Steps To Position Yourself For A Raise In 2024
Learn how to ask for what you deserve
It’s 2024, and it's time for you to get a raise.
According to a Salary Budgeting Planning Survey by WTW, a leading global advisory, broking, and solutions company, U.S. employers are planning to give salary increases of about 4% on average this year despite talk of a challenging economy.
These raises are being driven by employers wanting to support and incentivize their employees due to the higher costs for groceries, healthcare, rent, and other necessary expenses. Inflation of course has also been making an impact. According to data from the U.S. Senate Joint Economic Committee, the average American household spends an additional $11,434 just to keep up with their standard of living.
Yet, the higher cost of living isn’t the only reason workers need to be paid more. Many employers struggle to maintain talented workers after millions of people left the workforce during the pandemic. Competition has risen to keep qualified workers.
Here’s how to position yourself for better wages in 2024.
Do your research to support your salary conversation
Start by researching industry pay averages for your position and the corresponding cost of living in your area.
If you make a below-average salary, you can communicate to your boss that a pay raise will align you with the typical pay rate of other professionals. You can also demonstrate that a pay increase will help you keep up with the rising cost of living.
Platforms like glassdoor.com and payscale.com give you easy access to average pay rates for nearly any position at any organization.
Communicate clearly with your boss when discussing a raise
When and where you talk to your boss about a raise, can influence the outcome. To help your communication process, try scheduling a meeting with your boss during a time that’s most convenient for them.
During the meeting, express your needs in a way that’s easy for your boss to understand. For instance, if your boss appreciates having a detailed agenda outlining meeting topics beforehand, be sure you provide one.
Keep in mind you don’t have to adopt a stiff and formal communication approach because you’re talking about money. Instead, consider your usual interaction style with your boss and stick to that.
Communicate your accomplishments
Approach a wage negotiation like a business transaction. Make a clear case for why you merit a salary increase. Understand your professional value and leverage it. Highlight your achievements, including what you've built or enhanced and the positive outcomes your efforts have generated.
If you’re unsure about your accomplishments, try doing a self-assessment to understand where you’ve improved.
Also, prepare concise speaking points that are clear and direct. Knowing what you’re going to say can help steer the conversation effectively and prevent it from veering off course.
Express your desired amount clearly
Regardless of how smoothly the conversation has progressed, it’s essential not to undermine your efforts by failing to explicitly request a raise. Have the number in mind and confidently request that amount before the end of the conversation.
If your request is denied, propose other benefits. For instance, suggest a gradual wage increase until you hit your desired salary. You can also continue with your current wage but request more paid time off or support in covering certain expenses such as healthcare or childcare.
Ask what you can do to qualify for a raise if the current timing isn’t right
If you’re uncertain whether your employer views you as eligible for a raise, consider discussing with your manager what steps you can take to be considered for a salary increase. See what additional tasks or responsibilities you can do to enhance your value to the company and qualify for a raise. The more you stand out at work, the better chances you have of receiving a raise.
Some actions you can take to position yourself for a raise include:
Volunteering to cover shifts during staffing shortages
Demonstrating teamwork and collaboration
Taking on additional tasks proactively (while being mindful not to overstep boundaries)
Maintaining punctuality and attendance
Maintaining a positive attitude
Employers appreciate these actions and contribute to your status as a valued employee.
When to ask for a raise
Now that you know how to ask for a raise, the next step is deciding when to ask. Timing is crucial. Here are some of the best opportunities.
After performance reviews
When salary increases are given out
Job tenure
Seeking a raise doesn’t need to be intimidating or complicated. View discussing a raise with your boss as any other career-related conversation.
The key is to be confident, strategic, well-prepared, and precise.
However, if you need a confidence boost, check out our free courses on money management and career growth.
