risk to Invest?My Profile

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