How to Ask for More Money

It’s critical to know how to ask for more money during a job offer or promotion. But the fact is, many people are simply too intimidated to ask, or don’t know how to negotiate a raise. A survey from staffing firm Robert Half revealed that only 39% of professionals said they tried to negotiate salary during their last job offer.

Always negotiate for a higher salary when you are hired. If you don't, chances are you’re costing yourself a lot of money. Any future raises and bonuses will be calculated using that base salary. So, negotiating for $10,000 more in your starting salary will pay dividends down the line. In fact, over a working lifetime, not negotiating your starting salary or raise can cost the average person as much as $1 million.

Now that you know up to seven figures could be on the line, it’s time to change your mindset and learn how to negotiate a raise.

Inspired to ask for more money? Here are three techniques you can try.

1. The Wait-Them-Out Method (Job Seekers Only)

If you’re going through the job interview process, don’t be so quick to answer or bring up salary questions. You want to be very coy and not reveal your salary history (in fact, in most states, it’s now illegal for employers to even ask you about it). You also don’t want to share the salary range you’re aiming for, even though you should have a number in mind.

If it comes up, you can say something like, “I don’t know enough about the responsibilities of role yet to give you an appropriate salary range.”

Remember, you’re in a position of power as long as you’ve done your research ahead of time. That way, once an offer is made, you can speak to the value of the job you’re interviewing for, rather than basing your request on what you made in your previous position. Here’s how to do it:

1. Research what people in your role with your years of experience usually make in your area. Pro tip: Monster's salary guide can show you what your job should pay in the marketplace.
2. Educate yourself on the unemployment rate for people in your industry or position.
3. Ask the recruiter or hiring manager how long the position has been vacant to get an idea of how much difficulty the employer is having filling your role.

For current employees, though, you definitely don’t have to wait around for your yearly review to negotiate up. Timing the discussion right will depend on the state of your company and your recent accomplishments. If you’ve just completed a large project, for instance, use the opportunity to ask for a raise.

2. The Never-Accept-the-First-Offer Approach (for Job Seekers and Current Employees)

Once a company decides to hire you and makes you an offer, that’s when you need to show some restraint—don’t take the job right away. Patience is a major factor when it comes to how to ask for more money after your job offer.

The first offer is never their best offer. Always ask the hiring manager if you can have a conversation about it before you accept.

Once you’re sitting down with them, try saying a variation of this: “Considering my experience and the skills I bring, I thought your offer was a little low.”

They will either respond with, “That’s the best we can do,” or, “Let me talk to HR about it.” If they deem you a good fit, don’t be surprised if they come back with 10%–25% higher than the first offer.

If the number isn’t what you were hoping for, remember that salary isn’t the only thing you can negotiate. Your benefits package is part of your compensation as well. If they won’t budget on salary, try negotiating paid time off, work-from-home days, title, schedule, and training or education.

Some examples of things you can ask for that equate to more money in your pocket, or value for you:

• “I’m leaving a company where I got four weeks of vacation and you’re only offering one. Can we meet in the middle?”
• “Your company requires that I pay $300 a month toward my medical benefits, but right now I have 100% coverage. Is there somewhere we can work in that amount I’m losing?”
• “This commute is going to be costly for me. Will you consider offering a travel stipend, or allowing me to work from home one or two days?”

Keep these tactics in mind if you want to negotiate for more money and perks with your current employer as well. Instead of settling for a standard quality-of-life raise, give them a solid reason to pay you more based on your accomplishments and responsibilities. You can say, “Here was my original description, and here’s what I’m doing now. Here are the additional responsibilities I’ve taken on, and here’s everything I’ve learned.

The key is you need to focus on what you’ve done for the company (and will be doing going forward), not about your financial needs. If you go in and say you bought a house or your kids are changing schools and you need more money, that’s not the company’s problem.

3. The Data Approach (for Current Employees)

When you make your raise negotiation about numbers and take the emotion out of it, you put yourself in a better position. Think about the specific ROI you’ve provided to the company. Then, lay out your case with specific numbers and examples of projects you’ve completed.

The other thing you can do is go to your supervisor armed with research. Check the Monster salary guide or use a survey that was done by your industry association so you can show evidence if you’re underpaid or on the low end of the salary range.

If you’re offered a higher-paying position with another company, go to your manager and see if they can match it.

Whether you’re seeking a new job or trying to advance in the one you’ve got, don’t make the mistake of underestimating your value. Remember, it costs companies a lot of money to recruit and retain new talent, so if you’re good at what you do, don’t be afraid to ask for more money. The worst they can do is say no, but more likely, you’ll end up with a higher paycheck.

Know What to Ask for and When to Ask for It (Everyone)

Salary is just one piece of the pie when it comes to your compensation; you should be aware of all the possible benefits and perks that could be within your reach, either at your current job or your next one. Want to know what could potentially be on the table and how to ask for more money after your job offer? Join Monster for free today. As a member, you’ll get career advice, news on workplace trends, and job search tips sent straight to your inbox so you can make sure your job keeps up with the ever-changing times. (And if it doesn’t, we can also help you get one that does.) Oh, and even though we maintain there's more to a job than a paycheck, we know you're not made of money—that's why all these valuable lessons from Monster will cost you exactly zero dollars. No negotiations needed!