You're aiming for a higher salary in your performance review. How can you secure the raise you deserve?

To effectively secure the raise you deserve, it's crucial to assess and demonstrate the value you bring to the company. Reflecting on my experience, I’ve found that quantifiable achievements are the strongest evidence of your contributions. Whether it’s leading successful projects, creating efficiencies, or preventing loss, tangible results make a compelling case for your value. Moreover, don’t wait for the review period; keep your manager informed of your progress and seek feedback throughout the year. 360-degree reviews from colleagues can also reinforce your contributions and support your case for a raise.

1. Prepare Your Case Gather evidence of your achievements and contributions. Quantify your accomplishments by using numbers and statistics. 2. Research Industry Standards Research industry standards and market rates for your role. Make a strong case for why you deserve a salary increase. 3. Set Clear Goals and Expectations Set clear goals and expectations with your manager. Ensure alignment with organizational objectives. 4. Demonstrate Your Value Highlight your key skills, qualifications, and strengths. Emphasize how they benefit the organization. 5. Show Enthusiasm and Commitment Show your enthusiasm and commitment to your role and the organization.

Do you have a benchmarking to use when having that conversation? If not, that's the first thing you need to find to understand if your request matches what the market says for your position in the company/sector where you work. Let's say that you actually have that benchmarking compensation study and favor your ask. Are your results consistently over the top or just average? What is the perception of your work from co-workers and other senior staff? Ask those questions. You'll be surprised by other's perceptions of your work. If it's still favorable to your case, then use all of that when having the conversation with your manager. Sometimes a big raise is not possible without assuming more responsibilities (promotion). Have that in mind.

To secure a raise during your performance review, highlight your accomplishments with specific examples of how you’ve added value to the company. Use data to back up your achievements, showing how you’ve met or exceeded goals. Research industry standards to justify your request and be confident in your approach.

Securing a raise during a performance review involves demonstrating your value to the company, preparing a compelling case, and negotiating effectively. Document your achievements, contributions, and any positive feedback you’ve received. Focus on specific projects, results, and how you’ve added value to the company. Be aware of the company’s financial health and any relevant market trends. If the company is doing well, it can strengthen your case for a raise.

To support your raise request, research salary benchmarks for risk professionals in your field. For example, if industry data shows that risk managers with similar experience earn $100,000 on average and you’re currently at $90,000, this comparison helps justify your request, demonstrating it’s about aligning with industry standards.

It's uncommon for a company to manage a budget for opportunistic promotions. Instead, companies plan for promotions when putting together the annual budget for Board approval. That means you need to plan and start the conversation long before the budget planning phase begins. A good rule of thumb is that any salary increase above 10% is considered a promotion unless your position is off-market. Inquiring about other people's perceptions of your work (coworkers and senior staff) is essential to understanding your chances of getting a promotion. Aiming for a couple of percentage points discussion won't add real value in the long term. Instead of a raise, look for ways to get promoted to the next level.

If you’ve just led a successful project and the company is hitting financial targets, that’s the ideal time to make your request. Leverage these moments for a stronger case.

Ask your manager what they need from you so they will see the value of your new salary. Clearly you rate yourself on the salary you want, but you need to meet your manager's expectations of what someone operating at that salary level can deliver.

Agree “stretch objectives” with your line manager. Stretch Objectives go beyond your current role profile and basically prepare you for the next level in your career and are key in setting you apart from your peers.

Communicate your career aspirations and how they align with the company’s vision. For example, if you aim to lead a major initiative that supports the company’s expansion plans, highlight this. Demonstrating how your goals complement the company’s direction shows that investing in your growth benefits both you and the organization.

Handle salary discussions with strategy and flexibility. Present a range to accommodate negotiation and explore additional benefits like flexible hours or remote work options. This approach shows you’re open to a balanced agreement.