How To Increase Your Salary Without Switching Jobs

When you’re satisfied with your current job and company but would like a salary increase, you can ask for a promotion or a raise. But before meeting with your manager, there are some important aspects to bear in mind. First, think through why you want more compensation. From there, carefully consider your language and timing while remaining confident in your accomplishments and ability to request higher pay.?

By Helen Harris ?

Working for a company you love is a great feeling. You are fulfilled and motivated to meet goals, crush deadlines, learn new skills and exceed in your role.?

But with that professional passion comes the space — and need — to grow. You likely don’t want to leave your current company, but you naturally, at some point, will crave advancement. You may desire a higher salary, in addition to more responsibilities, or you may have your eye on a certain promotion .?

Whatever your professional path is, the first place to start when wanting a higher salary (or a promotion that comes with a higher salary) is to ask yourself your “why.”?

Consider Your “Why” for Wanting a Salary Increase

Advocate for Yourself

Besides naturally wanting more money to pad your savings account or buy that item you’ve had your eye on for a while — why else do you want a raise or promotion??

Before you have conversations with anyone, you should brainstorm what your goals are in your current role, what you would like to accomplish in the next few years, and what you have already accomplished.?

Can you identify specific examples of how you’ve been a value-add to your employer? If so, these are great ways to advocate for yourself when discussing the topic of a raise or a promotion.

“You want to make sure that you're providing a clear and concise argument for why you deserve a raise,” said Heather Spiegel , career coach and founder of Hidden Squirrel Consulting. “Don’t base your argument on the fact that it seems like everyone around you is getting a raise or promotion. You don't know what those conversations look like and how your peers are articulating their value add to the company. Try to focus on your own accomplishments and how you’ve helped your company meet its goals. Ensure you’re also bringing supporting data.”?

Business News Daily suggests to list all of your reasons for wanting a raise before proceeding with your request.?

“Don’t ask for higher pay because your rent went up or you’re frustrated because your cubicle partner doesn’t work as hard as you and earns the same pay rate,” writes Business News Daily. “When you make your request, your reasons should be based on your performance and the value you bring to the team and to the organization.”

Add a Negotiation Story

Valerie Sutton, leader in career theory and student services, and LinkedIn Learning Instructor, mentions this in her course . Once you've identified your strengths and experience, you'll want to tie this to your salary and benefits by writing a negotiation story, she says.

A negotiation story is a pitch that gives HR the ability to offer you a better salary or additional benefits. Your story should illustrate the impact of your accomplishments, the overall value you'll bring to the company and your needs moving forward.?

“Plan your story beforehand because you may not have the time to gather your thoughts once you're in the middle of negotiations,” said Sutton. “Start by focusing on places where you exceed expectations. These will be the leverage points for your story. … You should tie your strengths to your priorities as it gives HR a compelling reason to meet your needs.”

Sutton provides the following example: You highlight your professional strengths of having been with the business for five years and also having a professional network to grow the business. In return, you could ask for a salary increase of $5,000 and four weeks of vacation.

In addition to preparing for a meeting with your manager by thinking about your accomplishments in your role, it’s also worthwhile to learn how most companies negotiate salaries.?

Understand the Compensation Policy

Sutton explains that many organizations have a compensation policy and that this policy sets rules for how employees are paid, how salary reviews are handled, as well as how companies calculate bonuses. She states that, based on all three equities, human resources will generally make an offer to candidates from their low range to their mid range.?

“The offer at this level gives [you] room to provide raises and allows you to grow as an employee,” said Sutton. “Knowing these equity considerations will help you in researching potential salaries and determining strategies to increase your base pay.

The compensation policy is based on the following considerations:?

• Individual equity: This is based on your unique talents and potential as an individual and is where your advantage lies in the negotiation process.?

Example: You're an instructional designer, and you develop content using universal design for learning techniques. If no one else in the company has this knowledge, this would be a reason to pay you more.?

“You have to remember though, it's not what you think you're worth, but what the employer believes the job is worth,” said Sutton.?

• External equity: For this type of equity, you will need to look outside of your current company and see what other organizations are paying for your same role. In general, employers will compare their compensation packages to their competitors, as they want to attract and retain the best candidates.?

Example: Company A is paying an instructional designer $60,000, so Company B is probably also paying close to $60,000 for the same role.?

“However, an organization can choose to pay higher or lower for various reasons, including their geographic region, industry or how attractive they wish to be to potential employees,” said Sutton.?

• Internal equity: This equity is based on fair pay within a company. Most companies want to ensure fair pay internally and will compare salary offers to similar coworkers within their organization.?

“This equity is essential for companies,” said Sutton. “Employees must perceive that they're paid fairly compared to their coworkers. Otherwise, they may feel less valued and leave.”?

Sutton furthers that fair pay also contributes to consistent performance standards and collaboration amongst teams.?

