DALLAS (CBS 11 NEWS) – Less than half of all workers have ever asked for a raise and among women only 44 percent have ever asked, according to Business Insider.
“Talking about money makes some people very uncomfortable,” said Dr. Robert Hicks, the founding director of the Organizational Behavior and Executive Coaching program at the University of Texas-Dallas.
Hicks said the key when asking for a raise is to be prepared.
“Otherwise you’re just winging it,” he said. “That rarely works.”
With the help of Hicks, as well as advice from other CEOs, we came up with a list of five tips to getting a raise.
1. Timing can be everything. According to Mint.com, the best time to ask for a raise is early in the week. Forget about asking on a Thursday or Friday, your boss may already have his mind on the weekend.
2. Find out when your company makes its annual budget, then ask for a raise before then. It’s more difficult for your boss to adjust your pay after his budget has been set.
3. Be confident. You should have a specific raise amount in mind when you talk with your boss and a specific reason for it. The reason should be based on job performance and not personal need. Hicks said a big mistake employees often make is bringing personal situations, such as buying a new home or having a new baby, into negotiations. Hicks said it’s business. Don’t make it personal.
4. Hicks said it’s also important to not have an inflated sense of yourself. Do your research and know your market value.
5. Schedule a meeting with your boss and tell him ahead of time that you want to talk your compensation. You don’t want him to feel ambushed. Treat the meeting much like a job interview. Come with a plan and have a list of recent accomplishments.
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