No matter how much value you bring to your employer, asking for an increase in pay can be a nerve-wracking and somewhat risky maneuver. However, armed with facts, figures and the right attitude, you can successfully persuade your employer to give you the raise you deserve.
Document Your Contributions to Profit
The bottom line in any business is profit, and the fastest way to demonstrate your worth to your employer is to document how you bring more profit to the company. Increased profit comes in many forms. Therefore, make sure you document all of your contributions throughout the year. Cost savings translate into increased profits; additional sales bring additional profit; and added productivity allows additional business with the same resources. Document your accomplishments with the dollars saved, sold or processes improved to demonstrate why you deserve a pay increase.
Detail Your Recruiting and Mentoring Successes
Don't neglect to look to the success of those you have recruited into the business or those you have trained. Although you may not have directly created value with them, the fact that you brought them into the business or increased their skill levels means you added value to the company. Present these successes in your bid for a raise.
Explain Your Special Project Achievements
You may have given your heart and soul to one or more special projects during the year, but your manager may not be aware of your achievements. Outline all of the projects you have worked on and how they benefited the organization. If you have letters of praise for your work on these projects, make them available so you can validate your success with written documentation.
Research Comparable Salaries in Your Area
Set yourself up for a realistic increase by researching comparable salaries in your area. Study current job listings or speak with a recruiter to understand your worth based on your education, time in grade and experience. Set a target for your request, but don't be discouraged if you don't get the entire amount. It's better to learn from the negotiation process and listen to what your employer expects so you can set yourself up for a better raise next year and get your rewards in increments, if necessary.