Five strategic tips to get a raise
FINDING a job is stressful and, once you have one, many of the aspects of having a job can cause stress, too. But asking for a raise is even more nerve wracking.
If you aren’t a master negotiator, the whole experience can be pretty awkward, too. But, you’ve got to do it every once in awhile, especially if your paycheck isn’t matching the cost of living expenses or the work you do.
So when should you ask for a raise?
“If you aren’t being compensated fairly for the work you do or if you haven’t had a raise in more than a year,” says Tim Dugger, career coach and owner of Career Cafe LLC in Indianapolis.
So, roll up your sleeves and build up your courage. Here are a few tips on how to negotiate a bump in your paycheck. 1. It’s all about timing Know when to ask. Not every day is not a good day to ask for a raise. You have to be strategic in your approach.
“The best time to negotiate a bump in pay is during a performance review, especially if you’ve done exceptionally well during the period for which you’re being evaluated,” says Jody Michael, CEO and founder of Jody Michael Associates, an executive and career coaching company with offices in Chicago and Atlanta.
You can also ask for a raise after you have successfully delivered on a project, or achieved some success for the company. 2. Do your research “We recommend that people come into these conversations prepared — both on paper and psychologically,” Michael says. “One common mistake people make is underesti- mating their worth and the value they add to the company.”
Track your achievements and do your homework to find comparable salaries using websites such as Glassdoor, Salary.com or Payscale.
Make an excel spreadsheet and document all the wonderful things you have achieved since your last pay raise, Dugger says. Gather information on how much you have saved the company or increased its sales or productivity. 3. Be creative A struggling company may not give you a raise. If you decide to ride the tough times with your employer, explore benefits other than a monetary gain.
“You might ask for an extra week of vacation, or that your company pay for a class to enhance your skills,” Michael says. 4. Know how much to ask The normal range for merit-based raises is 1 to 5 percent. If you are doing the bare minimum you won’t be at the higher end of the range. But, if you are extending yourself at the job, you may expect an increase of up to 5 percent or more. 5. Chart your future Let your bosses know your future plans and demonstrate how you would fuel the company’s growth. Seek out mentors and find out what the company needs in the immediate future. Position yourself in such a way that you are an indispensable part of the company’s success story.
And if things don’t work out, remember there’s always the next time. — Nwitimes
IT is possible to get a raise, even in an environment where money isn’t exactly falling from trees.