Career Tune-up – 5 steps to getting a raise
It’s time for a career tune-up. Nothing better than an increase in salary to tune things up. Here are five steps to getting a raise. Take the time to work through each step to prepare for a raise.
Step 1. Know what your company wants.
The first step to getting a raise is to know what your company wants. Find out what your company goals are and what the company wants from you as an employee. Figure out how your job function fits into the big picture of the company. Research the competition so that you have insight on what your organization needs to do to meet or exceed the competition. Know the market for your product or service.
This information will help you see where you fit in. Identify how you can help the company reach its goals. If you have a choice of doing two things, ask “What activity will best promote company goals?” Try to align what you do to what the company wants and needs.
Step 2. Add value.
The second step to getting a raise is to add value to your company. You add value to your company by making sure that you are the one who helps the company and your boss meet goals. Align your individual work goals to those of the company. Make sure that you are the one who “meets the numbers.” This makes you look good, makes your boss look good and makes your company look good. This is how you add value.
Don’t wait to be asked to do something. If you see something that needs to be done and it falls within your job function, then dive in to do it. Take the initiative and the company will notice!
Step 3. Know what you are worth.
The next step is to know what you are worth. Do the research to find out what others in your field are making. What are salary ranges in your field? In your community? How does your experience and capability impact where you are in the salary range? If you are new, then you may need more experience to earn a higher salary. Make it a point to get the experience so you will be ready when raises happen again.
Be realistic about what you are worth. Some individuals have an over or under inflated view of their workplace worth. Compare yourself to others who have the same capabilities and job description you do.
Once you know your worth, you can compare what you think you should earn to your salary. Depending upon your company, you may need to make a lateral move to get the salary increase you desire. You can evaluate these options once you know what you are worth.
Step 4. Document what you have done.
The fourth step to getting a raise is to document what you have done. Create a record of your performance. Look for objective measures of how well you are doing. Here are a few measures to consider:
- Productivity – Demonstrate what you have done,
- Timeliness – Document how you have met deadlines,
- Quality – Show the high quality of your performance,
- Customer Satisfaction – Know who your customers are – both inside and out of the company and show how you meet or exceed their expectations,
- Going the extra mile – Document how you have gone above and beyond the required job description.
Gather all of your documentation together in a nice format, so it is easy to demonstrate how well you are doing.
Step 5. Talk to your boss.
The last step to getting a raise is to talk to your boss. Discuss how you “add value” to the company and how you help the company meets its goals. Share your documentation of what you have done. Indicate where you think you should be salary wise in the industry. Make it clear why it would be important for your boss to keep you happy on the job. Make it easy for your boss to say yes to a raise.
Sometimes, after all of your effort, you still get a “no” to a raise. When this happens take the time to evaluate. If the no is because you need more capability or experience or because your performance suffers, then find out what you need to do to be eligible for a raise next time around. Get the experience, improve your performance, and prepare for a raise.
On the other hand, if after your best efforts, the answer is no because the company has a tight corporate budget, you may want to explore other options. Some workers get a raise by making a lateral transfer to another company that is able to pay more. Use the information you have gathered to talk to your boss and talk to a potential new boss instead. Its all about Getting the Raise you Deserve. For further reading review 14 tips for getting a raise when they’re not handing them out, how to get a raise or job promotion at work, or 10 tips for getting a proper raise.