Just because you want or need a raise doesn’t mean the company can afford it. No matter how well your employer may be doing, any decisions that involve money affect the entire company, no matter how large or small.
- Know your worth. Are you being fairly compensated? Does your current salary compare with the market value for your position? Get the facts.
- Know your company’s compensation policies. Do you meet the criteria? Is the policy in your favor? What are the minimum and maximum amounts you can earn? Put together the facts and build your case. If there’s no policy in place then you may have more negotiation room. On average raises range from 3 to 5 percent. But don’t push for the max unless you can prove you deserve it.
- Create a self-evaluation. Lists your strengths and weaknesses. Back up your request with proof. Show your improvements such as extra training, new skills learned. Keep your list updated. Any extra work you do or have done that saved the company money. What extra duties have you taken on that might otherwise go unfinished or kept the company from having to hire more workers. Figures out how much your work is worth. Bosses like facts and figures.
- Take a look at your boss’s performance. Has he or she been slacking off lately? Take their attitude and feelings into consideration before you approach them about a raise. Also avoid such a meeting if the company has just come through a crisis or your boss has been out sick or having personal problems.
- Plan your time to approach your boss. Consider all the factors such as how the company is doing. Have you heard anything about cut backs or planned raises? Have your facts and figures together. Make sure your boss has plenty of time to sit down and listen to you. You want time to fairly present your case in a well put together manner.
- Be ready for “no”. Listen to the reasons and be prepared to improve your chances for next time.
By going prepared ahead of time, knowing your facts and figures and the lay of the land so to speak you can improve your chances of being successful. However, remember it’s not always about what you want, but in the long run what’s best for the company over all. If the timing is right and you approach your boss in a well prepared manner, you’ve got a better chance.