Increasing Your Income

How to Get a Raise in 10 Steps

October 10, 2023
Salary negotiation can be tough. But it helps if you're prepared. Here's how to get raise.
Britt and Laurie-Anne two women laughing and looking at their computers on a couch in a well-styled living room
Britt & Laurie Anne
Two female investors in their 30s with a collective net wealth of over $6 million+
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Increasing your salary is the easiest and fastest way to make more money. Just a single raise can boost your salary by thousands of dollars. A one-time salary increase of $5,000 – properly invested – adds up to over $1.3 million by the time you retire.

It’s time to get paid what you’re worth.

But you need to know HOW to get a raise. After all, negotiating your salary is tough…especially for women. Studies show that women are more likely than men to face backlash when they negotiate for higher pay.

But that doesn’t mean you’re stuck! It just means you need to be smart and strategic with your approach.

Today, I’m sharing 10 time-tested salary negotiation tips with you! These tips are going to help you secure your dream salary and take your career to the next level…and they’re applicable whether you hold a traditional job or you’re self-employed and looking to raise your rates.

How to Get a Raise

Negotiating a raise or promotion can be crucial to advancing your career and securing the compensation you deserve.

Whether you have a traditional job or if you’re self-employed and looking to increase your rates, here are 10 steps to help you navigate the negotiation process effectively:

  1. Don’t make it about you

Hopefully, you do have a nice boss who cares about you and your well-being. But even if you have the greatest, kindest boss in the world, they won’t give you a raise just to help you out. At the end of the day, all employers want to know two things:

  1. How will you make them look good?
  2. How will you help the company perform well?

Always frame your negotiation requests in a way that shows how the company will benefit.

Illustrate how much value you can provide the company. If your work will help them drive an initiative that will make $1 million for the company, point that out.

Tie your work to the company’s strategic goals – and show the boss how you’ll make her look good. Highlight the ways you’ll make your boss’s life easier by being the go-to person she can hand anything to.

And remember that your company will make much more off your work then they pay you, so highlight the ways you’ll help your company hit its goals.

Your key phrase here is “Let’s find a way to arrive at a fair number that works for both of us.”

2. Prepare and gather information

Start by conducting thorough research to understand industry standards, salary ranges, and the value of your skills and experience in the market.

Collect data on the salaries offered for similar positions and the responsibilities associated with the promotion you seek. This information will empower you during the negotiation process.

Most of the negotiation happens outside the room. Call your contacts. Figure out the salary amount you’d love, what you can realistically get, and what you’ll settle for.

And don’t just ask for money. Literally bring a strategic plan of what you want to do in the position and hand it to your hiring manager.

Do you realize how few people come to a negotiation with a plan for that role? This alone could win you $2,000-$5,000. And, of course, it allows you to negotiate on the value you’re going to bring to the company, not just the amount they’ll pay you.

3. Highlight your accomplishments

Create a comprehensive list of your achievements, contributions, and the value you bring to the organization. Prepare concrete examples that demonstrate your capabilities and justify your request for a raise or promotion. Quantify your successes wherever possible and showcase how your work has positively impacted the company's goals, revenue, or productivity.

For example, if you work in customer service, then maybe you implemented processes that resulted in resolving customer issues more quickly, resulting in a 25% increase in customer retention and repeat business. Or maybe you contributed to a special project that led to $150,000 in revenue.

Especially as women, we have a tendency to downplay our accomplishments. This is where you should take pride in what you’ve accomplished. Help your employer understand why you’re worth more.

Remember, everything you say should be backed by hard numbers, so this isn’t just a subjective opinion; it’s a fact. Your work has helped the company succeed.

4. Build a Strong Case

Present a compelling case to your employer, focusing on the value you have added and the potential you possess. Emphasize the skills, experience, and expertise that make you uniquely qualified for the raise or promotion. Articulate how your increased responsibilities or expanded role will benefit the organization and contribute to its success.

5. Practice Effective Communication

Approach the negotiation with confidence and professionalism. Clearly articulate your request, making sure to use strong, positive language. Practice your negotiation skills beforehand, anticipating potential questions or objections. Maintain a calm and respectful demeanor throughout the conversation.

If it helps, write a script – or at least an outline – with everything you want to say and rehearse it beforehand.

6. Timing is Key

Choose the right moment to initiate the discussion. Request a meeting with your supervisor or manager when they are not preoccupied with pressing deadlines or other high-stress situations.

Additionally, consider timing your negotiation strategically, such as during performance reviews or when you have recently achieved a significant milestone or completed a successful project.

7. Consider a Win-Win Solution

Instead of solely focusing on your personal gain, approach the negotiation with a mindset of mutual benefit. Consider proposing ideas or solutions that can address the company's needs or challenges while enhancing your own professional growth. This collaborative approach can demonstrate your commitment to the organization's success.

8. Be Open to Alternatives

In some cases, your employer may not be able to meet your requested salary or provide an immediate promotion. Stay open to alternative options that could still meet your career goals.

This could include additional responsibilities, professional development opportunities, performance-based bonuses, or a timeline for future discussions and reassessment.

9. Practice Active Listening

During the negotiation, listen carefully to your employer's perspective and feedback. Seek to understand their concerns and priorities. Respond thoughtfully to any questions or objections raised, providing evidence and clarifications where necessary.

Engaging in a constructive dialogue can help you find common ground and reach a mutually satisfactory agreement.

10. Follow-Up and Document

After the negotiation, be sure to thank your employer for hearing you out. Also, follow up in writing to summarize the key points discussed, any agreed-upon terms, and next steps. Maintain a record of the conversation for your own reference and to ensure clarity moving forward.

Final Thoughts:

Remember, negotiating a raise or promotion requires preparation, confidence, and effective communication. Approach the discussion with professionalism and a focus on the value you bring to the organization. With careful planning and a collaborative mindset, you can increase your chances of securing the salary you want and taking the next step in your career.

And if you want to learn more about building wealth, be sure to check out our free masterclass! We’ll teach you our 3-step Million Dollar Roadmap so you can build lasting financial security.

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