Asking for a Raise
So after weeks, months, or years of toiling, you've finally come to the realization that you deserve a raise. Maybe you need the money to take the family on vacation.
Chances are that your boss hasn't voluntarily showered you with bonuses or great raises so it's up to you to make the first move. And no matter how good you are at hard-nosed negotiating, when it comes to asking for a raise, doing it right makes all the difference.
Make Sure You Deserve it
Prepare Your Strategy
Know the standards for your industry - The first way to combat your ignorance is to establish how much you should be getting paid. Visit these sites to get you started: JobStar; Bureau of Labor Statistics, The Wall Street Journal, America's Career Infonet. There are many other salary survey sites on the Internet. Try a search engine such asGoogle, Yahoo!, AltaVista, or Dogpile, and search for "salary survey."
Figure out exactly what you want - Consider what other options exist besides a one-time raise, such as more vacation time, tuition, flex hours, etc. Know what your company's raise policy is and whether you fit the criteria. Prepare several raise packages that would make you happy.
Predict your boss's objections -Ask when you might see the raise you hoped for. Devise a way to share in the profits you brought in. Ask for feedback on what you need to do to get the raise you want and get a schedule of goals in writing so you both can remember what you agreed on. Getting no for an answer may be a sign that it is time to move on.
Know When To Strike
Timing is essential - Strike after a stunning success or after you receive more responsibilities. If appropriate, set a time to discuss your performance and compensation. Build your case by asking for more work that you know you can get done, working past 5 p.m., and be seen eating lunch at your desk. In general, the ideal time is to talk money is immediately after you have demonstrated your worth to the company.
If the company is public, you can obtain the latest financial information from its office of investor relations or look it up online. One easy method is to go to www.quote.yahoo.com and click on "symbol lookup." Punch in the company name and its daily stock price will show up along with links to its news and financial history. If your company is private, you will not able to get such financial data but you should use some common sense. If it recently laid off employees, that's a good sign that the bottom line is suffering and that you might have trouble squeezing the money out of them.
It is also essential to be sensitive to external pressures, like the overall economy and how your company is doing financially. If the economy is in a major recession or your company is struggling to stay in the black, it is clearly not an appropriate time to demand a raise no matter how darn good you are. Bide your time and hopefully the company will recognize your efforts later.
Read Your Boss
Knowing your boss's personality and business style is also helpful to tailor your delivery accurately. If your boss is a swift decision-maker, do not serve up idle chatter, but rather, get to the point and give your alternatives so he/she can make the decision. On the other hand, if you have a boss who makes decisions slowly and likes to socialize, then go with the flow. But be gently firm and leave him/her with your thoughts and schedule a follow-up session.
Only you know your boss best, and while some bosses are totally inscrutable, try to pick a style that you think will work well with their personality and modus operandi. Picking a time when your boss is in a good mood never hurts, regardless of what he/she is like. Science has proven that Happy bosses give raises more often than Grumpy bosses. (The jury is still out on Sleepy, Dopey, Sneezy, and Bashful bosses.)
Avoid Stupid Mistakes
Here is a list of guidelines of what to avoid when requesting a raise:
DON'T say why you need the money. Your boss will think you are whining. And who couldn't use more money? In all likelihood, your company does not care about your needs, but it does care about your worth. Show that you have earned the raise.
DON'T be unreasonable, immature or unprofessional.
Your boss will rightly think you are unreasonable, immature and unprofessional. Approach the discussion like a partnership, with both sides trying to reach a happy compromise.
DON'T demand to be paid as much as a co-worker.
Your boss will not want to explain why Susie Q makes more. Your boss will think you are incredibly nosy and be less likely to trust you with confidential and important information in the future.
DON'T act entitled to a raise. Your boss will be on the defensive and less inclined to work with you to make you happy.
DON'T threaten to leave if you don't really want to. Bluffing is for poker, so if you threaten to leave, be prepared to back it up. However, the company now knows you have no loyalty and you could be the first to go once budget cuts hit your department.
Go and Ask for the Raise
Now that your research is done, you should feel capable of handling any outcome with competence and grace. Here are some general tips:
- Dress nice and don't look like a slob
- Be prepared when the conversation doesn't follow your script.
- Start off by explaining why you feel you deserve a raise.
- Bring a copy of your accomplishments to hand to your boss.
- Let your boss bring up what the company has to offer first
- Do not compare yourself to co-workers
- When negotiating, ask for more than you really want.
This is when role-playing comes in handy and you can counter every reason for why the company shouldn't or can't oblige you. Even if the answer is still no, think of this as the beginning of a conversation and schedule a time to revisit the topic once you have met some more milestones. Above all, remain confident without being cocky. Good luck and don't forget, if your current company won't see the light you are always free to take your talents elsewhere.
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