Chasing a Raise: 3 Bad Reasons, 5 Smart Steps

My former colleague at TheLadders, HR maven David Gaspin, just posted some super advice about asking for a raise in salary, titled "How to Ask for a Raise -- And How Not To."
Along the way, he provides three lousy reasons that are sure to underwhelm your employer and five great steps to set the stage for requesting what everyone wants at work: more money.

The cornerstone of David's argument is the essence of every smart career move: You'll never win by telling an employer what you want but by the value they'll receive.

With that basic precept in mind, here are three topics to avoid when pursuing a raise:

1. Consider your timing. Is the company showing signs of financial crisis: layoffs, budget cuts, declining share prices? If so, this is probably an inopportune moment to make the pitch for more money. (I'd argue that a significant increase in responsibility -- especially if it's work intended to address the crisis -- might be reason enough to initiate the conversation. Again, it's a question of knowing your value and being able to articulate it.)
   
2. How much your co-worker makes. "If your co-worker makes more money than you do for the same job," David writes, "chances are that at least one of two things is true. Either s/he is a better negotiator than you, or s/he adds more perceived value to the company than you do." Neither comparison is flattering, and you should steer clear of both.
   
3. How long you've been there. It's another topic that invites unfavorable comparisons. The sheer fact that you've been plodding along in the same position without an increase is more likely to make you appear uninspired than deserving.
   

1. What you need. Your manager and HR team may care a great deal about your personal and financial concerns, but your needs simply won't figure in their decision. It's got to be about your value to the organization.
   
2. Make an appointment. Don't initiate a conversation of this magnitude on the fly. Set up a time to meet with your boss. "This is a serious conversation with serious potential outcomes. Treat it with respect."
3. Know your case. If you're going to argue that your value outstrips your compensation, you'd better come prepared with the argument to back it up. Just as with a job interview at another company, have your talking points in order before you sit down, and make sure you address them.
   
4. Know your number. Determine what you consider fair compensation before you walk into the room. A raise negotiation is no time to improvise.
   
5. Know what you'll do if the answer's "no." Give serious consideration to the very real possibility that you won't get what you want. "Are you making a request or an ultimatum?" David asks. "Are you prepared to stay and continue to give 100% if you don't get what you're asking for, or are you prepared to start looking for your next job?"