We all have financial goals — budgeting, saving, investing, retirement. To get there, you need money to work with. And the more you have to work with, the better!

One of the best ways to increase your income and secure your personal financial health is to ask your boss for a raise. It can be an intimidating process to ask for a higher salary — but it’s well worth it. 

These 8 steps can make it easier to ask — with a better chance of succeeding.

The 8 steps to getting a raise 

Ready to ask your boss for higher pay? Do these 8 things: 

  1. Make sure it’s a good time for the company
  2. Ask yourself why you deserve a pay increase
  3. Review your job description
  4. Give yourself a performance review
  5. Decide on a salary proposal
  6. Pick a good time to have the conversation
  7. Have the discussion with your manager
  8. What to do if your boss says “no” to a raise

Ready to learn more? Let’s get started. 👇

1. Make sure it’s a good time for the company

Key considerations for timing:

  • Annual raises
  • Bonus cycles
  • Company’s overall health

Before making your raise request, be sure to assess your company’s health and overall standing. 

If your company has had recent layoffs, it’s probably not the right time to ask for a pay bump. You’ll also want to avoid asking for a raise directly after your company’s annual raise period or bonus cycle — doing so can cause an awkward situation and make you seem unaware of company policies. 

You also might want to hold off if the company is struggling to maintain its revenue. Be mindful of any issues plaguing your organization. Things like supply-chain issues and inflation have dogged corporations since COVID, and many businesses are still struggling today. 

2. Ask yourself why you deserve a pay increase

Think about how you’ve improved your team’s:

  • Efficiency
  • Effectiveness
  • Production volume
  • Profitability

Having a positive attitude and cheerful disposition might make you a great coworker, but your company probably won’t award you more money for it. So you need to ask yourself, “What am I doing to warrant this bigger paycheck?”

Good companies try to reward their employees with merit-based pay increases — especially for those who work hard day-in and day-out. Think about what you’re bringing to the table for your company, what you’ve accomplished for the betterment of the organization, and how your values align with the company’s. Take special note of success on important projects, any new responsibilities you’ve taken on, and your skill set highlights.

Once you’ve determined why you deserve a pay increase, take a look at your role holistically.

3. Review your job description

Make sure that you are:

  • Fulfilling all the duties in your job description
  • Adding value that contributes to your job’s objectives
  • Staying aligned with the company’s mission and bottom line

It’s always a good idea to review your job description — this is a surefire way to assess how well you’re performing the tasks that you’re required to do. It can also provide insight into any extra tasks you may be performing outside of your job description.

Have you been volunteering for extra responsibilities that don’t add significant value to the company? While that may put you in your company’s good graces, it isn’t a great place to begin salary negotiations. Instead, use them as the icing on the cake, proving your ability to go above and beyond.

If you want a raise, make sure you’re fulfilling your duties, and make sure the value you’re adding closely aligns with the objectives of your job description and the mission of the company.

4. Give yourself a performance review

In evaluating your own performance:

  • Be objective and honest
  • Identify both strengths and weaknesses
  • Outline where you bring value to your organization

Self-evaluation performance reviews are common across many industries, but did you know you can give yourself one before asking for a raise? Prior to negotiations, consider writing out the main goals of your job function — what does success look like in your role? Then, ask yourself how success in this role contributes to the overall success of your organization. 

Next, write out your day-to-day tasks and long-term initiatives for the last six months. Map each item to one of the main goals you’ve listed. Then, grade yourself on your performance for each one. Remember to include any other important details, like responsiveness to communication, consistency with deadlines, or customer-satisfaction metrics. 

It’s important to be judicious, objective, and honest when doing this self-evaluation. After all, this self-performance review will be your main resource when discussing whether you deserve a raise for your work!

5. Decide on a salary increase proposal

Know how much to ask for:

  • Research comparable salaries for your role
  • Be mindful of the company’s financial standing
  • Don’t ask for more than you deserve

Before you walk into the conversation with your manager, you’ll want to decide on a pay increase figure. The average pay raise is typically around 3-5%, with anything above that considered a very generous increase. To employers, this can be a lot of money — so think about what you want, and make sure you do your research on how to justify it.

