There’s a formula behind getting a salary raise and a majority of employees don’t know about it.

Unless it’s just plain luck, there are several factors that need to fall in place before you get an extra coin from your employer, especially, if you are in a competitive business that’s not so profitable.

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So how do you approach your bosses and ensure you leave their offices with a raise?

Below are tips on how you can get a salary raise.

1. Ask Ask Ask Ask

Do you remember that bible verse, ask and you shall receive? It’s true. Sometimes all you need to do is ask for a raise.

If your company doesn’t do regular annual salary increases and you’re not up for a promotion, asking may be the only way to get the raise you know you deserve. 

2. Why are you asking for the raise?

Don’t just ask without a solid reason. Sit down, look at your job and justify why you need a raise.

List all of your reasons for wanting a raise before proceeding with your request.

Don’t ask for higher pay because your rent went up or you’re frustrated because your cubicle partner doesn’t work as hard as you and earns the same pay rate.

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3. How much should you ask for?

Again, don’t look at your bills and use them to justify your salary increment.

The average pay raise is 3%. A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional.

Depending on the reasons you cite for a pay raise and the length of time that has passed since your last raise, you could request a raise in the 10% to 20% range.

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4. When is a good time to ask for a raise?

Techianclly, there’s never a good time to approach for a raise. But for smoothness of things and the possibility to adjust things, timing is always key.

Don’t ask for a raise at a sensitive time, such as if your company has laid people off, your department had low numbers for the quarter, or your boss is dealing with a difficult personal situation.

Company pay practices are always key when touching on this subject.

5. Ask for a promotion instead

Consider where else in the company you can contribute best and look for positions that would be a natural move for you then shoot your shot.

6. Show your value

When looking for a promotion or salary increment, the best way to justify the whole process is by presenting your value to the company.

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Note down recent accomplishments that you have achieved for the company, including successful projects, data showing revenue increase, or positive customer feedback that you can share with your employer as you make your case.

Show ways in which you have gone the extra mile to increase value to the company. The aim is to convince your boss why you deserve a raise and not complain about why you need one. 

7. Know what to say if the answer is “no” or “maybe”

Once hit with anything else other than a yes, don’t just give up and keep quiet.

If the answer is no, this is a perfect opportunity to ask, “Can you tell me what you think it would take for me to earn a raise in the future?” 

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And if your manager isn’t able to give you specifics about how you can earn a raise in the future, that’s a useful signal that if you want more money, you may need to leave in order to get it somewhere else.