How to Ask for a Raise in Today’s Economy

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Asking for a raise can be scary, but following these tips will help you  get what you deserve.

If you feel like your paycheck doesn’t match your true value, it may be time to talk to your boss about dollars and cents. Being prepared for the conversation is important, and these do’s and don’ts will help you stay on track. Asking for a raise can be a bit scary, but following these tips will help you prepare and get what you deserve.
DO Your Homework
Lay the groundwork for your proposition by doing some background research. Before you talk to your boss, you should know as much as you can about salaries at competing companies in your field and in your region. The set of numbers can be used as a persuasive tool and better position you to ask for a raise consistent with industry standards.
DON’T Ask at the Wrong Time
Timing is important when you are asking for a raise. If your company is going through a financial rough patch, it is probably not the best time to be asking for more money. Choose a good time for your company and a good time for your boss. Make an appointment in advance to talk about the manner so you have time to talk without distractions.
DO Come Prepared
Before your meeting, make a list of everything you have done and achieved for the business since you last talked about your compensation. If you can, put a tangible label or monetary value on your accomplishments. This will help prove to the company that you are a sound investment.
DON’T Give Ultimatums or Get Emotional
A raise is a business proposition. Your job is to make the case that you make valuable contributions to the company and that it makes sense to financially invest in you. You will make that case far more strongly if you remain businesslike and calm during your discussion. Getting emotional or giving an ultimatum changes the dynamic and tone of the meeting and can squash your chances of success.

DO Think About Your Options
Before you speak to your employer, think about the possibilities you may have depending on how your conversation goes. Consider how you will respond if he or she is not willing to budge on your compensation. Are there other perks or benefits you would take as a substitute for more money? If you stay open-minded and flexible, you will be in a much better position to create a win-win outcome.