A lot of people are fearful of stepping into their managers office and asking for a raise, especially in a recession when they are just happy that they have a job. If you're a high performing employee, you get paid what you're worth and companies would rather pay you more than lose you to a competitor and have to backfill your position. A new study by Glassdoor.com shows that 43 percent of employees expect to get a raise in the next year, which is the highest level in four years. Getting a pay raise is important because it shows your worth, that you're serious about your job and gives you reassurance that you're valuable to your company. Here are five ways to get a pay raise today:
1. Don't wait for your annual review. Typically companies, especially the larger ones, have a designated time each year when they give performance reviews. During the process they assess your abilities and compare you to your colleagues. The result is that some will get raises and some won't. If you want a raise, you have to be proactive and build your case throughout the year. If you feel like you're being underpaid or not being paid enough, speak to your manager before the review period.
2. Do your research. If you want to know how much to ask for, then review Glassdoor.com's "Salary Index" as well as Indeed.com's "Salary Search" and PayScale's website. These tools will give you insight into the average pay for various job titles among a variety of industries. It's a good way to figure out if you're underpaid and how much you should ask for. If you're looking to get a promotion, this data will notify you if the promotion is coming with the right salary too. Just by having data with you when you confront your boss for a raise, you will be better equipped to make a strong case for the bump.
3. Prove your worth. If you want to justify the pay raise, then you should keep track of your results. If you're in sales, you can keep track of all of your customer wins, including the number of customers and profit from them. If you're in marketing, you can measure leads and if you're in HR, you can measure the success of the talent you brought in by how long you've retained them, for instance. If you can show that you are delivering more value than you're asking for, then it's easy to make a case.
4. Be straightforward. Don't try and be sneaky about asking for a raise or even a promotion. If your gut tells you that it's the right move, then schedule a meeting with your manager. Let them know how you feel, while showing them what you've done and why it's important. A lot of managers are so busy and aren't thinking about your needs all of the time so it's important to remind them why you're there.
5. Consider alternatives to pay. Sometimes a company is simply not giving raises but there are other things you can ask for like more workplace flexibility or more vacation time. There are also options like stock or training that can help offset the raise. By doing this, you're benefiting and setting yourself up for a raise when your company's health improves.