Asking for a salary increase can feel uncomfortable. You might wonder whether the timing is right, what your manager will say, or how much you should ask for.
Recently received a job offer and want to negotiate your salary? Read our article on How to Negotiate Your Salary instead.
But asking for a pay raise does not have to be awkward or confrontational. If your responsibilities have grown, your performance has improved, or you are consistently bringing more value to your company, it can be completely reasonable to ask for your salary to be reviewed.
The key is preparation. Instead of simply asking for more money, go into the conversation with a clear understanding of your value, your achievements, and what you are asking for.
Here is how to approach a salary increase conversation with confidence.
Know why you deserve a salary increase
Before asking for a raise, take some time to think about what has changed since your current salary was agreed. Perhaps your role has grown. Maybe you have taken ownership of important projects, developed new skills, achieved strong results, or started handling responsibilities that were not originally part of your job.
Ask yourself:
- Have my responsibilities increased?
- Have I taken on additional projects?
- Have I achieved measurable results?
- Have I developed new skills or qualifications?
- Has my role changed since my last salary review?
- Am I contributing more to the team or company than I was when my current salary was set?
These are much stronger reasons for a salary increase than simply saying you have been with the company for a certain amount of time.
Build your case with real examples
Before your salary negotiation, make a list of your strongest achievements and contributions.
Think about:
- Projects you successfully completed
- Revenue you helped generate
- Costs you helped reduce
- Processes you improved
- Problems you helped solve
- Clients or customers you supported
- Additional responsibilities you took on
- Positive feedback you received
- Skills you developed
Whenever possible, focus on specific results. Being able to show how your work has benefited the company gives your salary request more substance. Keep track of these achievements before your salary conversation rather than trying to remember everything at the last minute.
Research your current market value
Before asking for a salary increase, it is worth checking what similar roles are currently paying.
Look at salary information for your:
- Job title
- Industry
- Experience level
- Location
- Qualifications and specialist skills
Current job advertisements can also give you a useful idea of what employers are offering for similar positions. Your goal is not to find one number and assume that is what you should earn. Instead, use several sources to get a realistic picture of the current market. This information can also give you more confidence when discussing your salary.
Decide how much of a raise you want
Going into the conversation without knowing what you are asking for can make things much harder. Think about your target salary and the increase you would consider worthwhile. You do not necessarily need to give your manager a long explanation about how you arrived at your number. However, you should be able to explain why your request is reasonable.
Your market research, responsibilities, achievements, and experience can all support your target. It can also help to prepare yourself for different responses. Your manager might agree immediately, make a counteroffer, ask for more information, or explain that an increase is not currently possible. Knowing what you want before the conversation helps you stay calm and focused.
Choose the right time to ask for a raise
Timing matters. If your company has an annual salary review process, find out when those conversations normally happen. You may also have a strong opportunity to discuss your salary after completing an important project or achieving a significant result. That does not mean you have to wait for your annual review if there is a good reason to have the conversation sooner.
Try to choose a moment when your manager has enough time to actually listen and discuss the situation with you. A rushed conversation in the middle of a stressful day is probably not your best opportunity.
Prepare for the salary conversation
You do not need to memorize a speech, but it helps to know what you want to discuss before you sit down with your manager. Think about the main points you want to cover, including your achievements, increased responsibilities, current market value, and the salary you would like to discuss. Keep your points clear and focused. You want the conversation to feel like a professional discussion rather than a long presentation. It can also help to practice the conversation beforehand, especially if asking for a raise makes you nervous.
Focus on your professional value
One of the biggest mistakes people make when asking for a raise is focusing too much on their personal expenses. Rent may have increased. Groceries may cost more. Maybe you have unexpected expenses. Those things are understandable, but they are usually not the strongest argument for a salary increase. Instead, focus on the value you bring to the company.
Talk about your:
- Performance
- Responsibilities
- Results
- Experience
- Skills
- Contribution to the team
- Growth within your role
The conversation should be about why your compensation should reflect the value of your work.
What if your manager says no?
A “no” can be disappointing, but it does not necessarily mean the conversation was a failure. Your manager may not have the budget available right now, or your company may only review salaries at certain times of the year.
If an increase is not possible, try to understand why. You can also ask what would need to happen for your salary to be reconsidered in the future. If your manager gives you specific goals or targets, make a note of them. Where possible, agree on a timeframe for another salary discussion. This gives you something concrete to work towards instead of leaving the conversation with no clear next step.
What if you are offered a smaller increase?
If your manager offers a smaller increase than you expected, take some time to consider whether it reflects your responsibilities, performance, and market value .You do not have to accept or reject the offer immediately.
If you believe there is still room for discussion, you can continue the conversation professionally. You can also ask when your salary could be reviewed again if the full increase is not possible right now. The goal is to have a constructive conversation, not to turn it into a battle.
Keep building your case after the conversation
Whether you receive the increase you wanted or not, continue keeping track of your achievements. You do not want to reach your next salary review and suddenly have to remember everything you accomplished over the previous year.
Keep a simple record of:
- Major projects
- Results and achievements
- New responsibilities
- Positive feedback
- New qualifications or skills
- Contributions that had a measurable impact
It makes future salary conversations much easier and can also be useful when updating your CV or preparing for a new opportunity.
Ready to prepare for your salary conversation?
We’ve created a free Salary Increase Checklist to help you prepare.
Use it to organize your achievements, research your market value, decide what you want to ask for, and prepare for your conversation with your manager.
Download the free Salary Increase Checklist
Want extra support with your career?
Asking for a salary increase is one part of building a career that reflects your skills, experience, and goals. If you would like personalized support from an experienced professional, MentorCruise connects professionals with mentors who can support you with career development, professional growth, and other career goals.
Click here to find a Mentor on MentorCruise!
Keep building your career
Looking for your next opportunity? Browse current vacancies in banking, insurance, and finance on our job board!
Content Disclaimer
The information provided by Banks and Insurance Jobs is intended for general informational and educational purposes. While we aim to provide useful, accurate, and up-to-date career information, individual circumstances vary and the information may not apply to every situation. The content should not be considered legal, tax, financial, or investment advice. Readers should seek advice from a qualified professional where appropriate.