So You Say You Need a Pay Raise

by Eliese Taylor
Are you feeling the economic pinch? One tell tale sign of doing too much with too little is that even after shaving your expenses, you notice that you're beginning to live from one paycheck to the next. Moreover, you're cutting it closer and closer when it comes to getting your bill payments in on time.

Does that sound familiar? Well, if it does, you probably have debated the next logical question. When was the last time I got a pay raise? Chances are it's been a while if the normal cost of living is starting to make you feel trapped or in a rut. If so, maybe you need to ask for that much-needed income boost. The following four steps are a structured approach to asking for a pay raise.

  1. Start documenting

    What do you think are the valid reasons for receiving a pay raise. If you haven't been documenting your accomplishments on the job, get started doing that NOW! Make sure these relate directly to justifying that raise. Try to research what others in your position are earning. It's a matter of you having the right ammunition for meeting with your boss.

  2. Have a figure in mind

    Don't stumble over this;crunch the numbers before you ask for your raise. Take your recent accomplishments, experience, and your skill level into consideration when trying to arrive at a dollar amount. You're going to have to come up with a figure that combines your experience and skill level with your value to the company. Again, do some research and find out what employees with other companies get compensated for doing the same job that you do. Take a look at internet job postings or check out employment surveys as part of your research. Also be sure to research salary information on current market rates for various jobs listed by position and location. Be prepared.

  3. Timing is everything

    Another challenge is going to be determining when is the best time to "pop the question" (no, not the one to your girlfriend). Here are a few things to keep in mind when determining when to ask for your raise
    • Is your company in a financial position to afford giving you a raise?
    • Can you approach your boss now, or do they have other issues going on that could hinder you getting that raise?
    • You may have the extra added ammunition of recent accomplishments, but is there any area where you may be under performing and therefore hurting your possibilities?
    • Is there a certain time of the year where it is more likely that you would get your raise than others? If your company typically offers pay raises at the end of the calendar or fiscal year, maybe you should wait until then (if you can afford to do that).

  4. Be professional

    No matter what the outcome is, never appear to be anything less than professional. Prove why you deserve the raise. Never focus on your personal requirements for more money.