Timing is everything.
Studies have shown that on Fridays, workers are in the best mood, and therefore more agreeable. Sure, it sounds obvious, but it’s best to approach your boss at the end of the week, rather than the beginning of the week, and especially not on a Monday!
Performance pays.
Definitely ask for the raise when your performance is at a peak. For example, if your patient encounters are higher than ever, or you were recently recognized for an accomplishment, award, or completing a major project – now is the time to strike while the iron is hot.
Do your homework.
Know your value in the market. There are several websites which will provide compensation information such as Absolutely Healthcare.com. You may also use healthcare associations and publications to gather information regarding the average income for your position. For example, the American Medical Association posts compensation ranges for both physicians and allied healthcare professionals. Be sure to factor in geographic region and level of experience, which cause variations in salary.
Never use your bills or living expenses as a reason for a raise.
Your cost of living is not your employer's issue or responsibility. Your raise should be solely based on merit, not the new car you just purchased.
Have other bargaining chips ready.
Worst-case scenario, if your supervisor is not able or willing to provide you with the raise you are requesting, have a Plan B. Try asking for other perks besides cash, such as additional vacation days, increased job flexibility, or a window office. You could request new gadgets such as a cell phone, laptop, or something your company can write off as a business expense.
Present your case in terms of your financial value to the company.
Highlight your contribution to the bottom line. For example, if you are a physical therapist, multiply the number of patients you treat, by the average charge billed for each patient visit, to calculate the approximate revenue you generate in a given year. This clearly quantifies your value to your supervisor, and the raise you are requesting is only a very small percentage of that annual revenue you bring to the company.
Now that you are prepared, it's time to contact your supervisor and set up a time to talk. Good luck!
