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A 30-step plan to getting the raise you deserve

https://www.businessinsider.com/how-to-ask-for-a-raise-2018-7

businessinsider.com

A 30-step plan to getting the raise you deserve
It's crucial to know how to ask for a raise, but many Americans have never done it. Knowing when to ask for a raise can also be tricky. Asking for a raise could improve your income in the short- and long-term.

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Actually deserving the raise

Actually deserving the raise
"If you were to leave your company tomorrow, would there be any meaningful disruption to the business? If the answer is no, you don't have any leverage to get a raise." -- Jason Nazar

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Don't ask

Don't ask

... if you've been at the company for less than a year.

If your responsibilities are dramatically different from what was outlined in the interview process, you might be eligible for a raise.

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Understand the goals

Understand the goals
It's important to have goals that you can use to measure your success. 

Make sure you and your supervisor both understand how success looks in your organization and what is expected.

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Meeting or exceeding goals

Meeting or exceeding goals
"You should always link individual performance to departmental goals, and then to overall company goals and how what you've done directly impacted each." -- Adam Ochstein

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Prepare a case

Prepare a case

 ... based on how you've quantifiably exceeded your goals.

Find the numbers that prove your contribution to the workplace. Data should comprise the bulk of your salary negotiation because it's hard proof of how valuable you are to the company.

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Qualitative reasons

Qualitative reasons

If you led training, introduced new procedures, or became a trustworthy person during a year with tumultuous office politics, you should include that in your discussion.

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Highlight rare skills

Highlight rare skills
Take an inventory of your unique selling proposition.

Present the unique skills and achievements you bring, particularly ones that are in shortage industry-wide.

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'I need more money' is not a reason

 'I need more money' is not a reason

Don't discuss your own needs during a salary negotiation.

It is not your employer's interest, their personal interest, to actually really truly care for that, and it's not necessarily going to make them open up the pockets of that company to pay you for that.

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How much to ask for

How much to ask for
  • Look at what your role pays industrywide. Online tools can help you learn what the median pay is for industry, position, and location.
  • Avoid asking your colleagues what they're paid.
  • Avoid asking for an outlandish increase. Your boss may feel you are totally out of touch with what you are worth and with the company's budget.
  • Decide on a target percentage increase. Expect a 3% raise if you met expectations or a 10% - 20% if you're exceeding expectations.
  • Know the minimum you'll accept for a new salary and stick to it.
  • Consider if you would be okay with keeping your salary, but receiving other perks.

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The perfect time to ask

The perfect time to ask
  • If your performance review is coming up, plan to raise the topic after receiving favorable feedback.
  • If you don't have a performance review on the horizon, you could schedule a salary discussion a few months before the yearly budget is set.
  • Ask before or after a major success. "If you've just created a whole bunch of value for your company..."

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How to ask

How to ask
  • Set up a meeting — in person. Approach the subject diplomatically, with an upbeat, positive demeanor.
  • Practice beforehand. Practice the discussion until it's free of emotion and nerves.
  • Consider using the 'gentle startup' technique: "When I calculate the value I've contributed to this company, I feel happy to know that I've added $$$. Now, I need my salary to reflect my contributions."

  • Explore the data of how you've exceeded. Don't spare any detail in how you've benefited the company.
  • Deliver with confidence. You have to sell yourself, just like it's a job interview.
  • Don't compare yourself to other colleagues, focus on your own career path and goals.
  • Remember it's not about you. Connect yourself to the company, and how you fit in there.

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Prepare your response

Prepare your response
  • If you get turned down, ask what you need to do to improve. "Get as much specific feedback as possible so you can figure out what steps you need to take to get to the next level,"
  • Put something on the calendar for a few months out. Ask to revisit the issue in a few months if you don't get the raise you ask for.
  • If your company can't pay more due to budget constraints, ask about increased paid time-off days, flexible work arrangements, a one-time bonus, or other options.
  • Keep an open dialogue. "Asking for a raise should be a natural part of an ongoing conversation."

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After you get the raise

After you get the raise

Don't forget to follow up over email.

Mention your excitement to continue making great contributions to the company. Spell out all changes to your compensation package and when they will take effect.

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Boosting your savings

Boosting your savings

While frugality is undoubtedly important in personal finance, boosting your savings can also be done by earning more money.

Whether you're self-employed or working for somebody else...

The More You Learn, the More You Earn

Your education has a greater impact on your earnings than other influences such as age, race, gender, and location. According to the U.S. Bureau of Labor Statistics, the average college graduate earns twice as much as someone whose education ended with high school.

If you can't commit to college, you can still improve your knowledge and skills with self-directed life-long learning. The best time to pursue education is at the start of your career. The next best time is now.

Work More. Work Better

Your pay is also based on the quality and quantity of your work. If you've been making forty sales calls each week, find a way to do fifty.

The quickest way to boost your income is to increase the number of hours you work. It can be done by working full-time, working overtime, or finding a second job.

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A raise

... is a recognition that you’re now contributing at a higher level than when your salary was last set. 

A raise isn’t a favor or a gift; it’s a way for employers to pay fair market valu...

It’s normal to ask

It’s not greedy or entitled to ask for a raise.  Unless you work somewhere truly dysfunctional, it’s understood that you work for money. This is okay.

  • you’re not asking for an amount that’s wildly out of sync with the market for your work, and 
  • you have a track record of strong work.

Be emotionally intelligent about your timing

You shouldn’t ask to talk about your salary when your manager is especially harried or having a bad day or nervous about impending budget cuts. 

On the other hand, if you’ve just saved the day with an important client or garnered rave reviews for a high-profile project, or if your boss has seemed particularly pleased with you lately, now might be a particularly good time to make the request.

"Needing" therapy

By framing therapy in terms of what we need rather than what we could benefit from, many people experience too much shame or embarrassment to try it.

Not everybody needs therapy. But ...

How therapy helps

  • Understanding how the way we tend to think about things affects our moods and emotions
  • Clarifying our values and strategizing about the most effective path toward them
  • Learning to communicate directly and assertively in relationships or the workplace
  • Building self-confidence in social situations
  • Acquiring more effective parenting skills and techniques
  • Working through complicated grief or loss

Therapy and growth

Ultimately, therapy is about growth and creating opportunities for positive change.

And in addition to improving traditional mental health struggles, therapy can also be a powerful and efficient way to make progress on personal goals or aspirations.