After 15 months of developing my skills — and value — at a 12-employee startup company, I was ready to ask for a raise. Unfortunately, we had no human resources department, recurring performance reviews, or routine pay bumps and bonuses.
Our founders were extremely generous, but if you wanted something, you had to ask for it.
I spent a whole week planning what I’d present in a single conversation. It got me the $10,000 pay bump I was seeking, plus I learned how to get a raise on my own — especially when no one in HR is paving the way.
1. Who and when to ask for a raise
I was an associate editor who no longer felt I was doing associate-level work. I wanted compensation that fit my growing skills and experience level.
But I also understood the importance of timing. The company was growing, and I had a hunch there was some breathing room in our budget.
So I wrote up a four-page document explaining why I deserved a raise. I addressed that letter to my company’s founders, but shared it only with the one I reported to regularly. Allowing him to include others in the conversation was the respectful way to go. It also empowered him.
Nevertheless, I was asking for a 20 percent pay increase at a time when salary budgets nationwide were increasing by just 3 percent. I had to make a strong case, and I needed to do it in person. I fleshed out my more formal letter and attached it to a calendar invite where I’d present it in person.
2. How to ask for a raise
The first thing many people worry about when asking for a raise is that they’ll come off as self-interested, even petty. That money matters most of all.
I clarified that this wasn’t the case in my letter, offering genuine appreciation for all the benefits I received for being an employee. There were financial rewards (401(k) matching) and other perks (working with smart colleagues). I also expressed my desire to stay with the company long-term.
“I do fear, however, that I’m working off of an outdated job description and salary,” I wrote. Then I got to the meat of my argument.
- Job description: I listed nine initial responsibilities I had when I was hired, and compared them with the eight I had added. In my case, I had moved from writing to editing and publishing. I had also gone from working only with in-office colleagues to developing a freelance contributor program. Tracking the evolution of your own job description is imperative to demonstrating personal growth and its effects on your company.
- Achievements: I rattled off nine personal and team successes, some of which were beyond the scope of my role. I gave credit where it was due, like giving a shout out to a colleague who taught me the ins and outs of content marketing. I also mentioned what I’d learned from failures (a project that wasn’t executed, for example). The more big wins you can share with your boss, the more leverage you gain.
- Opportunities for growth: Because I was essentially asking for a promotion, I also outlined six growth areas and specific endeavors I wanted to take on. For me, that was becoming a savvier social media marketer and building a better team-wide editorial calendar. Talking about what you haven’t accomplished yet is worthwhile. It shows what kind of return on investment your company can expect.
3. What to ask for
When it comes to negotiating a new salary, many career experts say that being the first person to say a specific number puts the employee at a disadvantage. But I knew my superiors appreciated organized data, so I included some math.
I charted my salary at every job I’d held since 2011. That showed that my proposed increase was in line with my earning history.
I also consulted online resources such as PayScale and Salary.com to compare my earnings to the average salary of my peers. Each crowed-sourced website offered a different takeaway, so don’t rely on a single source in your comparison research.
There are other valuable metrics to increase the validity of your case. If you have the kind of gig where it’s easy to connect your output to the company’s profit, don’t be shy. There’s nothing like putting a specific dollar value on your contributions.
While you’re at it, balance the quantitative data with qualitative. I encouraged my boss to ask my colleagues about my work. You can even go a step further by already providing testimonial quotes in your written request.
4. Be prepared for every outcome
It’s one thing to ask for and defend a specific salary request; it’s another to be happy with the outcome. That’s why it’s important to plan for fallout.
In my case, I knew I was staying with the company no matter how the conversation played out. I liked working there and was still learning every day. I certainly didn’t have enough reasons to quit my job.
Being honest and open about your situation is important. I wrote in plain, 12-point font (and said in person) that I wanted to continue maturing with my colleagues.
Other situations can be more complicated. Would you feel comfortable working in an environment where a raise proposal was rejected? If you had another job offer on the table, would you turn it down if your current company met your demands?
Have answers prepared before these questions are posed. In my experience, having everything spelled out in written form made the actual conversation an easy one. I’d already done my homework, so leading a discussion about it came naturally.
How to get a raise on your terms
My boss told me later the same day that I had been granted my requested raise. He asked me to take the same approach to growing my role as I had in the months prior. I expressed my gratitude and accepted the challenge — it was exactly what I wanted.
And that’s the key learning from seeking a change in pay or role in the workplace: Make sure it’s what you desire. If it is, put the same effort into your raise request as you do in your actual job.
If you want to learn new skills to make yourself more marketable for a promotion, see how you can get help paying for certificate programs.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.50% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.49% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.48% effective April 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.49% – 7.27%1||Undergrad & Graduate|
|2.49% – 6.65%3||Undergrad & Graduate|
|2.49% – 7.41%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.49% – 7.11%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|