How To Ask for a Promotion or Salary Increase

Asking for a Raise

Business News Daily reports that asking for a raise can be the best way to obtain the compensation you deserve if your job duties have changed significantly or if your performance merits a boost. It adds that you should keep in mind that standard pay increases range from 3% (average) to 5% (exceptional). However, starting high and asking for a 10% to 20% increase is a way to open negotiations.?

Next, you’ll want to consider timing.

“The first thing to keep in mind is that timing is really important when asking for a raise,” said Spiegel. “So if your company isn't doing well financially, it might not make sense for you to ask for a raise, because they're not going to necessarily be receptive to it in the way that a company who is doing really well [would be].”

Spiegel adds that you’ll next want to consider the type of language you use when you ask for a raise and states that you want to be cognizant of the words you use when asking for a raise.?

For instance, it might not be well-received if you state something along the lines of, “Well, I've spent X number of years in my role, so I deserve a raise.”?

Instead, you need to be able to showcase your value and accomplishments — and pair that with gracious language when asking for an increase in compensation.?

“You want to prepare a list of your accomplishments and contributions to the company and include specific examples of how you've added value to the organization because that's what a company cares about,” said Spiegel. “So if you can say, ‘I increased the bottom line by X percent,’ or ‘I reduced our cost by X percent,’ that’s going to resonate a lot more than saying something like ‘I deserve this.’”?

When you’re ready to approach your manager for a meeting, you can follow the follow these tips for success as outlined by Business News:?

• In the meeting, make sure to reference your accomplishments from the past six months, the past year and your time with the company.

For example: “In the past year, I generated 5,000 leads for the company, which is an increase of 8% from the prior year. The resulting sales equaled $58,000 in new business.”

• Do your research and know what a competitive salary is for your industry.?
• Instill in your boss the confidence that you are an investment: You’ve already explained what you’ve done for the company, but you also want to explain your plan for the future. Explain to them your goals and how those objectives benefit the company — how you will achieve them.
• Remain confident.?

Asking for a Promotion?

Let’s say you’ve been in your role for a while, and you are interested in growing with the company. You want more responsibility, to learn new skills and the increase in pay that comes with a promotion.?

According to MasterClass, a job promotion is when an employee is elevated to a higher rank, position, or role within a business or organization because of their exceptional performance. Promotions are usually accompanied by increased responsibilities and/or higher salary, in addition to raising an employee’s standing in the professional hierarchy and allowing them to climb the corporate ladder.

How can you ask for a promotion — or bring the topic to the table — if it hasn’t even been brought up yet? And how can you best advocate for your performance if there is the chance for a promotion??

Spiegel starts by stating that you should always be asking for feedback and trying to identify areas where you can improve so you can advance. But in order to have a clear-cut path toward a promotion, it’s best to request a meeting with your manager,? express your interest in a promotion, and ask how you can get there.?

She recommends that you approach the conversation by asking for areas where you can improve and to use that constructive feedback to provide data-driven results (hopefully of your improvement) next time you meet.?

It’s also a good idea to get these action items in writing (or in email form), as well as a timeline as to when you will have met these expectations, and when you will reconvene to discuss the prospect of a promotion.?

MasterClass also adds the following tips to help you navigate the promotion process:?

• Ask yourself what you want your new position to look like: Make sure you have a clear vision of your professional development before you begin discussing any potential opportunities with your manager. Keep the well-being of the whole company in mind as you think about your next move into a higher position.?
• Do your research: If you’re looking to fill a higher-level position, you’ll need to be able to describe how and why you’re the best person to fill the role. Get familiar with the details of the position and how your experience and skills make you the ideal choice.
• Keep track of your progress: You are your own best advocate, and having a written record of all your victories will only help you in the promotion process. It will also allow you to organize your talking points and not leave anything out when it comes to discussing the ways you’ve positively impacted the organization.
• Ask at the right time: Certain times are better to discuss a promotion than others. For instance, if your company just had layoffs or is doing budget cuts, you might hold off.? However, if you just received a glowing annual performance review or had a particularly successful quarter, that might be a more ideal time.

You can remain in your current company and continue to grow in your professional path of success. While you might not get a raise or promotion immediately, you can set milestones to meet. Seek feedback and keep track of your success so that you are able to advocate for yourself when the time comes.?

Top Takeaways?

How To Increase Your Salary Without Switching Jobs

• Before having a meeting with your manager about a raise or a promotion, you should first carefully consider your “why.”?
• “When you make your request, your reasons should be based on your performance and the value you bring to the team and to the organization.”
• Plan your story before meeting with your boss and have clear examples of your success and milestones with the company.?
• Timing is important when it comes to asking for a raise or promotion.?
• If you’re seeking a promotion, ask yourself if you have a clear idea of what your next role will look like — or if you’re ready to step into a specific position the company has open.?
• When having an initial conversation regarding an increase in salary at your current company, always start the conversation confidently, and use any constructive feedback to provide data-driven results next time you meet.?