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November 2005 |
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Want a Raise?Then Raise Your Game Nothing relaxes a budget like an increase in income. And although getting a raise is as simple as marching into your boss's office and asking for more money, we all know it's not that easy. To get the biggest raise possible you need to have a game plan. Here are four easy steps toward building a winning strategy: Step 1Work hard and work smart. Most advice on getting a good raise begins and ends with negotiating tactics. But don't overlook the most convincing move you can make: Doing a great job. Most people are rewarded for a job well done — often without even asking — so understand what your employer wants from you and deliver. If you're not sure exactly what your boss's expectations are, then ask. Start the conversation by saying, "I've got a few ideas I want to clarify about my goals." From there, just explain in great detail how you see your role and listen for any additions from your boss. Also, if it's not already scheduled, tell your boss you'd like to have a formal review in six months. Step 2Gauge your expectations. You need to estimate just how much money is on the table. For instance, most raises nationally average between 3 – 4%. If the company just lost a major account, you might want to aim a little below the amount you want. Also, if money is tight, consider taking something other than a salary increase. Ask the company to invest in you by paying for education. Or perhaps, if you use your car and mobile phone in part to do your job, they could more easily justify paying those expenses. Another option is getting more vacation time instead of a raise. And if you haven't checked lately, find out how much your position earns in your area at www.salaryexpert.com or other sites. Step 3Prepare your case. Keep in mind your boss won't necessarily know what a great job you've done. You'll have to sell yourself and that means doing a self-evaluation. Make sure you can rattle off goals that you've met, instances where you saved the company money, and instances where you've exceeded expectations. Also, recognize where you have been less than perfect and prepare a response that turns the conversation back to your advantage, such as, "Yes, I know I missed more days than either of us would like, but that won't happen next year. In fact, in the past four months I haven't called in sick at all. Further, if I still accomplished XYZ missing some work last year, imagine what I can do when I don't miss any time." Step 4Negotiate. The No. 1 rule to negotiations is keeping your cool. If you run into a brick wall, keep smiling and relax. Don't threaten to go work somewhere else. Don't compare yourself to other employees. It's better to position the discussion around what a solid investment you are and what a great job you're going to do next year. Once you've made your case, finish by saying, "I think all of this merits a raise of 8%." To give yourself some negotiating room, ask for a few percent more than you expect to get. More than likely, if you do all this, you'll get a bigger raise than the national average. If not, don't get upset. Thank your boss for hearing you out. Explain that, obviously, you're disappointed but you appreciate getting a chance to make your case. Then consider straightening up your resume. If your raises are smaller than you can live with, it might pay to start over with a new employer. |
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