5. How Much To Ask?
When it’s time to state a figure, experts say it’s a smart idea to request a salary range. One benefit is you can make the bottom figure the amount of your desired raise. Then, there’s nowhere to go but up. Of course, as with almost everything, the opposite is also true. A paper out of Columbia Business School found that stating a very precise and unusual number, $64,500 for instance, may get you closer to your goal. The reasoning? It will appear you’ve done your homework to reach that number. The study was conducted on hiring negotiations, but the lead researcher, Malia Mason, a professor at Columbia, tested this theory in many venues. If you want to combine both strategies, pick an unusual figure near the top of your range. For instance, if your range is $68,000 – $72,000, say $71,250.
6. Timing. Timing. Timing.
The best time to ask for a raise is when you’re being asked to increase your workload or just after you completed a big assignment, says Kathleen McGinn, professor of business administration at Harvard Business School. This is the time your value as an employee is on your boss’ mind. If that opportunity is not presenting itself, then just before the budget is set is another good time to request more money. You want to avoid asking for a raise if your employer is having financial troubles, if there is uncertainty in the industry, or if people are being laid off. (Asking for a raise in this case will, at best, make you appear insensitive to your boss’ plight as well as to your former coworkers.) Also, waiting for a performance review might work to your disadvantage if budgets were already set.