Do your research - Deepstash
Do your research

Do your research

Conduct background research to determine your market value. 

Study salary trends for professionals in your geographic area and industry with similar job titles, qualifications, and responsibilities to find out the market rate for your role or intended one. 

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MORE IDEAS FROM THEARTICLE

... in which you are asking for something almost always go better if you've rehearsed in advance and have considered the many possible responses that you'll get to each of your requests, and how you'll address these responses

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Command the tasks and responsibilities in your current role, then start solving the problems that your soon-to-be self would be working on.
The only way to effectively do this is through careful time management. Understand the core strategy of your organization, ask lots of hard questions and align your priorities with that of the company. 

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If a raise and promotion isn’t going to happen right now, ask for things beyond salary such as professional development opportunities or more vacation time.

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Not why you need it.

Everyone would like to make more money, but don’t bring up personal reasons like your rent increasing, needing to plan an expensive birthday party for your dog or your vacation to Hawaii.

Stick to discussing your performance and impact.

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Consistently exceed expectations in terms of your current role and job responsibilities. Take on more than expected, and manage these projects as well as your more senior colleagues.

Share your accomplishments early and often.

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Show you’re invested in the company.

Volunteer for a project or create one by being a proactive problem-solver. When leveraging a project to get a raise, explain the new responsibilities you’d like to take on and how it will help the company grow and generate more money.

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  • Demonstrate that you have taken on additional responsibilities and provide specific details about your accomplishments. 
  • Share examples of projects you have completed and how they’ve positively impacted the business. Was there an increase in revenue? Did you save a customer? 
  • If you’ve received positive feedback from colleagues or other leaders regarding your work, be prepared to share that with your manager as well. 
  • Identify ways you’ve earned money for the company, for example through sales, upsells or creating efficiencies.

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RELATED IDEAS

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 value for your work and to keep you around because otherwise you’re eventually going to want to find a different job that does pay you competitively.

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Pick the Top of the Range

As you’re doing your research, you’ll likely come up with a range that represents your market value. It can be tempting to ask for something in the middle of the range, but instead you should ask for something toward the top.

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  • How is the financial health of the company? If the company is not doing well, this is not the time to ask for a raise. 
  • How is your manager’s workload? If your manager is under a lot of stress or focused on too many things right now, it may not be the time to ask for a raise. 
  • When is the best time of year to ask for a raise? The end of the fiscal year could be an option. Have you successfully completed a significant task or project? This could be a good time to ask for a raise.

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