Negotiating a Pay Raise – A Closed Mouth Won’t Get Fed

Asking for a raise takes a lot of courage and it can be very tough especially if it is your first time asking for a pay raise but always stand in your power and ask for what you are worth. As you develop in your career and start to learn the value that your skill set and experience brings to the table, things will start to get easier. One thing you need to know is that a raise usually would not just fall in your lap. I am not talking about a 2-3% raise that will only help you keep up with yearly inflation. I am talking about a raise that will make a significant change. This type of raise usually occurs to those who not only excel but the ones who simply ask. As I always say, a closed mouth won’t get fed.

Prepare your Pitch

1) Prepare a list of your accomplishments: If you think you deserve a raise, you need to be able to provide supporting results as to why you think you should be rewarded as such. You will do this by proper preparation before you approach your manager about a raise. Any curveball that is thrown at you should be able to be answered intellectually, analytically, and logically. You need to show your manager the value you add to the team and point out specific instances you went above and beyond the task at hand.

Some things that you could share that would be considered an accomplishment would be things such as saving the company money, increasing sales, improving the gross margin, making a process more efficient or effective, etc. Gather as much information as possible and always make sure to use numbers or dollar figures. Analytics help managers understand things in a quantitative way. These accomplishments should be listed in a concise manner and the majority of work will be done verbally. You should list 5-8 bullet points outlining your accomplishments.

One thing to always remember when negotiating a pay raise is that everything is relying on your success and contribution to the company. NEVER bring up your personal financial situation. Although it may seem rudely honest, the reality is that your employer does not care about your rent going up, or your children’s college tuition is going up. They only care about how you can help improve the bottom line. The workplace is a professional setting and it is always strictly business. You should only ask for a raise if you truly deserve it and not because you NEED it.

2) Find out how your salary compares to others in your market: When you ask for a raise, you have to be assertive and have a number in mind. If you go into that meeting passive, and not knowing exactly how much of a raise you want, the odds are, it will not happen. You can start by doing research on other companies that have similar roles and see what their pay scale looks like. You should look at 5-10 companies in your same industry/market to find that range you are looking for.

I know many people are asking, “Where do I find this information.” Some of the free tools I use is Glassdoor, Payscale, and Indeed. All three of these websites provide hourly and salary ranges, based off of the company, industry, geographical location, years of experience, and educational level. These are great tools to come up with the type of raise increase you are looking for.

3) Don’t forget about benefits and perks: There are many things you can negotiate that may be able to replace a monetary gain. You have to be ready for every response possible when negotiating a raise. Many times, managers may try to use “we do have the budget to give you a raise at this time.” Although that may be true, there are other things you can receive such as additional days of paid time off (PTO), flexible work options, stock options, title promotion, tuition reimbursement, and many more. All of these things have a monetary value so if your manager cannot physically give you a dollar raise, there are other perks you can keep in your back pocket for alternative negotiations.

4) Professionalism Approach: There is a way to go getting a raise. You cannot just walk in your manager office at any time and flat-out ask for a raise. Make sure you set up a meeting face to face or via their calendar. Schedule the meeting for 45-60 minutes which allows plenty of time for questions. The last thing you want is to get cut off in the middle of your pitch because your manager has a meeting to attend. Make sure you are ready to go and have all of your best accomplishments typed with copies in hand. Preparation is key when going into this type of meeting. When negotiating, never compare yourself to your co-workers. Speak about your accomplishments and how they have improved the bottom line, or how it increased productivity. Never go into a negotiation cocky or greedy, and be realistic with what you are asking for.

Make sure to time your pitch at the perfect time. Never go on a Monday or Friday, those are usually the two busiest days of the week in the corporate setting at least. You always want to make sure stress levels are down. Choose a day where no large meetings or reviews are going on. Last but not least, your approach should come shortly after you receive an award for performance or you have an outstanding accomplishment.

Want more information and techiniques for demanding more money in the workplace? Grab a copy my my book – Barriers & Bias: Take Control of Your Money: How Woman Can Demand More Money in the Workplace. Available on Amazon and Barnes & Noble Bookstore.

About Dr. Cozette M. White

Dr. Cozette is the Founder and CEO of My Financial Home Enterprises a global financial firm providing comprehensive accounting, tax and business management services for businesses and individuals.

She is a resident Money Matter’s Expert for FOX40 and her advice has been called upon by CBS This Morning, NBC, ABC and FOX television stations. She has been featured on the numerous radio shows and she’s a recurring voice to millions making regular appearances in various national media outlets, including Black Enterprise, Forbes, Women of Wealth, Upscale, The Huffington Post, and countless newspapers across the country.

Learn more at www.cozettemwhite.com.

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