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A 30-step plan to getting the raise you deserve

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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A 30-step plan to getting the raise you deserve

A 30-step plan to getting the raise you deserve

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

businessinsider.com

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Key Ideas

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

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.

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.

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

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.

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.

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.

'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.

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.

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..."

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.

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."

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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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.

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The right time to ask
  • 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 manag...
Get salary trends

Every job has a market value. 

  • Compare what you’re currently being paid to the trends you find.

  • Consider your education, years of experience, years you’ve worked for your current employer and any specialized skills or attributes you bring to the table. 

  • Make a list of your accomplishments, taking note of which ones added the most value to the organization

  • Identify a salary range or percentage increase in pay that you’d be happy with. 

Set a meeting

Meet in person and in private. 

You should approach asking for a raise with the same level of seriousness you would have for a job interview or an important presentation, and you should dress accordingly. 

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A Good Negotiator

Negotiating doesn't mean arguing, being stubborn or creating a scene. The best negotiators are empathetic and collaborative, pursuing a mutually fulfilling solution. A good negotiator ca...

A Personal Touch

A job negotiation is preferable in person or on the phone, as compared to the impersonal and cold feel of the email.

Talking on the phone provides you with an opportunity to build a connection so that the recruiter understands you and your motivations, while you have a better grip on their motivations.

If the job negotiation is on email only, be direct and honest. Email lets you strategize your words carefully.

Have An Alternative

Having an alternative, a second job offer with you makes your negotiation game stronger, as the employer knows that you can simply walk away. Having the offer from a prestigious company also strengthens your perceived market value.

Having a BATNA (Best Alternative To a Negotiated Agreement) provides you with confidence, based on how strong the employer perceives it as well as how you perceive it.

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Take on more responsibility
Command the tasks and responsibilities in your current role, then start solving the problems that your soon-to-be self would be working on.
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Proactively communicate wins

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.

Demonstrate your accomplishments
  • 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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The Job Interview
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If you feel there is fog ahead of you due to opacity in the interview process and the multiple rounds, you can simply ask the next steps of the process and the timeline for a decision.

If you think the employer has an elongated set of rounds ahead, request to consolidate them if possible.

Stumped By A Question

Instead of bluffing your way through a question that you are completely stumped with, it is better to be upfront and handle it with honesty and grace. Tell them straight away that you do not know the answer to this question and what similar things you have done which have been effective.

Your life experiences are unique and not identical to what the interviewer is trying to ‘slot’ you into.

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  • Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
  • Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
  • Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
  • Set specific financial goals stating the reason, the way, numbers and dates.
  • Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
  • Love yourself. Taking control of your finances is part of that.
  • Make bite-size money goals. Make the bigger ones but also small step goals to get there.
  • Don’t be a financial fatalist, and switch to more positive mantras.
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Organize your workspace
Organize your workspace
  • Adopt a clean-desk policy (CDP).
  • Create a dedicated space for the incoming things.
  • Keep personal items to a minimum.

  • Get yourself a si...

Colors influence productivity
  • Red: Impart a boost of energy.
  • Yellow: The sunny shade stimulates creativity.
  • Purple: Stimulates problem solving abilities.
  • Green: Calms the mind, causes zero strain to the eye and is ideal for those who spend long hours in the office.
  • Orange: Boosts social interaction and collaboration.
Manage uncertainty and its related risk
Manage uncertainty and its related risk
  • Control the “controllable.” Certainty is vital in business, but also elusive.
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Unhealthy Ways to Deal with Uncertainty
  • Throw up your hands and give up. Then risking it all on the next big move for the company. Learn to fail faster - take lots of smaller risks instead of one big one and get feedback quickly.
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