Asking for a Raise

Employee compensation is a really interesting topic. When it comes to the office, it seems like it's really taboo to talk about who earns what. This lack of openness makes asking for a raise quite a daunting task. You have no idea how your boss will react, and probably don't have a very good idea of how to ask for a raise to begin with. Well, here are some ideas to help you ask for your next raise.

First, you have to ask yourself are you worthy of a raise? Have you created additional value for the company, and can you quantify that much? For people in sales, this is easy, but for other business, this can be more difficult. Look around your office and focus on the improvements that you have made to the business. What wouldn't be there if it were not for you? If you don't see that much, you'll need to do some work before you can ask for a raise. Look for areas to improve in the office, and find ways to make those improvements without any more money. If it does require money, make sure it saves money in the long run. Helping improve the bottom line is the best way to show your company that you are worthy of a raise.

If you're more valuable, now the work begins. You have to be able to present your case, this means gathering facts, figures, and the like. Make a 5 to 10 minute presentation as to why you should receive a raise, and make sure it's good, but we're not ready to ask for a raise just yet. You have to do it at the right time.

Timing is absolutely everything in business. There are a few times here and there which are ideal to ask for an increase in compensation. Generally, there are four situations when it's "the right time." If you agree to take on more responsibility, you're doing more work and should be compensated more for that work. If you have received any sort of award from your company or the industry, go for it! If you close a big deal which saves or makes your company a lot of money, and you were critical to the deal, it's time to ask for a raise. If your company has had an excellent financial period, the company has some money to work with, and it might be the right time to ask.