Three major factors should inform your decision.
For many professionals, asking for a raise has never been an easy-to-manage experience during their career journey. That’s especially true right now, as economic uncertainty sweeps numerous industries. Despite that, there’s no indication that all raise conversations should be put on an indefinite hold. Whether or not now is the time to seek more cash comes down to three factors: Timing, performance, and strategy.
A majority of Americans believe raises are important right now, with 87 percent stating that they believe they should get raises to fight inflation — even if they don’t feel empowered to outright ask for them. Even further, a recent LinkedIn News poll found that 56 percent of people plan to ask for a raise this winter to match the historical rise in prices on just about everything.
Whether or not to ask for a raise is a personal decision tied to numerous factors, from your job performance to whether your salary is at market value. But if this topic’s on your mind, here’s what to consider before deciding to talk to your boss — and how you can best do so.
Consider the timing
Timing is everything when it comes to asking for a raise. First, let’s focus on you. Are you close to getting promoted? Do you have a review coming up? If so, your request may feel more natural, since your manager will most likely expect to discuss your compensation at a review.
Then think about the company you work for. Consider questions like: What’s the executive team saying about how things are going on a macro level? Is your company growing and hiring? Is your department thriving and meeting expectations that help the bottom line? Are raises and promotions still occurring regularly at your office? Though the current economic uncertainty has cast a shadow on some industries, others haven’t been as heavily impacted, according to the latest LinkedIn Workforce Report. Understanding your organization’s position in the current climate is key in determining whether it’s the right time to ask for a raise.
Ready to ask for a raise? Here’s how to do it
If you’ve considered all these questions and determined that you’re ready to ask for a raise, here are the three steps you need to take:
Practice and prepare
Talking about your accomplishments can feel awkward, but being able to speak to them effectively is essential to negotiating a higher salary. Raises are almost always based on what you’ve already done. So take the time to analyze your recent accomplishments, and understand that the key is ensuring you can demonstrate the impact you’ve had on overall team goals and company performance. Think about what matters to your manager and the company, and make sure to explain how you’ve made an impact.
Have you showcased leadership abilities that exceed the expectations for your position? Right now, employers are looking for professionals who are “upskilling” — expanding upon their skills through volunteering (for both in-office or outside-of-work opportunities), taking courses like LinkedIn Learning, etc. — and bringing new perspectives and ideas to the table.
Get comfortable talking about yourself by practicing with friends, family, past colleagues, or other professional connections. And if you need a little help with how to phrase your ask, check out the popular LinkedIn Learning course Asking for a Raise, taught by Negotiation Consultant Lisa Gates.
Have your wins in hand
It can be tricky to recall all your successes when things get busy. Keep a folder in your email or on your desktop to house examples of all your wins and feedback from team members, making sure they reinforce how they impact your team and the overall business. Then, outline your top skills and accomplishments in a single document that you can present to your manager so that they’ll be able to review it and refer back to it even after you’ve made your case for why you deserve a raise.
Do your homework, and be specific
Rather than asking for an unspecified “raise,” know the percentage or monetary amount you’re looking for. On LinkedIn, professionals can currently access salary info by leveraging the Salary job search filter to identify relevant job opportunities by pay range, as well as skills needed for your industry and position, and more. Understanding the market value of your role helps inform why you deserve a raise based on your impact.
If a raise is off the table, consider other options
A raise might not be in the cards, and while you should be prepared for a possible “no,” it doesn’t have to be the end of your negotiation.
Instead, treat the situation like a performance review and find ways to achieve goals outlined by your boss, to set yourself up for success in the future. As skills become increasingly important for employers, understand which ones are in demand right now, and maybe even ask for on-the-job-training opportunities, an opportunity for a career transformation, or a learning stipend to help you up-level those skills. (Remember: Even if you don’t stay at your company, many skills are transferable over the course of your career.) You could also ask for other benefits, like extra vacation or more flexibility in your schedule.
And keep in mind that jobs come and go. If your request for a raise or an increase in benefits is shut down, think of what steps you can take to continue on your professional journey, even if that means keeping your options open outside of your current role. It may be time to start career cushioning and asking yourself “what’s next?” You can evaluate what your ideal next role would be — what industry, what level, and what skills you want to collect — and outline a plan going forward. Know where you want to work (in-office, entirely from home, or a mix of both) and look for jobs using search tools, like the Hybrid and Remote Filters on LinkedIn, to find positions that match your needs.
Don’t let the current economic uncertainty shake your confidence. Be smart, be strategic, and be serious about what you need to grow as a professional — and the practical steps you can take to get there.
Blair Heitmann is the LinkedIn Career Expert who shares insights and advice to guide professionals on best practices for leveraging LinkedIn in growing their careers through an ever-evolving world of work.
