Few quick tips on Getting the raise in this tough economy:
1. Prepare yourself and be ready to make your “business case” not your hardship case. Sadly, no one
Is going to be able to pay you more just because your needs are greater, the price of gas is still through the roof or your relatives need an operation. There are over ten million Americans in that latter boat now…unemployed or severely underemployed and those reasons while being valid are not sufficient to get YOUR PAY and Respect levels raised.
2. Make an Appointment with your boss to discuss “business opportunities”. Try not to be coy, but don’t tell that you want a pay raise just yet.
Let your boss know that you would like to talk about “our best opportunities” for creating more revenue or cutting costs as well as get some input on his or her perception of your performance. After you get the lay of the land with regard to their perception of your contributions and your “report card” you will be in a better position to ask for a salary adjustment. Note, I said Adjustment, not a raise.
3. At the 2nd or third meeting with your boss on the subjects suggested above, bring up your perspective (without going on the offensive or being on the defensive) about your Contributions to the value of the business or department.
4. Remember that getting a raise in 2010 and beyond is going to be more about “making contributions” and sharing in some of those opportunities than it is a cost of living increase or straight pay raise. Many salaries have been frozen in place for several years now and thousands of businesses have been able to hire new employees as 65-79% of the former starting salaries – so getting paid “like yesterday” is a thing of the past – for now. Unfortunately it is no longer about how many hours you work…. Or how hard the work is, it is about your contributions to the margin….aka the profits or the reduction of expenses. Employers in 2010 can only afford to pay for progress and contribution and no longer pay for loyalty or longevity.
5. After you have made a good case for the value of your contributions, ask for a PAY Adjustment to better reflect the contributions you are making and the results (you and your boss agree on) that have come due to your effectiveness and experience in your role. Chances are your boss has their “we are out of money” speech well practiced and they know how to put off an unprepared employee from asking for a raise….. but most supervisors, CEOs and executives know that it costs money to make money and INVESTMENTS is the people who really drive the revenue and the margins and costs for the business can pay off handsomely.
6. Don’t threaten to quit….but educate yourself and become aware of what the competition would be willing to pay for your talents and time. . If you know what the competition is and how you fit in to the bigger picture you automatically increase your value and your chances of getting the right kind of attention from your boss. You may not get your raise the first time you try this approach but you will eventually get better at it and you are likely to find yourself in the position of either getting more paid time off, increased responsibilities or opportunities and eventually a big pay increase If you cannot get the right pay raises where you are, it might pay off to do a little job shopping!
Following these tips will enable you to make a strong case for increased pay. You will also make progress in understanding your own employer and their perspectives and opinion of your contributions. Awareness and knowledge is valuable…… YOU can turn Value into a bigger paycheck for yourself.
Patty DeDominic
DeDominic & Associates Coaches to High Achievers
www.thenewnewworldofwork.com
Patty De is past president of the National Association of Women Business Owners and the Los Angeles Area Chamber of Commerce. Here firm was a national award winning staffing partner to such corporate giants as AT&T, USC, Children’s Hospitals, The American Red Cross, entrepreneurial businesses and governments. Patty participated in advanced training on negotiations at Harvard University and got her Institutional Shareholders (ISS) Certification from UC Berkeley in 2008.
In 2006, the Los Angeles Business journal named DeDominic CEO of the Year at it’s annual Women Making A Difference Awards Luncheon
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