Inflation is on the rise, unemployment rates remain low, and employers are scrambling to fill vacant positions – and to keep their existing employees.
If you’ve been with your employer for a while, these circumstances might make dollar signs dance before your eyes. After all, during a worker shortage, keeping current employees away from the “Help Wanted” ads should be at the top of employers’ to-do lists, and what better way to do that than with a raise?
Questions to Help You Prepare for the Raise Discussion
If all you got at your last performance review was a cost of living increase, though, you might have to directly ask for a raise. Asking for a raise is arguably one of the most awkward conversations you’ll have with your boss, but some preparation can set you up for success. Here are a few questions to think through.
- How does your salary compare to others in your field? If you’ve found your salary on the wrong side of the Security Clearance Salary Calculator curve, it might mean you’re not being paid your worth.
- How have you demonstrated success at your job? You should be able to demonstrate how you’ve added value to the company. Have specific, tangible examples of times you’ve gone above and beyond, successful projects you’ve led, and how your work has brought value to the company.
- How has your job changed? If more responsibilities have been added to your plate since you were originally hired, make a list of those to show your employer they’re getting more than they originally bargained for.
- Is now a good time for your company? While exterior factors point to a raise in your future, it’s important to consider the circumstances of your company. If you know your company is struggling financially, you can still talk to your boss. Just know that the answer may be “no.”
Do Your Homework
Go into your meeting with your boss armed with answers to all of these questions. And if the answer is no, don’t fret. Ask what you can do to get a raise in the near future. And even if you can’t negotiate a salary increase (for example, due to budget constraints), you may be able to negotiate other benefits instead.
Knowing when (and if!) to ask for a raise is key to fighting salary stagnation and getting paid your worth.
