[FREE Worksheet] How to Ask for a Raise in Your Annual Performance Review

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According to Harvard Business Review, men and women ask for raises just as frequently as one another. However, women who ask for a raise are successful 15% of the time, while men are successful 20% of the time. This may seem like a minimal difference, but when you think about this occurring every year, the differences can really add up. It’s more important than ever for women to keep asking for that raise each year (or at the conclusion of a successful project) in order to help close the gender pay gap. 

In my personal experience, women feel super uncomfortable with this conversation. At the request of one of my subscribers, I wanted to talk about some best practices for preparing for your annual review, which typically entails asking for a raise. As someone who has been on both sides of the table in this situation, I recommend spending a decent amount of time on preparing for your annual review by answering some questions about what you’ve spent time on since your last review.

Re-evaluate your official responsibilities.

Hopefully you have an official job description that explicitly outlines your responsibilities and metrics for success. How does this description align with what you have been spending time on this past year? Have you been doing more outside of your normal duties? Are there job responsibilities that you should pay more attention to? Don’t be afraid to highlight those as well, as you will want to come out of this review with a clear plan of action and list of goals. Plus, it shows that you’re dedicated to continuous improvement as an employee.

Additionally, take a look at your strong points. What part of your job have you done exceptionally well at? Identify some good characteristics that make you a strong member of the team.

What have you accomplished since your last review?

Take a good look at the major projects you’ve been working on in the past year. Which of these have been completed? What were the results for the organization? How many of these projects did you take a leading role on? Start by listing every project you can think of, then narrowing down the list to 3-5 major accomplishments that you can spend some time discussing.

Many supervisors tend to be data-driven, so highlight the projects that you have successful metrics on. Your managers will be impressed with any data that you’ve collected, especially if it hasn’t already been brought to their attention before. This helps further the case that you deserve a raise.

What goals did you set in your last review? Did you reach them?

If this isn’t your first performance review at your company, you probably have a list of goals that were set in your last review. Which of these goals did you reach? If applicable, you can also talk about how you helped any teammates reach their goals as well.

For the goals that you didn’t reach, why were you unsuccessful? This could be a good opportunity to get some guidance from management. However, there may be circumstances that were outside of your control that prevented you from reaching these goals, which leads us to the next question.

What resources do you need more of to do your job?

Your annual review is as much of a review of your managers’ performance as it is your own. Give honest feedback to your supervisor(s) about what resources or attention you need from them to help you reach your goals for the next year. 
This isn’t a time to be passive aggressive or complain about circumstances outside of the company’s control, however. Be respectful and constructive in your feedback, and you can’t go wrong. Any reasonable manager will appreciate honesty and action items of their own.

Photo by Dylan Gillis on Unsplash

What are some goals you can work on in the next year?

You’ll probably finalize these goals in conjunction with your supervisor(s) in your review, but it’s a good idea to go into it with some ideas. Again, this shows that you’ve put some thought and preparation into this review and that you’re dedicated to success.

Bring it all together and ask for the raise!

All that’s left now is to write down and practice how you will ask for a raise. Check out my free worksheet linked below that will help you work through each of these questions. Then, do some research on average salaries of other professionals in your area with similar roles. Use this to base your asking rate off of (and make sure to cite your sources when asking for the raise in your review).

You don’t want to go into your review without a number in mind. This is the time to be aggressive and confident! Your supervisor(s) will probably come back with a counter-offer, so don’t sell yourself short. 

Although many people find asking for a raise—or talking about money in general—super uncomfortable. The more you practice and take control of the situation, the easier it will become each year. Trust me,  your managers will love when you come into your reviews prepared. It not only helps the meeting run more smoothly, but reminds them why they hired you in the first place!

Free Annual Review Worksheet:

Fill out the form below to grab a free copy of my annual performance review worksheet!