New Year can be happier with a pay raise: Make your case
We are all familiar with the reasons you are on the fence about asking for a well-deserved pay raise.
You think you deserve it, but it doesn’t feel right to ask. You don’t want to sound like complaining.
You could be looking for a new job anyway. These are tough economic times, so better wait.
Well, thinking this way, you fit in the category of those who will never get a raise and could lose your job anyway.
How do you make a case for a raise?
When it comes to salaries, you should get out what you put in, according to LinkedIn.
“If you feel overworked and underpaid, you can and should do something about it. Employers have a responsibility to evaluate and respond to the positive contributions of their employees. If this isn’t happening for you, you have every right to approach the relevant personnel to find a solution,” says LinkedIn.
Here’s how to do it:
First, you need to work out what your positive contributions actually are.
Employers aren’t going to reward you simply for being there.
Once you’ve got this sorted, you need to make these contributions quantifiable.
Draw up a 12-month review of your work within the company, demonstrating an active role in generating or impacting revenue.
Yes, it’s a tough environment when employers are less willing to part with their cash, so you need to prove your worth.
Concrete facts and figures make it easy for your employer to warrant a salary increase.
Not everything is about ROI.
You may have directly impacted the health of your company or made a difference somewhere.
Salaries are, at the end of the day, just another type of transaction. You wouldn’t make a transaction without knowing the facts and figures.
Do your homework, make a case, and trust that your employer will want to do justice to your work.
Ask and you shall receive
If you’re hoping to get a raise this year, you’re probably going to have to ask for one, says CNBC.
A survey of 1,138 people conducted by SoFi in August found that more than 50% wanted a raise, but only 33% were planning on explicitly asking for one.
“Confidently asking for more money at work is not natural for most people,” Libby Leffler, vice president of membership at SoFi, told CNBC.
But that hesitation could keep you from getting ahead. “You don’t get what you don’t ask for,” Leffler says. “The worst thing that person could do is say ‘no.'”
You want to convey to your manager that you’re an attentive employee that works hard and wants to do a good job, not that you’re only interested in taking home more money, but here are 5 things you should do before you sit down to talk a raise with your manager:
1-Know your goal and your audience
Make sure that you have a clear idea like how significant is the raise you’re planning to ask for? What is the minimum outcome that will make the conversation worth it? What is important to you in your job and career?
2-Do the research
Become an expert on how your job is compensated at other companies in your industry. Assess where you are on the scale, and pinpoint where you’d like to be.
Benefits, vacation time, flexible work time and sick time is all part of your total compensation package, and can all be negotiated as part of a raise.
3-Gather your evidence
Be prepared to discuss the work you’ve done that you think merits increased compensation.
Keep a record of your achievements, and copies of any congratulatory emails or notes that colleagues, clients or your manager has sent to you about your good work.
4-Practice your pitch
Make sure that you have practiced delivering your pitch out loud, to another person, before you walk into your manager’s office, especially if you’re nervous.
5-Get the timing right
Appropriate times to bring up a raise are during your performance review cycle after you’ve made critical contributions to your team or after a big project where you’ve achieved a major milestone.
The 5 people who will never get a raise
“There’s absolutely nothing wrong with asking for more money. You just need to do it the right way,” says Forbes.
So are you one of these 5 that won’t ever get a raise?
1-Indirect Irene: Sends the boss an email that hints about wanting to discuss something. Or, leaves a voicemail: “I, uh, want to know if we can, uh, talk about something around, you know, my last raise… Not urgent. When you have time.” Irene will be doing this same thing next year.
2-Outta Here Ollie: Wakes up one morning and decides today is the day. With two kids in college, a mortgage and car payments, he needs more money. He marches into the boss’s office with an attitude of “if I don’t get a raise I’m outta here.” Ollie was indeed outta there.
3-Resentful Renee: She deserves more and she won’t do one more extra thing at work until she makes more money. Renee doesn’t last long at the company.
4-Passive Aggressive Paul: Complains around the water cooler about salary and bonuses. Tries to spread the negativity because misery loves company. Paul, too, is soon fired.
5-Lying Larry: Tries to force his boss’s hand by claiming to have another job offer with a significant raise in salary. He’s gone with “All the best”.