How To Ask For A Raise Without Failing In The Process

Let's face it: asking for a raise can be nerve-wracking. Here's how to advocate the value you bring to the table and strategically plan your promotion.

Let's face it: asking for a raise can be nerve-wracking! 😥 As product managers, we're used to advocating for our products, but when it comes to advocating for ourselves, many of us freeze up. However, you should know the value you bring to the table.

This year, I've learned that asking for a raise doesn't have to be so hard. In fact, it can be an empowering experience that shows your worth and sets you up for long-term success.

So let's jump right into how you can prepare your case and ask for that raise! 👇

Illustration by Dzianis Vasilyeu.

🌱 Start Planting Seeds Early

Here's a secret: the best time to start thinking about your raise is long before you actually ask for it. Think of it as building your product backlog, but for your career.

Document Your Wins

Remember that feature you shipped that increased user engagement by 20%? Or that time you smoothed over a tricky situation with a key stakeholder? Start keeping a "brag document" of your accomplishments. 📑

💡 Every time you hit a milestone or receive positive feedback, jot it down. This isn't just for your manager - it's for you. When it's time to make your case, you'll have a wealth of concrete examples at your fingertips.

Align with Company Goals

Just like how we align our product roadmap with company objectives, your career growth should sync up with what your organization values. Pay attention to the metrics that matter to your company:

• Are they focused on user acquisition?

• Revenue growth?

• Customer satisfaction?

Make sure your work is directly contributing to these goals, and be ready to articulate how. ✍️

📈 Know Your Worth

Before you walk into that meeting, you need to know your market value. This isn't about what you think you deserve - it's about cold, hard data. 🔢

Do Your Research

Dive into salary databases like Levels.fyi, Glassdoor, and Blind. Look for roles similar to yours in terms of experience, company size, and location. Don't just focus on base salary - consider total compensation including bonuses, stock options, and benefits.

Network Strategically

Reach out to peers in similar roles at other companies. You don't have to ask for their exact salary (though some might be willing to share). Instead, ask about salary ranges for their position or what they think is fair compensation for someone with your experience.

⌛️ Timing is Everything

First things first - when should you ask for a raise? The answer isn't always straightforward, but there are some key moments to consider:

1. After a successful product launch

2. During your annual performance review

3. When you've taken on significant new responsibilities

4. If you've been in your role for at least a year without a salary increase

💡 Remember, timing can make or break your request. Choose a moment when your contributions are fresh in your manager's mind and the company is in a good financial position.

💼 Make Your Case

As product managers, we're all about metrics and data. Use this to your advantage when making your case for a raise. Here's how:

Quantify Your Impact

Don't just say you've improved the product - show it. Have you increased user engagement? Boosted revenue? Reduced churn? Put numbers to your achievements. For example:

"In the past year, I led the redesign of our onboarding flow, resulting in a 30% increase in user activation and a 15% reduction in churn."

Highlight Cross-Functional Leadership

As a product manager, you're the glue that holds teams together. Emphasize how you've improved collaboration:

"I implemented a new sprint planning process that increased on-time feature delivery by 25% and improved developer satisfaction scores by 40%."

Showcase Strategic Thinking

Demonstrate how your work aligns with broader company goals:

"My product roadmap directly supported our company's expansion into the enterprise market, contributing to a 50% year-over-year growth in enterprise revenue."

🗓️ Schedule the Meeting

Now is the time! 🤝

Prepare, Prepare, Prepare

Before you walk into that meeting, make sure you're ready. Here's your pre-game checklist:

1. Research industry standards for your role and experience level.

2. Prepare a one-page summary of your key achievements.

3. Practice your pitch with a trusted colleague or mentor (even in the mirror!)

4. Have a specific number in mind - and be prepared to justify it.

The Conversation

When it's time for the big talk, keep these tips in mind:

1. Start positive - express your enthusiasm for your role and the company.

2. Present your case calmly and confidently.

3. Be prepared to negotiate - have a "Plan B" in mind (additional responsibilities, professional development opportunities, etc.)

4. If the answer is no, ask for specific goals to achieve for a future raise. (See below 👇)

Opening Lines

When you start the conversation, be confident, positive, and direct. Here are some examples:

1. “Thank you for meeting with me today. I’d like to discuss my current salary and the possibility of a raise based on my recent contributions to the team.”

2. “I appreciate you taking the time to speak with me. I’m excited to talk about my role and how I can continue to grow with the company, including a review of my compensation.”

3. “I’ve been reflecting on my work over the past time period, and I believe my performance warrants a salary adjustment. I’d like to discuss this with you today.”

4. “As we approach the end of the fiscal year, I wanted to have a conversation about my compensation and how it aligns with my increased responsibilities and achievements.”

5. “I’m grateful for the opportunities I’ve had here, and I’m eager to continue growing with the company. With that in mind, I’d like to discuss adjusting my salary to reflect the value I’m bringing to the team.”

🔓 Download the Cheat Sheet

Get the summary of all this advice so you can be prepare for your next compensation discussion! 👇

😕 If the Answer is No

Don't be discouraged if your request isn't immediately approved. Use it as an opportunity to set clear expectations for the future.

Remember, hearing “no” isn’t the end of the world - or the conversation.

Ask for a Timeline

If a raise isn’t possible now, ask when you can revisit the conversation. Set specific goals and metrics for that time period.

Ask questions like:

• "What specific goals would I need to achieve to warrant a raise in the future?"

• "Can we set a timeline to revisit this conversation?"

• "Are there additional responsibilities I could take on to increase my value to the team?"

Explore Other Opportunities

Sometimes, the best way to get a significant raise is to change companies. If you’ve made a good faith effort to increase your compensation and it’s not happening, it might be time to explore other options. 🚪

I also recommend reading

Wayne Chen

article where he explains how to avoid performance review traps and how to plan your path to promotion! 🔻

How to Plan for Performance Reviews and Own Your Career

Wrapping Up

Asking for a raise can be intimidating, but you have a unique set of skills that make you invaluable to your organization. You’ll be on the other side by:

• Quantifying your impact,

• Showcasing your leadership,

• and aligning your achievements with company goals.

💡 You're not just asking for more money - you're demonstrating why you're worth the investment.

Remember, your career is your most important product. Manage it with the same care, strategy, and data-driven approach you bring to your work every day. With the right preparation and mindset, you'll be well-equipped to make a compelling case for that well-deserved raise.

Now, go forth and negotiate with confidence. You've got this! Good luck 🙏