Feedback talk - How to ask for a salary increase?
Hi all,
I've been working in one of the largest American REAMin the past year+ and will have my feedback talk soon (investment team).
I would like to ask for a salary increase. After some "research" I did it seems to me that I am slightly underpaid relatively to the other colleagues in same roles. I am aiming to have 12-15% increase (in order to be in line with the other colleagues, but will be happy also with 10%. I know it is relatively a high increase and most chances I will not get more than 5%.
What arguments can I mention to support my request? What "tactics" shall I use?
Mainly I am interested in the opinion of managers of experienced individual contributors, what will convince you to give your worker a generous salary increase?
My rank is mid-level.
Comments (5)
You could put together a list of local firms and pay using your network or Glassdoor, then create a spreadsheet or 1 slide ppt showing what your peers are making. Also show the recent rises in inflation where if you don't get anything above a 5% raise you're losing purchasing power. If they don't give you the raise after that then you can consider jumping ship.
My 2c- Glassdoor is highly unreliable and don't think the inflation point will go over well. Would instead talk to friends in the industry. If you're being under paid and have the proof I think that's a pretty easy discussion and would just be honest
Don't forget about anchoring. If you want a 15% pay increase then consider asking for a 20% pay increase and then getting them to raise their lowest bar.
Your supporting information should be primarily based on you. How have you exceeded your goals over the year? What has your performance done to help drive the goals of the team and the firm? Have you made your bosses life easier by taking on responsibilities? What value or experience do you bring to the team that is unique and hard to replace?
Wrap all that up into a concise discussion - you might do something like "based on my demonstrated high level of performance, I have earned the opportunity to be compensated in line with other high performing peers including others within the industry. Based on my research/discussions, that is $XYZ or about a 20% increase to my compensation. How can we work to get my compensation there?"
Again - just off the cuff thoughts. I think the important part is to make the ask, be non-threatening and base it in your performance along with demonstrated understanding of compensation for your role.
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