Many hard working Americans feel that they deserve a raise, so it’s no surprise that the livable wage debate has been a hot-button issue in recent years. Whether you’re looking for a modest bonus or a substantial increase, you’ll need to approach your boss mindfully.
The wages of average American workers have been stagnant for many years. Fortunately, with the U.S. coming out of the recession, employees have been seeing gradual increases to their paycheck. According to a 2015 survey, some employees are expected to receive a base pay raise this year ranging from 1 percent to 4.6 percent. Of course, not every employee will see much of a benefit in their paycheck, so it may be time to ask yourself an important question: “Should I ask for a raise?”
Listed below are some mindful tips to help you prepare for a pay increase negotiation.
- Pick the right time. When’s the best moment to ask for a raise? Asking for a raise when the company is flourishing or when you department is expanding is probably the best time, but also consider asking when you’re being offered a higher paying job from another company. An increased workload or a job performance that exceeds expectations can also warrant a pay increase.
- Review company policy. First, review your company’s handbook for any policies on pay increases. It’s said that 90 percent of companies have a fixed date for when employees can get a raise, and some companies are rethinking their pay-raise policies So, do your research beforehand.
- List your achievements. Reflect on the accomplishments you’ve made on the job in the past year and write them down so you have key points for your negotiations. Try to include statistics to drive your point home, and mention any leadership positions that you may have taken on over the course of the last year.
- Discuss the future. Also, be sure to include what you hope to bring to the company in the future. Present a detailed plan and list the steps you’ll take to accomplish these goals. This will impress your boss and may tip the scale in your favor.