5 Steps to Getting that Raise

Want a raise? This piece from the Money Central gives five suggestions for getting one. It rambles a bit, so I'm cutting to the important parts -- the tips themselves. Here they are:

1. Have your ducks in order. Of course, you can't march into a meeting with your boss armed simply with your opinions. You need to back it up. That means analyzing and cataloguing what you've accomplished in the past year, writing it down and then preparing for that all-important meeting. It's also a good idea to bone up on industry standards. One good source is salary.com's salary wizard.

2. Know the business climate. It's also important to know the current economic environment -- not only in the national economy but also in the company. "If business is booming, then seeking your fair share of the wealth is understandable," says Mimi Greenberg, president of MRG Associates, an executive search firm in New York City. "But if you're employed by a start-up or a larger company actively looking to slash costs, it may not be a very good time to ask for a bump in your paycheck."

3. Rehearse. Know what you want to say to the boss and practice saying it out loud. Remember, you are selling yourself.

4. Prepare for the worst. According to CareerBuilder.com, one of the largest online job-search Web sites, less than 1% of people who ask for a raise get it right away.

If your boss won't give you a raise, ask for other things such as more vacation time, a laptop computer or other equipment. If you are turned down, express disappointment, shake hands and calmly walk away. The composed manner in which you take the rejection may give your boss the impression that you have something else lined up -- even if you don't.

5. Be gracious. If the final answer is "yes," express appreciation, but do not go overboard. Work twice as hard to prove your boss made the right decision. "Start right then and there earning that next raise," says Greenwood of Common Sense at Work.

Having been in business for 17 years and a senior executive for the last 11 years, I can say that these tips are pretty right on. A few additional thoughts from me:

1. Use numbers as much as you can to document your accomplishments. Saying, "I cut paper waste in our plant saving $450,000 per year" is better than "I led the paper cost reduction team."

2. Knowing the business climate is right on target, though you can get around it if you're in the right position. I once worked in a company that had several years of down sales and as such we had a salary freeze one year. Despite the pain the company was going through, I had one employee ask for a 10% raise. He showed how much others in his position at other companies were making (about $10k more than he was) and he asked for more. He was a vital employee, so he got most of it. Lesson: While business environment matters, there's always more money for top-performers or people who can't be replaced easily if they present it right.

3. 99% of people won't practice -- and that's why 99% of people don't get the raise initially. Practice makes perfect. I can't stress this enough!

4. Whatever happens, be gracious. The guy I told you about in #2 above, wasn't gracious. He felt he was getting what he deserved. So he wasn't thankful. Then, when some other managers started taking some of his work over and he became much less valuable -- then he got what he deserved, if you know what I mean. Maybe if he had been a bit more gracious he would still be in that position today.

Comments

[Hazzard]

I used a few of these techniques in my last drive to get a raise and promotion. Another that worked well was comparitive inequity. Evaluating others on your team and basing your position on what you believe theirs to be. Basically you can leverage inequities amongst you and your peers to seek raises/promotions. Of course, you would also need to highlight your contributions and actually be a valuable member of the team
Hazzard
http://elym.blogspot.com

[chris]

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[chris]

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