Its Time for a Raise

There comes a point in our early careers, say after three or four years, that we take a step back and try to figure out where our career is taking us and where do you want to be. Most importantly, the price tag you deserve for your hard work should be well rewarded. Right? How do you ask for a raise? Is it such a sensitive issue to talk about to your boss? In reality, during a recession, it is uncommon to ask for a raise and will lead you to be stuck in a financial rut. No need to despair. You need to plan and start making yourself valuable. Time is Money. Take on some of our suggestions on how to go about it.

Set the time and Mood

Your hear that your company has increased its sales department and increasing revenue with repeat business. Were you part of this success? If so, prepare to ask the question to your boss within a month after the big company success. Lois Frankel, PhD, author of See Jane Lead suggest you to go for it. Better profits means better moods for your boss. You should find out when your boss submits his/her annual budget for next year and broach the topic a few months beforehand. This is for the reason to give your boss enough time to figure out where the extra money is going to come from to pay you.

Another opportunity would be when you get a job offer or are approached by a recruiter from another company. You then, approach your boss with this option for him or her to see that you are demanding. We suggest you say: “I want you to know that an appealing opportunity has come up, but I love working here and would like to stay. Is there any way you can make my salary a little more competitive?”

Outline Your Strengths

You have to let your boss know that you are making a job much easier with you carrying on this extra bonus. The tactic is to come off as an asset that will be a nightmare without you around. List the clients who have raved about your work. Point out your latest achievements and how much responsibility you took on.

Maintain a Friendly Environment

A recent Harvard study discovered that male and female bosses were less inclined to work with a woman who demanded a pay boost because it came off overly aggressive, says study author Hannah Riley Bowles, an assistant professor at Harvard Kennedy School. Bowles found out that women who took the softer approach and explained why they wanted the raise did not have the same problem. We suggest finishing your opened conversation of job strengths with “Given my contributions, I’d like to discuss my prospects for getting a raise. What do you think?” Since this asks your boss’ opinion, it shows you have respect for your boss.

Put yourself a Price Tag

After giving your convincing point, the response from your boss will inevitably be this: “How much were you hoping for?” Avoid saying “Whatever you can manage” or else you will always be low-balled. Instead, come prepared with a double figure. Some useful sites to research your double figure would be looking at Salary.com and Glassdoor.com to get an idea of what other people on your level are making. The standard raise is 5 to 10 percent. If you seek more, why not? You enter a situation where your convincing approach must prove your responsibilities have grown significantly since you were hired. Once you get what you deserve, remember to send a thank-you note to the best boss