Asking your boss for a raise is never an easy task. And coming out of the GFC, your boss has more ammunition, than before, to guilt you into keeping that request muted! But if you do some research, planning and get creative, that deserved increase may be realized! Try the following:
What’s the job entail? Is your job benchmarked?
Make sure you are clear about the key responsibilities of your job and you should match and better these on analysis. Ensure your company is comparing you to this benchmarked role. Understanding this and if there are any discrepancies between your idea and their idea of the role, will go a long way in resolving any differences.
How are you performing and at what level?
Once you have your job benchmarked, you and your employer should be able agree on your performance and at what level you are performing it at. Remember that performance and proficiency are different. Other factors to be evaluated should include teamwork, punctuality, attitude, and other soft skills required. A lacking in either of the soft skills or technical skills will be reflected in a thorough evaluation.
What’s the market value of the job?
Do your research here. Many sites are now available on line that have national salary surveys for your job. Utilizing online sites and also your friendly recruiter or former colleagues at your competitors, should give you strong data to present to your company. If you are at that point with your company working through this data, then you are doing great!
Where should your salary fall?
Using the benchmarked job, your performance and the salary data, you need to come to agreement of what you are worth the company and where in the range you fit. You may get a number above or below the industry median but at least your company is now aware of the path you are expecting and at the next review they will know what the expectations may be and help you along that path.
What do you need to achieve for future salary increases?
After you have worked out your salary increase, it is the perfect time to find out from your employer what you need to achieve to get a larger raise or promotion in the near future. Set the expectations together and this will also show commitment to your employer and lead to a very positive working relationship moving forward.
Be creative with you negotiations.
If you employer simply cannot afford or is unable to an increase your salary, look to negotiate some other factors. Here is a list to help combat this: stock options, vacation/sick days, severance/benefits, travel, flexible work schedule, reduced work hours, car, medical/dental plan, relocation, paid parking, certification/licenses, training, professional memberships, laptop, cell phone, internet, tuition, expense account, leisure activities.
Be creative. Salary may not be the only factor to increase and have your worth recognized.
