Career Advice - How To Get And Accept A Raise
No one likes to ask for a pay raise.
It can be a bumpy time on the career path.
Who likes to ask for recognition?It is much better for rewards to come from someone else, unsolicited.
Career Tip: However, if you are interested in achieving career success, there are situations when it makes common sense to say to the boss, "I believe I am worth more to this organization than I am being paid.
I would appreciate a raise.
" The key word is worth.
Never, never, never try to make a case for a raise in pay on the basis of your need.
Organizations can't stay in business for very long by paying people what they need.
They can survive only by paying people what they earn toward the bottom line.
Career Tips: You are probably justified in asking for a raise when one or more of the following conditions exist.
o You can prove you are making a contribution toward your employer's goals above and beyond what is expected from your position.
o You have been filling a more demanding position, which usually pays more money, for considerable time.
o There is no formal system in place for reviewing and rewarding performance.
o You haven't had a raise in an unreasonable period of time, while the paychecks of others have been getting fatter.
o You have an offer from another employer for more money.
You prefer to stay where you are, but you are prepared to leave.
Four Things Can Happen Before you rush off to ask for that raise, you should face the cold fact that one of four things can happen.
One, you may get the extra money.
Two, you may learn that you are not seen as doing as good job as you thought you were.
Three, your future is limited in your present position.
Or, three, you could lose your job when you cause the boss to focus on your performance in terms of hard cash.
1.
Do your homework; be prepared to make a persuasive presentation of your case.
2.
Make sure you know how things are going with your boss and the company.
Is business good?Is the company growing and making money?Is your boss satisfied with his situation? 3.
Common sense tells us not to ask for a raise when the company is in the doldrums or when the boss, himself, has just been passed over for a raise.
4.
Know the time and place when your boss is usually in the best mood and is most apt to give you a fair hearing.
5.
Find out how your compensation compares to other jobs in the company and in terms of what other employers are paying for people with similar responsibilities and experience.
Know what the fair market value is for your talents.
You could find out you are already earning top dollar.
6.
Get a reading on how your fellow employees and your boss rate your performance.
It had better be a reasonably good report before you ask for more compensation.
7.
Remember, you are actually making a sales presentation of a product (your service to the organization) to a buyer (your boss) who has a limited budget from which to buy answers to a number of highly competitive needs.
8.
Get directly to the point when you meet with your boss.
9.
Review your contributions, being as specific as possible in such terms as savings, increased productivity, growth in sales.
If you are factual, and your boss is fair-minded, this should establish a basis of general agreement as to your value.
10.
Underscore your loyalty and long-time commitment to the organization.
Suggest your potential for even greater contributions based on demonstrated performance.
11.
Present hard data to prove you are not paid up to scale when compared to similar jobs inside the organization and in your business category generally.
12.
Be ready to discuss the pros and cons of your performance.
It will be a rare boss who is not a bit annoyed that you felt you had to ask, either because he has allowed you to lose touch with reality or because he has failed to recognize your worth and frustration.
So don't be surprised at some backlash.
Accept both praise and criticism with equanimity.
Be ready to work out a compromise.
13.
Be prepared to define a range of increase you think is merited, if you are asked to do so.
Do not demand.
How To Handle The Response It is unlikely you will get an answer on the spot ...
unless it is a resounding negative.
Demonstrate your maturity by "keeping your cool," leave the door open for a positive answer or at lease further negotiations later.
If the final answer is "yes," express appreciation and work twice as hard to prove your boss made a good decision.
Start right then earning the next raise.
If it is "no," consider it a lesson learned, not a calamity on your career path.
Buckle down, do a better job and prepare for another chance.
Or you may want to leave for a more rewarding environment.
It can be a bumpy time on the career path.
Who likes to ask for recognition?It is much better for rewards to come from someone else, unsolicited.
Career Tip: However, if you are interested in achieving career success, there are situations when it makes common sense to say to the boss, "I believe I am worth more to this organization than I am being paid.
I would appreciate a raise.
" The key word is worth.
Never, never, never try to make a case for a raise in pay on the basis of your need.
Organizations can't stay in business for very long by paying people what they need.
They can survive only by paying people what they earn toward the bottom line.
Career Tips: You are probably justified in asking for a raise when one or more of the following conditions exist.
o You can prove you are making a contribution toward your employer's goals above and beyond what is expected from your position.
o You have been filling a more demanding position, which usually pays more money, for considerable time.
o There is no formal system in place for reviewing and rewarding performance.
o You haven't had a raise in an unreasonable period of time, while the paychecks of others have been getting fatter.
o You have an offer from another employer for more money.
You prefer to stay where you are, but you are prepared to leave.
Four Things Can Happen Before you rush off to ask for that raise, you should face the cold fact that one of four things can happen.
One, you may get the extra money.
Two, you may learn that you are not seen as doing as good job as you thought you were.
Three, your future is limited in your present position.
Or, three, you could lose your job when you cause the boss to focus on your performance in terms of hard cash.
1.
Do your homework; be prepared to make a persuasive presentation of your case.
2.
Make sure you know how things are going with your boss and the company.
Is business good?Is the company growing and making money?Is your boss satisfied with his situation? 3.
Common sense tells us not to ask for a raise when the company is in the doldrums or when the boss, himself, has just been passed over for a raise.
4.
Know the time and place when your boss is usually in the best mood and is most apt to give you a fair hearing.
5.
Find out how your compensation compares to other jobs in the company and in terms of what other employers are paying for people with similar responsibilities and experience.
Know what the fair market value is for your talents.
You could find out you are already earning top dollar.
6.
Get a reading on how your fellow employees and your boss rate your performance.
It had better be a reasonably good report before you ask for more compensation.
7.
Remember, you are actually making a sales presentation of a product (your service to the organization) to a buyer (your boss) who has a limited budget from which to buy answers to a number of highly competitive needs.
8.
Get directly to the point when you meet with your boss.
9.
Review your contributions, being as specific as possible in such terms as savings, increased productivity, growth in sales.
If you are factual, and your boss is fair-minded, this should establish a basis of general agreement as to your value.
10.
Underscore your loyalty and long-time commitment to the organization.
Suggest your potential for even greater contributions based on demonstrated performance.
11.
Present hard data to prove you are not paid up to scale when compared to similar jobs inside the organization and in your business category generally.
12.
Be ready to discuss the pros and cons of your performance.
It will be a rare boss who is not a bit annoyed that you felt you had to ask, either because he has allowed you to lose touch with reality or because he has failed to recognize your worth and frustration.
So don't be surprised at some backlash.
Accept both praise and criticism with equanimity.
Be ready to work out a compromise.
13.
Be prepared to define a range of increase you think is merited, if you are asked to do so.
Do not demand.
How To Handle The Response It is unlikely you will get an answer on the spot ...
unless it is a resounding negative.
Demonstrate your maturity by "keeping your cool," leave the door open for a positive answer or at lease further negotiations later.
If the final answer is "yes," express appreciation and work twice as hard to prove your boss made a good decision.
Start right then earning the next raise.
If it is "no," consider it a lesson learned, not a calamity on your career path.
Buckle down, do a better job and prepare for another chance.
Or you may want to leave for a more rewarding environment.
Source...