HR Tip: when and how to ask for more money
This post is written from a place of wanting to provide professional advice. I work in HR full time during the day and have gone through this many times myself. I have also had several people approach me over the years hoping I'd be able to get them more money.
If you feel like you are undervalued or underpaid, it may be time.
- Be realistic. We all have a self-worth. If you are alphabetizing papers for filing or mopping floors, I have been there once. I know it is hard work. But you need to be realistic in what you are asking for as far as compensation.
- Remember: we all need to "do our time" in a certain position or organization. There is no reason why if you are taking your first job, or have done it for 2 years, that you should be making the same as the guy or girl who has done it for 20 years.
- It's OK to want to be more than what you are today. That doesn't necessarily mean the company needs to pay you more.
- Good reasons to ask for more money:
- You have a new license or certification
- You have a new academic degree
- You are taking on new responsibilities
- Good reasons to ask for more money:
- Do your research. No offense, but asking your friends is just outright awkward. Someone may end up hurting someone else's feelings, or causing tension.
- Use the internet. Salary.com or Glassdoor.com have fairly accurate salary analysis tools based off of job title, location, education, years of experience, etc. Plus it is free.
- Online templates/letters for salary increases are nice, but we've seen them a thousand times. I would rather you come in and have a face-to-face conversation with me. It shows me you're brave enough to have this be a discussion, and not a demand or ultimatum.
- Start off with a positive. "I really want to thank you for allowing me this opportunity. Over the past 18 months you've been able to reward my hard work ethic with new responsibilities and I feel I have exceeded your expectations in this role. I've been doing some research over the past few weeks, and have discovered that..."
- Bring the evidence. Don't just tell me Salary.com says $xxx.xx - Show me. No offense, but you might have typed something in wrong. I would rather again, have this be a discussion instead of me having to send you an awkward letter or call you into my office to share with you that news.
- We're going full circle here. Be realistic. Chances are anything above a 5% raise is going to be a difficult thing for any organization to implement overnight. Many corporations have an in-depth approval process for SWB (salary, wages and benefits). If you are truly worth more than that, chances are they've already looked at it and couldn't make it happen.
- Side note: because of the approval processes you are 99% for sure not going to get a yes or a no the same day. Give your boss a few days to get back to you.
- Don't give up. If you know (after research) what you're worth, and your company can't or won't even engage in the conversation then I recommend that you don't stop working hard. Keep being a stellar employee. In your spare time, (meaning at home & not at work) update your resume.
- Keep a list of everything you do as far as tasks, responsibilities, reports, etc.
- Start a LinkedIn profile & get networking
- Post your resume online to Indeed.com / CareerBuilder.com / Monster.com
- Be patient and let the calls come in
- If you're really anxious to get a new job fast, then start applying to jobs that you know (again, after research) that you know you are going to get what you are lacking at your current job
Do you have any other questions about this? Or topics you would like to see covered? Feel free to contact me at firstname.lastname@example.org