How To Ask Your Boss For A Raise
6 tips from ABC’s Shark Tank
Asking for a raise can be quite nerve-wracking. Either you’re unsure of what your boss might say, or you just don’t know how to ask for it properly. In fact, the number one question from American families in the new World News Real Money poll was how to ask for a raise. According to Salary.com, only 41 percent of Americans ask for pay increases, even though 84 percent of bosses expect them to. So consider these 6 tips from the sharks of ABC’s “Shark Tank” and Linkedin.com’s career expert Nicole Williams before approaching your boss.
Tip #1: Know what you’re worth. Check out websites like Salary.com and Vault.com to get an idea of what salaries are offered in your position.
Tip #2: Know the exact raise you want. According to Nicole Williams, a typical raise is a 5 to 10 percent increase per year.
Tip #3: Know why you believe you deserve a raise. Make a statement, and then back it up with what you can do for the company. Williams suggested that instead of
saying, “I deserve a raise,” say, “I’ve earned a raise.”
Tip # 4: Sell yourself. Are you prepared to rattle off all your responsibilities? Make sure the boss is aware of the things you’re doing that exceed your tasks.
Tip #5: Never threaten to leave the company. “Do not give ultimatums and say you’re about to leave because even if you get the raise the boss is already thinking about replacing you because they never know if you’re going to stay,” says Shark Tank’s Daymand John.
Tip #6: Practice asking. Practice makes perfect. Plan out what you’re going to say and how you’re going to say it ahead of time. Get comfortable with your approach. Confidence is everything!