How to Ask for a Raise or Promotion

By: Keith Wagstaff · April 24, 2024 · Reading Time: 3 minutes

Moving Up

Chris Lovell wants you to get what you deserve.

As the founder of Careers by Chris, she helps people land raises, promotions, and higher-paying jobs. Lovell joined SoFi’s Women’s Financial Empowerment webinar series during Women’s History Month to break down how to get your dream job or salary.

Here are her steps to success.

Assess Your Value

“If you do one thing today, I want you to start documenting your achievements,” Lovell said.

She recommended continuously tracking your impact on your team and your company, from bumps in productivity to laudatory emails from coworkers, by setting regular reminders to update your “brag book,” aka a spreadsheet of your accomplishments.

Else you could be left scrambling when it’s time to negotiate. “It’s so much easier if you just keep a running log of this information,” she said.

Even if you have to do some last-minute digging, she said it’s very important to have numbers and other concrete evidence to help you build the case that you deserve a raise or promotion.

Do Your Research

“The first step to getting a raise is to really understand your value and to be able to price yourself in the market,” Lovell said.

You want to enter negotiations with a realistic salary range. To come up with that, you can research salaries on Glassdoor, Payscale, and LinkedIn, as well as from data from industry associations.

Advocate For Yourself

“When you’re presenting your case, be concise and confident,” Lovell said. It’s easier to do that if you’ve spent time documenting your achievements and fully understand your value as an employee.

Before talking with your manager about a title or salary bump, it’s a good idea to think about what questions they might ask you, said Lovell. And at the end of that meeting, ask to schedule a follow-up conversation, she advised, because it’s very possible they won’t be able to give you an answer right away.

And while you might feel passionately that you deserve more money and responsibilities, it’s important to be respectful.

“The goal is to engage in constructive dialogue that demonstrates your value and seeks fair compensation,” Lovell said. “Make sure you’re keeping the conversation open and professional.”

Watch a recap of the webinar here.

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