If you’re not sure how to ask for a raise, consult this comprehensive guide detailing what you need to know. If you’ve been working hard and taken on more responsibilities than the role you started in, now is the perfect time to ask for a raise. Consider the following tips to get started.
Keep an ongoing, open dialogue with your managers about your work and commitment to the company. If you have quarterly or yearly performance reviews, be honest about what you’re working on and what you’ve done.
Before asking for a raise, be sure to ask the following questions:
By asking these questions and putting the answers into practice, you will have a better chance at receiving a raise.
When you started in your role, you were probably given a list of responsibilities to manage. When you’re ready to ask for a raise, make a concrete list of the responsibilities you have taken on, in addition to the ones you were originally given.
Present this information to your manager. If you are doing more than what was originally expected of you, then your pay should reflect that.
Know how big of a raise you want, but be reasonable in your request. Make sure it is within your pay grade or reflective of the work you’re doing. If you’re not sure how much money to ask for, read your company’s handbook to see if there are specific procedures regarding raises.
Sometimes raises are calculated as a percentage or dollar value. If your company offers yearly 3% raises, for instance, and you earn $35,000, that would raise you to $36,050.
Research similar roles within your industry. See what other people are making and what responsibilities they have, and be realistic about your expectations.
A study shows that fewer than half of working Americans don’t ask for raises and close to 30% are uncomfortable negotiating their salaries.
When you’ve compiled reasons for your raise, rehearse the conversation with a friend or family member. Be willing to answer questions such as, “Why do you deserve a raise?”
Show that you’re invested in the company. If you’re planning on leaving after two years to go to graduate school—and your manager knows this—you probably won’t get a raise. They want to put their money toward employees who will be with their company for the long term.
If you want more responsibilities in addition to a raise, consider asking for a promotion, which is a title change in addition to a pay raise.
Now that you know how to ask for a raise, don’t be discouraged If you get a “no.” Continue to work hard, set goals, and build on your responsibilities.
If you do get the pay raise you wanted, it might be a good time to think about how to build your savings. Synchrony Bank can help you put some of your additional salary into a savings account, money market account or individual retirement account (IRA).
Call 844-345-5789 or open an account today and learn more about our savings products.
The Balance: https://www.thebalance.com/how-does-a-pay-grade-work-1918221
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 05/24/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.