7 Things To Do Before Asking For A Pay Raise During Performance Reviews

As your performance review approaches, you may be considering requesting a raise. Proactive & Commendable! However, it's important to note that planning for this should have started earlier, while you were several months away from your performance review. Strategic thinking is crucial for excelling in performance reviews and, most importantly, for increasing the chances of your raise request being approved.

Also, knowing your worth and having the confidence to ask for more is about half the battle. But before you march into that meeting and ask for a bump in your pay-check, there are a few things you should do to prepare. After all, timing and preparation are everything.

1. Do Your Homework Before Asking For A Pay Raise During A Performance Review (a.k.a. Know the Market Rate)

Prior to requesting a salary increase, it is essential to have a clear understanding of what is considered fair. Begin by conducting research on the average compensation for your role in your geographical location. Utilize platforms such as Glassdoor and LinkedIn Salary to compare salaries. Analyse the pay scale of other organizations for individuals with comparable expertise and qualifications. This approach will provide you with a realistic target figure and demonstrate to your supervisor that your request is reasonable.

Moreover, recognizing your value enhances your self-assurance. Believe me, self-assurance is crucial during negotiations.

2. Evaluate Your Performance Before Asking for a Pay Raise (Be Honest with Yourself!)

Prior to requesting a salary increase, reflect on your own performance. Have you consistently met or surpassed expectations? Have you assumed extra duties or provided notable contributions to the organization? Be truthful with yourself regarding your achievements.

Make a note of precise instances where you have exceeded expectations. Quantifying your accomplishments, such as boosting sales by 20% or enhancing team productivity, can be more impactful than just describing them. Providing this evidence will support your request and demonstrate that you deserve a raise based on your performance, not just a desire for more money.

3. Plan Your Timing for your Pay Raise Request (Don’t Jump the Gun!)

When requesting a salary increase, the timing is crucial. It is advisable not to make the request immediately after the company announces budget reductions or during a busy period when your boss is under pressure. Take into account both the financial status of the company and your boss's disposition. The most suitable moment to bring up the topic is during a planned performance evaluation when salary adjustments are being discussed.

Nonetheless, if your performance evaluation is still months away and you are feeling self-assured, seek a chance right after finishing a significant project or achieving a major milestone. This way, your success is recent and it becomes simpler to make a case for a salary increase.

4. Know What You Want (And Be Realistic!)

Prior to attending the meeting, ensure you have a specific figure in mind. Instead of simply stating you desire "a raise," be precise about the exact amount you are seeking, ensuring it is in line with your research and position.

Being realistic is crucial. Requesting a 50% salary increase may be overly ambitious unless your responsibilities have significantly changed or you have generated substantial new revenue. It's advisable to target a modest raise, such as 5% to 10%, unless you can provide compelling evidence to support a larger amount.

5. Prepare for Objections (Have Your Counterpoints Ready)

It's not guaranteed that every request for a raise will be approved immediately. It's possible that your boss may have reservations or issues to address. Be ready for typical objections, such as financial limitations or the current state of the company's finances. If they mention that it's not the right time, inquire about when it would be appropriate to discuss it again. In case they raise concerns about your performance, politely highlight your accomplishments (this is where having specific numbers can be beneficial).

Being prepared to handle objections shows that you’re serious and have thought things through. It also keeps the conversation from becoming awkward or defensive.

6. Consider Non-Monetary Benefits (It’s Not Always About the Cash)

Sometimes, the budget is tight, and a big raise just isn’t in the cards. But that doesn’t mean you should walk away empty-handed. Consider asking for non-monetary benefits if a raise isn’t possible right now.

These could include extra vacation days, a more flexible work schedule, professional development opportunities, or even a one-time bonus. Think about what matters most to you and be ready to negotiate for perks that will still make a positive impact on your life.

7. Rehearse the Conversation (Confidence Is Key!)

Finally, practice makes perfect. Rehearse what you’re going to say before you step into the meeting. Practice with a friend, family member, or even in front of the mirror. The goal is to feel confident and comfortable discussing your accomplishments and salary.

During the actual conversation, be calm, professional, and assertive. Remember, this is a business discussion, not a personal favour. You’ve done your homework, and you know your value — now’s the time to communicate that clearly.

Final Thoughts Before Asking For That Pay Raise

Asking for a pay raise can be nerve-wracking, but preparation is your best friend. By doing your research, evaluating your performance, timing your request, and being ready for anything, you’re setting yourself up for success. Even if the answer is no this time, you’ll have laid the groundwork for future discussions and shown your boss that you’re serious about your career growth.

So, go in there, make your case, and give yourself the credit (and, the compensation) that you deserve!