1. Education
You can opt-out at any time. Please refer to our privacy policy for contact information.

Negotiating a Pay Raise

It May Be Easier Than You Think

By

Do you feel like you should be making more money? You’re not alone. Most people feel overworked and underpaid. Though negotiating a raise might seem impossible, these tips can help you secure the increase you’ve been waiting for.

  • Almost everything is negotiable. If you rationally believe that you deserve more, do not be afraid to ask for it.
  • Aim high, but don’t be greedy. When negotiating, you should always ask for more than you would like to receive. It gives the person you are negotiating with somewhere to go. Just remember, don’t ask for too much; be realistic.
  • Preparation is the key. Before you begin negotiations, know your stuff. Research your fair market value to get an idea of what others in similar positions are earning. How does your rate of pay compare?
  • Anticipate objections. Make a list of the reasons your boss might not want to give you a pay increase. Then make a list of rebuttals to the anticipated objections. Give your employer every reason to say yes.
  • Create Several Options. In other words, have a back up plan. If your boss says no, no and no, what will you do? You could offer to take on more responsibility. You could also suggest changes in your benefit plan that will increase your compensation package, rather than your hourly rate. There are many possibilities. Create a win-win situation for you and your employer.
  • Use the correct approach. Do not beg, grovel or cry. Do not corner your boss and demand immediate compensation. If possible, avoid ultimatums, threats and other coercive behavior. Always be professional and courteous.
  • Sell yourself. Why do you deserve a raise? What have you contributed to the company? If you have documentation that supports your accomplishments, use it. If not, explain your value in detail.
Asking for a raise is never easy. However, you will increase your chances of success if you are prepared and focused. On that note, go get your raise!

©2014 About.com. All rights reserved.