- Welcome to Mind Tools' Video Learning series. We all want to be paid what we're worth, but not everyone knows how to make that happen. In short, you need to put together a compelling and objective case for why you deserve a pay raise and explain the value that you bring to your organization. There are three main factors to consider: compensation research, skill evaluation, and timing. Compensation research is about learning your worth within the industry. To do this, you need to investigate the average salary for your role and what competitors pay other people doing the same job. You also need to think about things like location, local living costs, and the rate of inflation. The next step is skill evaluation. This is your chance to prove your worth, audit your skills and experience, and gather supporting evidence. This could include copies of performance evaluations, examples of objectives that you've met, and letters of commendation. Use statistics to back up your evidence wherever you can. Records of the sales you've generated, the savings you've made, and the changes you've led will all help to prove your point. In particular, highlight examples of when you've gone above and beyond your job description. This could help to set you apart from others in your organization. Finally, consider your timing. Is now a good time to ask for more money? It's important to recognize the financial state of your organization before making a move. Have there been recent restrictions on budgets or is there a company-wide salary review coming up anyway? Keeping these three factors in mind will put you in a stronger position to ask for a pay increase. And brushing up on your negotiation skills can improve your chances of a successful conversation. To learn more about how to ask for a pay raise, read the article that accompanies this video. © 2022 Mind Tools by Emerald Works Limited.