How do I ask for a raise or promotion in my current role?

Asking for a raise involves several steps, including preparation, timing, and how you handle the conversation. Here's a guide to help you navigate the process:

• Preparation:

  • Keep a "brag file" to document your successes throughout the year, including positive feedback, completed projects, and contributions to the team.
  • Quantify your actions into measurable results, focusing on time, money, and efficiency.
  • Research the market rate for your position and experience in your city.

• Timing:

  • Ask after a significant personal or team accomplishment.
  • When the company is doing well financially.
  • Avoid asking during company-wide financial distress, such as layoffs or hiring freezes.

• The Conversation:

  • When scheduling a meeting to discuss your performance and goals, indicate you'd also like to discuss compensation.
  • Start by framing the conversation around shared success.
  • Present your accomplishments and quantified results, and then introduce your market research.
  • Clearly state the exact salary or percentage increase you are seeking.

• Handling the Response:

  • Express gratitude if your manager agrees to your request and clarify the next steps.
  • If the answer is "no" or "not right now," remain professional and ask for specific feedback on what you need to accomplish to be considered in the future.
  • If a counteroffer is presented, know your acceptable salary range and be prepared to reiterate your value.