Daily Leap Career Video of the Week: How to Ask for a Raise

Each week we present our Daily Leap Career Video of the Week. The video we share presents news or advice related to career and life development, searching for a job, the economy and employment, and other career-related topics.

In the video below from Business Insider, Barbara Corcoran from the television show Shark Tank offers advice on how to ask for a raise. Check out the video for her tips.

4 Ways to Prepare to Ask for a Raise

Asking for a raise can be an intimidating prospect but can be made easier if you are prepared for the conversation

It is likely your manager recognizes your value to the team and the company, but you’ll want to be fully equipped to make your case by thinking through the following questions and issues about your position, your company, and the field you work in.

Understand the market. How are you paid relative to other top performers? You’ll want to do your research about salaries in your field and in your company. Check out a resource such as glassdoor.com or salary.com for this information, along with looking over information on your company’s Human Resources site. When comparing salaries in your field be sure to also look for salary ranges within your region. Salaries can range widely depending on location, with salaries likely higher on the coasts than in the Midwest.

Understand the status of your company. Is your company losing money? Did it meet its financial goals for the year? If it’s a down year for your company your chances for that raise might be diminished. On the other hand, this might also be a time the company is concerned about losing its best performers. You’ll want to come to any discussion about your salary with knowledge about the performance of your company and where you fit it and how you make a difference.

Collect the data regarding how you’ve exceeded goals. Be clear about your performance over the last year or months and be able to demonstrate with facts the success you’ve had and how you’ve contributed to bringing profit to your company. Did you exceed sales goals by 150%? Did you bring to market five new products when your goal was three? Understand this data and then turn it in to a clear demonstration of the financial benefit you brought to the company by exceeding your goals.

Understand your unique value proposition. Get clear about what you bring to the company that is uniquely you. What strengths and skills do you bring to the company that would be difficult to replace? How do your abilities make you irreplaceable to your company? Understand this and learn how to communicate it clearly and effectively.

 Develop an articulate defense and you’ll not only be primed for that raise, but you might also be ready for a guest turn as a television attorney on a prime-time legal drama!