It’s a pressing issue that we don’t need personal knowledge to address: you’re likely underpaid. In 2024, the wage gap persists, with women earning a mere 84 cents for every dollar a man makes. This disparity is even more pronounced for women of color. The pay gap widens as women age, starting around 90% of men’s earnings for younger workers but dropping to around 82% for women ages 45-64. The gap is even larger for mothers, who earn 74 cents for every dollar paid to fathers. It’s high time to ask for a raise. But before you set up that meeting, let’s go through these essential steps.

Do Your Homework

Empower yourself by walking into that room armed with cold, hard facts. The first crucial step in this process is thorough research. You can find out what comparable roles in other companies are paid and assess how your compensation aligns. Anecdotal information from colleagues can also be a valuable tool in understanding the budget for your role. Remember, this is about your worth and your future, so take charge and advocate for yourself.

While preparing your presentation, remember that employers are primarily concerned with employees’ interests. Be sure to present how this increase in compensation will contribute to your productivity and workflow, not just your overall satisfaction.

Come Prepared

Recognize your own value and be prepared to sell yourself. It’s essential to have concrete examples of when you’ve gone above and beyond. Showcase tangible benefits and ROI that you’ve generated for the company based on your hard work and skill set. Your contributions are valuable and have made a significant impact, so make sure to highlight these in your discussion.

Ensure your readiness and security by having a clear idea oftcome and timeline. Start with t your desired ouhe highest number you believe is fair, but also consider the lowest you’re willing to accept. Have a timeline in mind for the increase to begin based on your responsibilities. Think about what alternative compensation you might consider, such as a more flexible schedule, increased PTO, or more work-from-home time. This plan will bolster your confidence knowing that you’ comprehensive p and readiness ve considered all possibilities.

Have a Plan B and Ask Questions 

Reflect on your position at the company and your level of happiness. If this raise is denied, is that a deal breaker for you? Or are you willing to continue? It’s essential to be firm on these decisions before the conversation so you’re not thrown off one way or the other. 

Be prepared for different outcomes and ask questions to explore all your options in this conversation. If salary is capped, is a promotion to another role possible? What other avenues are there for increased compensation? The more you know about the institution’s process, the more informed you’ll be in your decision-making moving forward. Having a ‘Plan B’ and being open to alternative solutions shows your adaptability and preparedness in the negotiation process.