Talking to your manager or leadership about a raise can be intimidating, especially if you don’t know how to start the conversation, what is reasonable to ask for, or what information you should bring to the table. It’s important to productively express your value and ask for a raise if you feel it’s justified vs. waiting until you’re burnt out. Here’s how to discover if you’re ready for this conversation, and how to prepare accordingly.
For niche specialties and skill sets within HubSpot, our talent search specialty, we’ve compiled data from working with our customers and candidates as well as polling the HubSpot community in order to get a more comprehensive look at current market rates for some of the most popular career paths. Be sure to utilize our 2023 HubSpot Ecosystem Salary Guide to add to your research, especially as the demand for HubSpot talent continues to soar.
Understanding Merit Increases
Many organizations handle this process differently, and measure merit increases with varying formulas. On average, most organizations will offer a 3-4% merit increase of an employee’s base salary each year depending on manager and self evaluations, as well as company performance. Due to this common process, many employees have become conditioned to bank on a raise each year.
However, with the past few years being extremely challenging on businesses and our economy, merit increases may be less common. So if you’re feeling like you’re bordering on burn out, delivering value, and have been holding out for a better outcome during performance review periods, now may be the time to advocate for yourself.
But first, let’s be sure you’re prepared to have a successful conversation.
Tenure Isn't Everything
Don't equate deserving a raise solely to your time with the company. Reflect on your contributions, impact on revenue, and skills. Metrics and examples strengthen your argument. Tenure is a talking point, but your impact matters more.
Before asking for a raise, objectively analyze your performance, attitude, and contributions. Compare yourself to market rates and ensure your request is justified, not emotional.
Preparing Your Pitch
Prepare thoroughly for the conversation:
- Reflect on Your Request: Are you seeking a market adjustment or a merit-based raise? Define your ask clearly.
- Market Analysis: Research market rates for your role, considering location, company size, and experience. Set a realistic target.
- Build Your Case: Document your contributions, big wins, impact on revenue, continuous learning, and positive feedback.
Opt for a face-to-face or video call, showcasing your professionalism and conviction. Follow these best practices:
- Scheduling: Set a dedicated meeting with your manager, avoiding interruptions.
- Shoot Straight: Clearly state your purpose and offer justification. Make it a two-way conversation.
- Emotion-Free: Prepare mentally for the conversation, staying calm, humble, and focused on facts.
- Graceful Closure: Regardless of the outcome, respond gracefully. Understand the process and protect your professional brand.
Now that you're armed with talking points and conversation strategies, advocate for yourself confidently. Know your worth, and if you've brought value to your organization, it's worth a shot.
Don't forget to download our 2023 HubSpot Ecosystem Salary Guide! It provides specific data for your skill set, strengthening your justification for a market adjustment raise within the HubSpot community.
You've got this!