(This post contributed by our friends at Self Lender)
Asking for a raise can be a daunting task, which is why many hesitate to ask for what they think they deserve, especially if they are new to the workforce. However, a recent study found that 70% of people who ask for a raise get one. So while asking for a raise can be a stressful experience, take comfort in knowing the odds are in your favor.
There are many reasons to ask for a raise. For one, the cost of living goes up each year, so getting a raise merely is part of keeping pace with your living expenses. Getting a raise, especially early on in your career, can help you save for extra expenses like a home or car, and get your retirement fund started early. Having a little extra money can help you pay off student loans, or save up for a vacation. Whatever your need, it’s likely there’s something you could be putting a little more money towards.
To negotiate for a raise, the best practice is to prepare your facts. Avoid using generalizations about what you’ve accomplished, and instead, bring in numbers to support your claims. You’ll need to understand what your work is worth and articulate how much value you bring to the department and company. It can also be helpful to time your ask after a noteworthy accomplishment, during a successful performance review, or at the end of a financial year.