Start by looking up the market value of similar roles in the same geographic area — what’s the average salary for individuals doing the same job in your city? Take note of what similar companies are offering people with your job title. Sites like Salary.com, Glassdoor, and LinkedIn can provide you with tons of information on salary ranges, and consider asking people in your wider professional network too. 

If your company has a public payscale, use that as a starting point for negotiation.

Does your company guarantee annual raises already? If they do, take that pay increase into consideration when you’re deciding on your goal.

6. Pick a good time to have the conversation

Timing is important — be considerate of your manager’s schedule:

  • Picking the right time shows awareness and courtesy
  • A calm, happy manager is more likely to say yes

We’ve all had conversations that felt disruptive or poorly timed. Whether someone held you back with small talk when you were running late or an obnoxious coworker rambled on through your lunch break, you know how uncomfortable those situations can be. 

Don’t do that to your boss when you’re asking for a raise. Be respectful of their time and bandwidth — avoid bombarding them when they’re on a tight deadline, deep in conversation with someone else, or rushing out to pick up their kids. And if you ever see them outside the office, don’t even think about it!

Instead, choose a time when your manager is calm, relaxed, and has time to dedicate to your conversation. Plant the initial seed by asking them when they have time, and schedule your meeting at their discretion — in person if you can, or virtually if you work remotely.

7. Have the discussion with your manager

Be confident, and be ready to highlight your achievements:

  • Remain calm and collected
  • Bring concrete evidence of your success
  • Come prepared for a plan B

It’s here — the culmination of all your self-reflection and assessment. It’s time to sit down with your boss and ask for a raise. Easy peasy, right? Right, not so much.

For most people, asking for a raise can feel downright scary. Trying to assign a dollar value to your work is a difficult task, but a necessary one if you want to get paid more. 

Here’s how to negotiate your salary with your boss: 

  • Tell them you think you deserve a pay raise and that you’d like to make the case
  • Talk through your self-performance review, tying it back to your job objectives and company goals. Focus on the value you add!
  • Ask them if they agree that you’ve executed your role responsibilities well
  • If they do, begin the negotiation 

If they agree on the raise, then you’ve done a great job — and successfully negotiated a raise. Congratulations!

If your boss doesn’t quite see it your way and rejects your ask, take a breath — it’s okay; the world will keep on spinning. Rejection can certainly hurt, but if you play your cards right, it doesn’t have to be the end of the story.

8. What to do if your boss says “no” to a raise

Sometimes, your company just can’t offer you a raise. This could be because they aren’t making enough money, they don’t think your work warrants a pay increase, or tons of other reasons. In fact, this can often happen for reasons well beyond your control. 

One of your options is to keep performing at the same level and accept your current salary. But if that doesn’t feel like the right move, you can always try one of these: 

Create a plan to get the raise

Ask your boss what you can do to improve and how to lock in the raise. Outline a plan of action that can get you the pay bump you want, and make sure you commit to it fully. Ask your boss when you should come back for the next conversation, so you can review your progress again and claim your reward.

Discuss a career development path

Talk to your boss about the career path that lies before you — where can you go from here? What’s the next promotion that lies ahead? You’ll want to ask them where they see you in 2–5 years, and equally as important, you’ll want to ask yourself, too.

Find out what you need to do to be promoted, what kind of responsibilities they see you taking on, and what you need to do to get started! By getting this kind of career advice, you can set yourself up with a path to success.

Change jobs

According to a Pew Research study, workers who changed jobs in March, 2022, saw a median pay increase of 9.7%. If you’re feeling like growth is limited in your current role, there’s plenty of data that suggests changing jobs can get you a substantial bump in your salary. Also, a job offer from a new company can be a bargaining chip with your current employer, encouraging them to meet your ask.

Whether you hope to stay with the same company or start with a new one, a job search can help you earn more. Let the job search begin!