I Want a Raise (Or Promotion)

How many times have you thought, "I need a raise?" The odds are you're not alone! Over the years, I have mentored many professionals, and one of the common questions they have asked me is how they approach their managers for raises or promotions. 

Technically, you could walk into a meeting with your manager and just come out with it and say, "I want a raise (or a promotion)." The odds are that it wouldn't be beneficial to your bottom line, credibility, or end goal. It is okay to ask, but there are a few things to think through and prep before doing so.

• Why
• Timing
• Research
• Goals
• Show me the facts
• Be prepared for a "no."

Why

What is the actual reason behind your ask? Before going in and asking for a promotion a raise, do some self-reflection and ask yourself the following questions: 

• Is this about money, recognition, or something else? 
• If you get the raise, will that make you happier? Most folks think yes, but then find themselves in the same place again in a few months, wondering what's next for them. 
• What is it about your current state that is causing you to seek a raise or a promotion? Do you have external pressures pushing this? Will this raise or promotion solve those external pressures? 

Timing

Timing is crucial. Timing is everything from finding the most opportune moment to making sure that the business outcomes align. Ask yourself these questions:

• How long has it been since you were hired or received your previous salary bump? Most companies do salary reviews on an annual basis. Has it been one year yet?
• Has anything significantly changed in your responsibilities, which have resulted in you owning or delivering more than previously negotiated?
• Have you had consistent wins, or are you operating above expectations?
• What's happening in the business? Are you hitting goals? Meetings growth objectives? Is the company in a good state financially?

Research 

Do your research. Understand where your compensation is compared to others doing a similar job in the same region at a company of similar size. You can find a lot of this information online. Resources you can use are Glassdoor, Payscale, and Salary.com. Do know that you cannot compare salaries as an apples-to-apples activity. Only use these data points to help you understand the range. 

Goals

Know your goals. Going back to your "why," it's important to know yourself and share your desires with your manager. Are you looking for more responsibility? Growth opportunities? Will you be satisfied if you get the raise, but your title and responsibilities remain the same? Know your goals and align your ask accordingly. 

Show me the facts

These conversations can be emotional, on both sides. Keep it factual. You can appeal to your manager's human and emotional side. Still, the most effective way is to support your argument with data from your research. Be objective. Tell the story of how you've made an impact on the organization with data. Show that you want to continue delivering value and growing within the organization.

Look into the future. Understand what phase your company is in. If you've just secured funding, for example, you can assume significant growth is underway. This requires thought around efficiencies and scaling. Share your thoughts on the things that matter most and how you can directly impact that. Examples: 

• How do we ensure employees stay engaged and avoid a retention issue? 
• How do we continue to meet revenue goals? 
• How do we keep customers happy and keep churn low?

Be prepared for a "no."

Know that even if you build out the strongest business case at the end of the day, you may still get a no. If you don't get the raise or promotion you've asked for, while difficult, it's important that you don't get frustrated. Ask about your gaps and how you can fill them. Are there development opportunities? How can you position yourself to deliver greater value moving forward? When can you discuss this again? 

Asking for a raise or a promotion can be one of the scariest conversations for someone to approach. You can solve some of that by being prepared. Most importantly, never give up and know that a no today does not necessarily mean no tomorrow.