How do I ask for a raise?

Welcome to “Pressing Questions,” Fast Company’s mini advice column. Twice a week, deputy editor Kathleen Davis, host of The New Way We Work podcast, will answer the biggest and most pressing workplace questions in less than one minute. Q: How do I ask for a raise?A: This is one of the most common (and tricky) workplace questions. In fact, according to surveys, some 50% to 70% of employees think they don’t make enough money. Wouldn’t it be nice if you could just tell your boss “I think I should be making 10% more” and they’d agree? Or better yet, if all salaries were transparent and everyone received fair and equitable compensation? Unfortunately that’s not how it usually works. Much like negotiating your salary when you get a job offer, there are a lot of factors to consider.1. Timing. Know when raises are typically given. Is it during end-of-year performance reviews? Midyear reviews? Knowing when a raise pool is most likely a planned part of the company’s budget sets you up to be able to pull from it. It’s not that you can get a raise only at these times but it makes it easier to get a yes to your request for a pay bump. 2. Decide what you’re asking for and be clear, but flexible. If you want a raise and a promotion, that’s a different conversation than if you just want a raise to remain in your current role. You should also know how much you’re asking for. You don’t have to lead with it, but you should have a goal number in mind, as well as a minimum number you’d expect to receive. 3. Be prepared with the “why.” Life circumstances (childcare costs, a partner’s job loss, inflation, home buying) may be what’s driving you to make the ask. Unfortunately you can’t lead with the reasons why you need to make money. The “why” in why you deserve a raise needs to be the work you’ve done. So, bring the receipts: Come to the conversation with a list of your accomplishments and put a dollar amount on them if you can. The between-the-lines message is this: “I’ve made this much money for the company; don’t you think you should pay me more so I can keep doing it?” The final part of your “why”: what you’ll keep doing—or do more of—once you get the raise. Want to feel even more prepared? Here’s some further reading: This is exactly how to ask for a raise no matter what your roleNow is the time to ask for a pay raise. Here’s how to do it well5 mistakes to avoid when asking for a raiseHow to ask for a raise—and get it