When it comes to money, make sure you keep in mind the following tips:
• Get informed: Getting more money is never a bad thing; however, when it comes to raising your salary, a company requires more than this to agree with you since money has always been a sensitive topic. So, before having “the talk” with your boss, find out what the average income is for profiles similar to yours.
What to do?
Ask your colleagues about their salaries, so you can have enough information to make a comparison. Make sure you discuss with those who are either working in the same office as you are, as your location may impact your salary; people working in big cities tend to earn more than those in smaller towns.
Checking online can also be of great help. Job search engines like neuvoo are equipped with all the essential information you need, not only to estimate the average salary per position, but also to determine the types of certifications, education, and licenses employers want.
• Establish a value for your work: The previous step is just a starting point, since there are many aspects to consider when it comes to determining how much you will charge for what you are capable of doing, such as your education level and years of experience.
Pro-tip: Make a list with all the particularities of your profile and make sure to point out any specialized course or certification taken; the years of experience you have and the amount of time you have been working for the company; the last time you got a promotion or a raise; how demanding your responsibilities are in your current position.
• Study your employer’s condition: At this point, you need to determine if your employer is in the capacity of affording a raise. With that being said, avoid bringing this topic up after a financial crisis or whenever the future of the corporation is uncertain for any reason.
Pro-tip: Go beyond any piece of gossip you get from other employees. Dig deeper and try to look for specialized financial information on the internet. What do the experts say about your field or your company? Is there any new contract or client that sounds promising?
• Do your research and be prepared: If you want to get an affirmative response to your demand, you have to get ready before facing your boss.
What to do?
1. Prepare your speech, highlight the reasons that support your raise or promotion aspirations and get ready to negotiate. At this point, you need to mention those details that will convince your boss. Be as persuasive as possible.
2. List any accomplishments or proposals that were your idea. Figure out what you have done that has made a difference within the company, point out all the benefits obtained, and the changes that have taken place.
3. Promote yourself, what makes you a valuable employee? Help your boss remember all the skills you have that make you stand out from the others.
4. Show your commitment. Bear in mind that it is not just about receiving; show them how you can help in the future as their employee in exchange of the salary improvement you’re about to receive. Your boss, as one of the heads in the company, needs to be convinced that granting you a raise or a promotion is a wise move that will actually make a difference.
• Define a backup plan: Be mentally prepared for a possible rejection. What will you do afterwards? Sometimes, our arguments are not enough to get a raise or a promotion at the moment we want or need them, probably because there are some circumstances we weren’t aware of. Listen carefully to what your boss has to say before making any decisions, because their “no” might just be temporary. If your boss disagrees with your perception of how good your performance is, try to ask for a complete feedback, that way, you can understand what their aspirations are, so you understand what improvements need to be made before having this conversation again. Once you have a clear understanding of the situation, you will be able to better analyze what you will do, either staying or looking for a new job.
After following the aforementioned steps, there is nothing left to do, but to finally face your boss. In this regard, talk in advance directly to them or to their personal assistant to set up an appointment. You will need their undivided attention and you need to present your request in person, not by phone, not by email.
Bear this in mind: if the mountain will not come to Muhammad, then Muhammad must go to the mountain. Stay positive at all moments; if you can dream it, you can have it, so, step forward and give it a try.
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