Negotiating a raise is always tricky. I have been on both sides of the tables. As someone working my way up asking for an increase in salary and title. But I have also been the manager, having to decide raises and salary increases for my direct reports.
I recently helped a friend draft an email and discussion points around why she deserved a raise in 2020. It is important to me that women are getting the value & pay they deserve for their work.
One of my favorite things about my 10 years of corporate work experience is that I can be a soundboard for my girlfriends who are working and need career or compensation advice.
I spent 5+ years managing teams, budgets, and revenue margins when I worked in Corporate America. If my channel didn’t make my margins – I would have to eliminate a position on the team. Its a delicate balance determining the budget for salaries and pay increases.
I want to arm you with the tools so you can ensure you are being paid your full worth. Keep reading to see how you can strategically present your case (+email template) to your manager about negotiating a raise for 2020!
AND TO DOWNLOAD THE NEGOTIATE A RAISE EMAIL TEMPLATE
HOW TO NEGOTIATE A RAISE IN 2021
- Know Your Market – Your market rate is very much determined by where you live. Working in New York or San Francisco incurs a much higher cost of living, so salaries are higher in these metro areas compared to Kansas or Arizona.
- Do Your Research – Go on sites like Glassdoor and Indeed to look up Salaries for your title based on your location. Understand what the range is for your current position and determine where you should start your increase based on years of experience, skillset, unique certifications etc.
- Timing is Everything – Understand your company’s fiscal calendar (i.e when do their books close). If your work has a standard fiscal, Q4 is when their books close. This means getting a raise or increase during the Q4 quarter is very difficult. They should have already figured out the budget for next year and be able to discuss raise possibilities. Its good to plant the seed now to start discussions.
- Position Your Work and Accomplishments – This is the time to be very self-honest about how you are doing in your role and what you have brought to the table to deserve this increase in pay. Make sure you re-review with your manager the full list of your accomplishments and developments that you brought to the table and the business value that it drove during the past year.
- Schedule the Meeting – The only person who is going to fight for you around salary and raises is you! Make the time to meet with your manager to have this discussion. This type of discussion needs to be a pivotal part of your career development and focus as you climb the ladder at work. | HINT: (USE THE EMAIL TEMPLATE BELOW TO GET YOU STARTED!)
- Follow-up in writing – Remember NOTHING is ever official until its in writing. Any in-person meetings can be quoted back differently. Always follow-up on the meeting with an email. This email should include: what you discussed, a list of your accomplishments, the raise request, the next steps, and an appropriate timeline to ensure you and your manager are on the same page. This email will help to refer back to around positioning and timing.
**Pandemic/Covid-19 Note: Make sure to factor in your company’s financial health and fiscal performance when scheduling time to discuss your raise with your manager
The next steps are to email your manager with the Email Template below to set up a meeting!
DOWNLOAD RAISE EMAIL TEMPLATE