- On February 10, 2019
I love this clip from Barbara Corcoran on how to successfully ask for a raise. It’s short, but I will save you from watching it (though I recommend it) by summarizing its top take-aways here:
- Think like a man. Women generally do not ask for raises, but men do it all the time. If women do ask for a raise, they rarely ask for a specific number, whereas men usually ask for 10-15%. Asking for a number gets you better results.
- The mechanics. Make an appointment with your manager, and come with a list of responsibilities from when you started to what you are doing now. Say “I’ve been delighted to take on more responsibilities and would like to be compensated for that,” and name a number.
- If you’re denied. The first time you ask for a raise, you may well be denied. But ask what you need to do to get a raise so next year you can come with those requirements checked off. That way on the second request you will be more likely to get the raise.
- If you have an offer elsewhere. If you get an offer from somewhere else and wonder if you should stay, say to your manager: “I was surprised to receive an offer for a lot more money, but I’m not taking it and want to stay because I love it here. But that raises the question of what are my prospects in the future here.” Phrasing it this way instead of “I have an offer. What can you do for me?” will bring the best out of your boss (versus his/her wanting to boot you). Your boss will likely be thinking of ways to keep you, but if your boss isn’t, then you also know it’s a good time to leave.
- Bonus takeaway. Your future relies most on your boss, more than your company or responsibilities. Make sure you are valued!