We all know what this time of the year brings, self-appraisals, manager reviews and hopefully raises. But what if you want to take the hopefully out and go after a raise? There are some key tips on going after your pay raise — and what to do if it doesn’t work out.
Well asking for a raise can be a scary situation for any employee inside review time or not, but there is a lot more to asking than just having the confidence to do so, you better come prepared and be able to give good reason that you should receive a raise other than you came into work every day. It is best not to take an entitled approach as in most cases this will not work out for you.
It is best to know what you bring to the business, that meaning what value you bring and the impact that it has on the business. This is not personal; any salary negotiation is a business transaction and should be treated like a trade between the company and the employee.
But if you are going to ask for more money, you better know what you have achieved. Review your set business goals and personal goals either from a previous review and or ones that you set for yourself. Where do you stand with those goals and what were you able to achieve versus your plan.
It is important to remember that you “earn it first, ask second” so when approaching any salary discussion with a superior, it’s crucial to talk about what your value is to the business, what you were able to accomplish and use facts and evidence to support your case.
You do not get rewarded for just showing up so, if you are doing the bare minimum best not ask for that meeting however, but if you are going above and beyond it might be time to meet with the boss.
It is also important to know your worth outside the office and by that, I mean what is the value of your job in the market place and what are the salary levels for others in the industry and similar markets. Ultimately, knowing your value in the overall market at work is equally as important as the workplace, if you are being underpaid, but not so much if you are on the higher side of that pay curve.
If you’re being paid under the market rate this is the time to remind your manager of the unique qualities that you possess, and that you know what your talents are worth in the marketplace. Remember, how you approach this with your boss is equally as important as how you say it, so be confident, but not cocky or assumptive. Remember this is a negotiation process.
It is also important to remember that this is not personal it is businesses so if you do not get what you were asking for, consider what needs to be done to achieve your goal next time.
If you do hear ‘no’ don’t give up. A manager could be saying ‘no’ for several reasons, like a budget being slashed, or needing further proof of what the employee can offer. So, if you do not get what you were looking for ask why or for feedback to help you develop and set up a plan.
Most importantly if your discussion regarding a pay raise doesn’t end up with you receiving what you were looking for see it as the beginning of a process and not the end, moving up the company ladder can be a long process.
By Jamie Barrie