The Best And Fastest Way To Get A Pay Raise

By: Frank Makrides

Updated on October 20, 2020

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With the prices of goods, services, housing and so much more rising every day, it more important now than ever before, for you to get a pay raise, and fast. Asking for a raise is a normal thing, though that doesn’t stop many of us from building up anxieties about it, and in most cases, we just opt out of ever doing it. Because of this, we are then severely underpaid for the quality of work we are doing at your job.

Your manager is likely never going to come with you and offer you a raise, why would they ever do that if you’re already producing great work at a low cost to them?

With a bit of confidence, you will be able to earn the money you deserve. To take as much stress out of the whole process as possible, I have curated a step-by-step guide that will show you how to negotiate and close that pay raise fast.

What is the financial health of the company?

This might be not only an important thing to take into consideration before getting your raise but also from an overall financial, career and job security standpoint. If the company you’re working for is doing well financially then great. If it isn’t then not only are you going to have a tough time getting a raise, you might have job security challenges you need to take into consideration.

What to do before you ask for the raise?

Know your worth.

Thanks to the internet, it is very easier now than ever to find out what your wage should be in comparison to others. Check out job search sites like Indeed, Monster or Glassdoor to see where you stand in regards to your current pay.

While you’re on these pages search for specific job openings near you as well. Make sure you document any that come up that are higher pay than what you’re currently receiving as this will be used as part of the data-driven strategy later for you to quickly secure that pay increase. The more data you have on your side the stronger the argument is going to be to increase your pay.

Ask other people about their salaries.

One of the best ways to find out your worth is by asking your co-workers, friends, and acquaintances working in the same industry in similar roles that they’re currently earning.

Not everyone might is comfortable with the notion of either asking or sharing how much they’re getting paid but if you can gather this data it can easily help motivate you to get that pay increase. Though this isn’t as straightforward as we’d like it to be, you may have to structure your question better than “how much do you earn?” as many people will be put off by this approach.

But finding out this information may be more accurate than checking salary sites as this will be real information from people who work in your local area – which is much more relevant to you than a site collects data country-wide. Remember you’re building a data-driven case here to get more money out of your job. The more data you have, the better your case will be.

Click on the link to the “Wages and the Fair Labor Standards Act” from the U.S. Department of Labor’s website.

When is the best time to ask for a raise?

Timing is everything. For your employer, it is never a good time to give out pay raises, for you there is no better time than the present. There a lot of factors that play into this. So let’s go through a few different scenarios.

When was the last time you received a pay raise?

If you have received a pay raise recently, it might be more difficult for you to receive another one in a short window of time. Typically you want to wait at least 6 months to a year in most cases to request a pay increase. This also gives you ample time to properly prepare for the pay raise you deserve.

Are you moving up the corporate ladder in the near future?

If you’re inline for a change in job or a promotion, that is an ideal time to negotiate your worth. If you’re going to take on more responsibility you should be compensated accordingly for it. Many times people take on a new role or more responsibility without an increase in pay. Make sure that doesn’t happen to you. Do the proper research, understand what fair market value is for that role and get the pay increase you deserve before the promotion goes through.

Recent wins at the company that you were directly involved with.

Did you help land a new contract, were you a critical player in a recent project? Can you tie yourself directly to a recent significant win on the job? If the answer to the above is yes, then you are in the position to be compensated accordingly as part of the overall success of the organization. Document your accomplishment, how it directly helped the organization’s bottom line and make sure you have strong numbers to support your contribution with direct ties to sales, revenue, contracts or anything else that can help support your pay increase.

You’re currently going through the yearly pay raise cycle.

If your employer has a regular yearly pay raise cycle and you’re currently going through it, then you have to start documenting and planning your pay increase accordingly. Document all of your accomplishments. Show how you have affected the bottom line of the business. Document anything where you can show a direct impact of your contribution to revenues and profits is key. Try to get written letters of approval or acknowledgment in the process. So to summarize, capture all these specific cases where your contribution made an impact, show the numbers and have others in writing corroborate your impact to the business to justify the increase in pay.

Has management been pleased with your work?

You don’t need your boss to always be ecstatic with your work to warrant a pay raise, but it would be good to know if they’re happy with the work before doing so.

Even without asking them, bosses usually wear their hearts on their sleeves so more than likely you already know how pleased they are with your work.

If you know for a fact that they are not happy with your work, then it probably isn’t a good idea to ask for a pay raise just yet as it surely won’t go down too well.

Be tactical with when you ask

You might feel that after going through the previous steps that you more than deserve your raise, so you’re all ready to go – right?

Now you need to be strategic. Don’t go storming into your boss’s office demanding a pay raise. You need a thoughtful, professional and courteous approach prior to engaging with anyone.

You need to consider their emotions and position in the matter as well as yours.

Ensuring that your boss is having a great day and is not bogged down with their own work will do a world of good when it comes to asking them to consider your pay increase.

On top of that, you could always wait until you have a particularly good day at work, saving that day with a high profile client or completing a project faster than expected.

Being tactical and strategic will pay higher dividends in regards to not only your increase in pay but also in your overall career in general.

What to say when asking for a raise

So, your boss is in a good mood, and you’re ready to finally ask for your pay raise.

But what should you say?

Many people believe that you need to make some sort of detailed presentation as to why you deserve more money.

But don’t make this mistake yourself.

Most of the time, the whole conversation can be pretty brief, touching on the reasons why you may deserve a raise mentioning things like your new responsibilities or the level of contribution you give in comparison to other team members.

Here is an example of something you could say:

“I’m really enjoying my time here, and I appreciate the opportunities you have given me so far. I have exceeded the goals which we had created and set together, as well as taking on more responsibilities than what was originally asked of me. Could we talk about adjusting my salary to reflect this?”

There’s no need to go all out and have some form of a script ready to reel off, but it is a good idea to at least plan ahead of time what you want to say so that you can get your point across and so you don’t have any regrets once you walk out of their office.

If you also have a particular figure in mind, thanks to your previous research, feel free to mention that too.

You want to also anticipate any questions that could be asked of you. That is where the data and information come into play. You could discuss your worth in a recent win, how you’ve helped the companies bottom line, and if the question comes up about what people in the industry are earning, you now have a means to answer.

Always listen, be patient and polite. If you do the above and keep a professional demeanor, you have a strong chance of either getting your raise or identifying clear next steps to getting one.

Getting the raise

Congratulations!

If all has gone well, you will now have the wage you probably thought you were never ever going to get, but thanks to these steps and your own preparations (and a little bit of confidence) you are now earning the money you deserve.

If your boss has called you into their office to confirm your raise with you, remember to always thank them.

And if you’ve received your new raise through an email instead, make sure to email your boss letting them know how grateful you are as well.

Doing something like this will also help the next time you ask for a pay raise and your overall reputation within the organization.

But, what if you didn't get your desired raise?

If your boss gets back to you and lets you know that you won’t be getting your raise, then this is completely fine.

But don’t be so down about it, remember that at least you had the courage to ask your boss for a raise; many people would shy away from doing this in the first place.

However, this is a great time to ask what you might need to improve on or responsibilities you would need to take on to get your desired pay increase.

Your boss should be able to respond to this question with some clear cut things you would need to do. Make sure the plan has clear objectives, a timeline and it is all tied to direct compensation to you. Clear next steps are critical to all parties involved.

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Frank Makrides

Is a former financial technology industry executive, licensed realtor, real estate investor, an award-winning speaker, has been published, holds multiple patents and is passionate about all things personal finance and entrepreneurship. He is also a proud husband and father of 2 amazing children.