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raise-at-work

In a difficult economy, asking your boss for a raise isn’t out of the question. In fact, if you are a good employee that helps keep the business afloat, your boss may agree to a raise just to keep you.

But in order to be successful when you ask for a raise you need to be properly prepared to say the right things. Here are the 8 things you need to do in order to get a raise at work.

Timing Is Everything

If a quarterly report has just come in that shows the business is struggling, you should not ask for a raise. If, however, the financial numbers are looking good, take that opportunity to set up a meeting with your boss. After all, you were a part of that success.

Ask For A Meeting

You should not go up to your boss and begin talking to them about a raise in the hallway or during lunch. You need to have their undivided attention. The only way to get this is to set a specific date and time with them. This way, they are prepared to hear what you have to say and you won’t catch them off guard.

Confidence

If you yourself don’t believe you’re getting a raise, then nobody else will believe it either. So fire your ego up enough so you know that you truly do deserve a raise. This is not the time to be modest and shy.

Practice

Before discussing a raise with your employer, practice your approach with a friend. They will be able to critique you and tell you how to perfect your presentation. It will also allow you to practice what you’re going to say so you can better familiarize yourself with your sales pitch.

What Not To Say

Your boss is not going to give you more money just because you need it. It doesn’t matter to your boss that your significant other has lost their job or if your rent has gone up. Your employer will only give you a raise if it’s in their best interest.

Know Your Worth

Do some research online as to the average amount someone in your position is paid. If you notice you are being underpaid, be sure to mention this. Be sure to have various sources in case your boss wants to correct you. If you have a lot of experience and other special skills and do other tasks at the office, then this will also bode well for your worth.

Explain Your Reasoning

So come forth with a persuasive argument. Explain to them that you are underpaid when compared to others who hold the same position at other companies. Explain to them how long you have been working there and that you are due for a raise. Tell them about the extra duties you perform at work or extra education and training you have acquired.

Ask For A Little More

After you complete your presentation, ask for a specific amount of a raise. If you don’t mention any amount your boss is more likely to shut you down. Make sure to ask for a bit more than what you think you can get. This way, when your boss is shutting you down, you can ask for a smaller raise and get it. Getting any amount of an increase in your paycheck is better than nothing. It’s a common negotiating tactic to shoot for the moon and land among the stars.

Comments

brett @ wstreetstocks on 08/21/13

Thanks for sharing these tips. I will keep them in mind in the future.


Joshua Rodriguez @ CNA on 08/21/13

Hey Edwin, great post. Everyone wants a raise in pay. I love that you mentioned what not to say. I agree that bosses don’t care if your rent went up, your dog died, ect…sob stories don’t seem to work as well as confidence and ability. As long as you show your strengths, you can save weaknesses for conversations with loved ones. Anyway, I’d love to see you in the conversation on CNA Finance. Why don’t you stop by one day and share your thoughts?


Shane G on 08/23/13

The economy is improving so bosses are more likely to give raises at the moment.


Derek with MoneyAhoy.com on 08/24/13

Edwin, these are good tips. I really think the reasoned approach that shows you’ve done your research is the best approach.

I also think you should ask the less confrontational question during every 6-month review – something like: “where do you see me on the progression track”. Do you see me getting a raise in the next year or two, how could I accelerate that. It sets up the expectations for a raise if you fulfill the requirements.


Simon @ Modest Money on 08/27/13

Excellent tips Edwin. From some experience I can safely most of my raises have come out of some sheer confidence! You really have to believe you deserve it and to do that you must be providing value to your employer. Timing matters a lot.


Hunain @ HowToSaveMoney.ca on 09/30/13

I work as a freelancer and I remember that 2 years ago I asked my boss to give me a raise and he told me that he will call me in 15 minutes to discuss it. I was waiting and thinking what he would say to me. After the 15 minutes passed, he told me that he will give me a raise on one condition. That condition was I would have to prepare him a plan outlining how my work will increase his business profit. It was awful because that wasn’t the type of work I was doing for him. My duties were mostly to manage meetings and set up scheduling and then I realized he didn’t really want to give me a raise. After that I never had the courage to ask any more of my clients about a raise. I think you should insert a step on how we can survive from employer’s rebuttals to raise requests :)



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