Bump up your paycheck with these simple tips
Asking for a salary raise can be a daunting task even for the most successful negotiator. Whether it’s your 7th year as a dedicated employee at a company or you’re just starting out, the salary question is always one that should be carefully planned.
1. Timing: This is very important because if you do get your timing right, you could ruin your chances. Timing, in this case would refer to the company policies and procedures that suggest when asking for a raise is appropriate. Examples of this could be after company reviews or at the end of a financial year.
2. Strategy: Make sure you have a strategy before going into the meeting or salary discussion with your manager. Asking for a raise without being able to prove that you deserve it may not work in your favour.
3. Know what you are worth: Before going into the discussion, examine the various aspects of your job and do some research to determine your value by comparing your role in the company to a similar role in another company.
4. Be realistic: Think carefully about the reasons for the raise and don’t ask for anything way out of the budget. Remember that most managers won’t bump your salary to the top of the ladder in one increase.
5. Ask for what you deserve: This may be the toughest of them all, focus on what you deserve. Very few employees will be concerned about your personal affairs. Instead of asking for more because you find yourself digging deep into your pocket at the end of every month, rather focus on what you deserve. Focus on why you deserve a raise and how and where you’ve added value to the company.
6. Prove your value: Track the recent projects and contributions that you have made to the company while showing commitment and optimism for ventures to come. A practical way to do this might be to list your accomplishments and attributes on a spreadsheet and demonstrate that your request is suited to your role in the company.
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