How to ask for a raise - 3 strategies

It's bonus season now and promotions and career moves are on everyone's mind! In our very first edition of the Deep Human Advice newsletter, we tackle the most popular question of the month our followers have been asking:

How do I ask for a raise or promotion?

So you've been working hard and you think you're really deserving of a juicy promotion or pay increment, and maybe you even have headhunters knocking on your door with enticing job offers. You feel like it's time for you to raise the topic with your boss!

Here are a few approaches to try out:

OPTION 1: The "Asking for advice" approach

Book in some time with your boss and say that you'd like their advice on a specific career issue. Ask them for 30 mins of their time. DO NOT say "Can I pick your brain?", that sounds vague and is often overused to the point where it irritates busy people!

During the meeting, say "I've been reflecting about my career goals for this year and I would really like to be in (ROLE) within the next 12 months. Can you advise me on what I can do or learn to meet that goal?"

Try to figure our what the top 3 strategic priorities are for your company and your boss and position yourself as ready and able to help with those. Research suggests that asking advice from your boss increases your chance of promotion!

(Resource: https://www.vox.com/2014/7/14/5897737/asking-your-boss-for-advice-could-be-the-best-way-to-get-ahead-at-work)

OPTION 2: The "Help me not be distracted by the hot job market" approach

This is for those of you who are confident of your market value and perhaps even have a few offers you are considering, try saying :

"Hey boss, I want to share something that's been on my mind. I've been approached by a few companies who tell me that for my experience / skills I should be in X position.I love my current role and really don't want to be distracted by these conversations, but at the same time I have to do the right thing for myself and my family. (Some people find it useful to allude to a spouse that is pushing you to consider other options!)

So I would like to discuss options for revision of my compensation / role and am also open to hearing your advice as well. "

Option 3 : Job crafting

Take a pro-active approach to getting the job you want by crafting out a detailed job description that addresses your team's current pain points and how you can contribute to them.

Put yourself in your bosses' shoes - how can you create a sense of urgency and need? Show them what problems you can solve immediately to make their lives easier, and how it's easier for you to have that role with your in-depth knowledge and experience at the firm, vs them taking on the risk of hiring someone external and getting them up to speed.

NEGOTIATION TIPS

Remember when you're negotiating, approach it with a sense of curiosity and a spirit of collaboration. It's like, how can we solve this challenge and meet both of our needs together?

Be confident and remember that if you don't ask, you don't get. No one is a mind reader or has time to guess what you want.

Be clear, be likeable, work hard, and let your employer know what you think is fair. There are always exceptions to be made for good people especially in today's Great Resignation environment where employers are fighting a war on talent.

Lastly, be flexible, don't fixate on just one aspect like monthly compensation, but the whole package of benefits e.g. job title, working arrangements, year end bonus, profit share etc. Firms may not be able to budge on one aspect but can often find other ways of recognising and rewarding your efforts.

Have courage, fortune favours the bold!

Until next time,

Crystal Lim-Lange