7 Tips for Negotiating a Raise During Your Annual Review

It’s that time again. Are you ready? Most people look at their annual review with about as much anticipation as one would a root canal. No one truly enjoys the recital of the year’s successes, or worse, the failures. 

 

The worst part? The part of the conversation where money becomes the focal point of the discussion. In fact, more people dread this aspect of the review so much that they’ll take whatever is offered by way of raise without so much as a murmur.

 

While you’re certainly being agreeable enough, did you know you might be leaving money on the table? In fact, your annual review is the perfect place to negotiate a raise, setting yourself up for a significant earnings increase.

 

Here’s how to do it:

 

Document Everything

 

Your preparation for this moment should have started in the days following your last annual review. If you’ve done your homework, you’ve kept a record of what work you’ve accomplished, and all projects you’ve been part of, along with a list of your personal contributions to each. Weren’t quite prepared enough? Sit down and recreate as much of this material as you can in the days leading up to your review (and remember to start documenting for next year immediately afterward).

 

Know the Numbers

 

How much are others in your position earning, keeping in mind your experience and what part of the country you live in? Don’t know? Find out online. Knowledge is power.

 

Keep Your Ear to the Ground

 

How are other people’s reviews going? Listen for word about whether the expected raises were more or less for this year. 

 

What is Your Dollar Amount?

 

Using the information you have now, have a figure in mind going into the meeting. What amount would you like to see for the coming year?

 

Hold Your Ground

 

Once you’re in the meeting, don’t be afraid to use the information you’ve brought to the table to make your case. No matter what, don’t be combative, belligerent, emotional, or otherwise negative in your approach. Simply state the facts and go from there.

 

Ask for a Plan

 

Still got a ‘no’? Talk to your employer about what needs to happen to gain the desired level of salary. Make a timeline and ask for another review somewhere down the road to revisit the issue after you’ve made those changes.

 

Make it Official

 

Once you have a plan in place (or better yet, a promise of a raise) make sure you have the details in writing. This doesn’t have to be some long official document. Even a quick memo sent to HR and your boss should suffice. Make sure to include any details that came out in the discussion.