How Much of a Raise Should You Ask For?
Determine the appropriate raise amount based on your performance and market conditions.
What You'll Learn
This quiz will help you determine a realistic and justifiable raise amount to ask for. You'll learn how to factor in your performance, market rates, and company health to arrive at a compelling number.
How Much of a Raise Should You Ask For?
Question 1 of 10How does your current salary compare to market rates?
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Explanation
Asking for a raise can be daunting, and asking for the right amount is crucial. This quiz helps you move beyond a gut feeling to a data-backed request. By considering all the variables, you can approach the negotiation with a clear and confident ask.
Expert Insights
- In Australia, an annual raise of 3-5% is standard to keep up with inflation. A raise for performance should be on top of this.
- Always ask for a slightly higher amount than what you are hoping for, as this gives you room to negotiate.
- Research what others in your company and industry are earning. This data will be your strongest ally in a salary negotiation.
Actionable Tips
- Use the information from this quiz to come up with a specific percentage or dollar amount for your raise request. This shows you’ve done your homework.
- Frame your request around the value you bring to the company, not just your personal needs.
- Be prepared to negotiate. If your employer can’t meet your salary request, consider asking for other benefits, such as more paid time off or professional development opportunities.
Example Results
Scenario 1: The High Achiever
You have consistently exceeded your goals and taken on new responsibilities. The quiz suggests you should ask for a significant raise of 10-15%. Action: Prepare a detailed list of your accomplishments and schedule a meeting with your manager.
Scenario 2: The Steady Performer
You have met all your targets and are a reliable team member. The quiz suggests a moderate raise of 5-8%. Action: Highlight your consistency and reliability in your raise request.
Scenario 3: The Newbie
You are new to the role but have shown great potential. The quiz suggests waiting for your annual review to ask for a standard cost-of-living raise. Action: Focus on learning and growing in your role to build a strong case for a larger raise in the future.
Glossary of Terms
Cost-of-Living Raise
A raise given to employees to counteract the effects of inflation.
Performance-Based Raise
A raise given to an employee based on their performance and contributions to the company.
Negotiation
A discussion aimed at reaching an agreement.