When it’s time for your annual review, it’s the perfect opportunity to talk to your manager about gaining more responsibility in your role and an increase in pay. Here are a few things to do to get the pay increase you want while continuing to advance in your career.
Do Your Research
If the salary you ask for is not in the range of what is normally accepted for your job, your request may not be taken seriously. Research the typical salaries for your job title for employees with the same amount of experience that you have. If you come prepared with concrete numbers, you will be able to get more traction for the salary increase you want. Check sites like Salary.com and PayScale.com. You should also research how much your specific company is paying for positions at your level. You may find information in your employee handbook about how pay increases are granted and how often they are given. When you do ask, be specific and straightforward about the amount you are requesting.
Know How Valuable You Are to the Company
Part of your preparation process should be detailing the benefits that you have provided to the company during your employment. Any awards you have won, records you have set, important accounts you have handled, unique skills specific to you, etc., should be presented during the conversation. It may be that you are simply good at your job, but be prepared to have some numbers or other talking points to prove it. Demonstrating that you are an asset to the company may make your manager more inclined to retain your talent with a salary increase.
Never Talk About Your Lifestyle
You may have personal reasons for wanting a higher salary, but never bring those up during the negotiation. Citing reasons for requesting more money like wanting to move homes or to better take care of your family will not likely help in your negotiation. Keep your focus on what you bring to the company rather than what it can bring to you. Also avoid ultimatums and threatening to quit if you don’t get the pay you are requesting.
Prepare to Negotiate
If your manager offers you a salary lower than what you believe is fair, be prepared to counter offer with a higher salary. You don’t have to accept the first salary offer that you receive. If you’ve done particularly well over the year, you may be able to negotiate for even more than the other employees at your level receive.
Georgia WebMBA at Georgia College can help you gain a competitive edge when it comes time for annual reviews. Learn more about the benefits of a MBA here .