The Best Strategies To Ask For A Raise, Earn More Income

PHOTO: TIME.COM


BY: MOHD EZLI MASHUT

GREAT TIPS & ADVICE: Negotiating salary is an incredibly complex and emotional endeavor. The first thing anyone asking for a salary increase should think about is why they're asking for it.

Before you ask for more money, take a moment to make sure you're asking for the right reasons.

1. Do Your Homework & Research

Do some market research to determine what others your industry currently earn at your position. Before any salary negotiation, conduct background research to determine your market value. You need to have a solid foundation for the request and realistic expectations.

Researchers at Columbia Business School found that it’s best to give a precise number instead of a round number because it makes the person seem informed.  

They found that people who gave a precise number were more likely to get conciliatory counter offers. 

Instead of saying you want $60,000 or $65,000 ask for $63,500. It’s also helpful to know the average raise is between one and five percent. You don’t want to suggest a number that is completely unrealistic.


2. Show Them What You're Worth

Keep a journal, list, or spreadsheet of your daily task and accomplishment. Use this documentation as evidence to support your assertion that you're valuable to the company and worthy a salary increase.

Start the conversation on a positive note, and explain how much you like working for your manager and the company. Then explain what you want to do in the future, and how you plan to contribute to grow the business.


3.  Focus On Why You Deserve It 

Based on your industry research, your responsibilities and your accomplishments, determine the salary you feel you deserve in advance of meeting with your bos. Be ready to back up your request with spesifics about your performance, KPI and accomplishment.

The best approach to asking for a raise is to focus on deserving one versus needing one. Too often, people argue that a raise is important because of very real costs in their lives, however, an employer is looking to give raises to people based on performance.

Everyone would like to make more money, but don’t bring up personal reasons like your rent increasing, needing to plan an expensive birthday party for your dog or your vacation to Hawaii. Stick to discussing your performance and impact.


4. Demonstrate Your Accomplishments And Added Value

Share examples of projects you have completed and how they’ve positively impacted the business. Was there an increase in revenue? Did you save a customer? 

If you’ve received positive feedback from colleagues or other leaders regarding your work, be prepared to share that with your manager as well. 
These are not only good indicators of your contributions, but also of your future potential.

Numbers are very convincing: Include statistics and measurable data wherever possible. Instead of saying you doubled monthly sales, say that you grew monthly sales by 50 percent, a difference of $500,000.


5. Share Your Goals And Ask For Feedback.

Have an honest and open conversation with your manager. “If you've been in your current role for at least six months, then in a non-pushy or self-serving way, have a conversation with your supervisor to let them know that, while your first priority is to excel in your current role, your long-term goal is to advance and that you want to make sure you're doing everything that you can to set yourself up for success.

Ask for their recommendations on how you can improve in your current role and what you can do to position yourself well for the next role.


Photo: PINTEREST

So what should you do? Before you ask for a raise:

1. Become, without question, the absolute best performer in your position. Don't just be good. Be great. Be so great that everyone knows how outstanding you are. Make it go without saying.

2. Be the person who comes in early... and gets right to work. Don't sit and organize your thoughts. Don't get a jump on your email. Don't "ease into" your day. Instead of taking care of your stuff, do something visibly worthwhile for the company. Take care of unresolved problems from the day before. 

Set things up so it's easier for other employees to hit the ground running when they arrive. Chip away at an ongoing project others have ignored.

Don't just be the one who turns on the lights -- be the one who gets in early and gets things done. Not only will you stand out, the example you set may soon spread.

3. Create your own side project. Excelling at an assigned project is expected. Excelling at a side project makes you stand out. The key is to take a risk with a project and make sure your company or customers don't share that risk.

4. Don't just raise issues. Solve problems. Plenty of people take verbal stands. Fewer take a stand and put effort behind their opinions. Instead of simply showing everyone how smart you are by pointing out a flaw, fix it.

5. Be the last person who knows about the latest gossip. Not only do employees who create a culture of gossip waste time better spent on productive conversations, but they also cause other people to respect their co-workers a little less... and great leaders never do anything that diminishes the dignity or respect of any employee.

6. Be the person who drives important results. No matter what the business, one or two things truly drive results. Maybe it's quality. Maybe it's service. Maybe it's being the low-cost provider. Maybe it's making a personal connection each individual customer.

7. Do the next job. Most people wait to get a raise before they'll consider working harder. The smart approach is to work harder and earn the raise.


What to Expect After You Have Asked for a Raise. Be Prepared For: NO

Even though you really want to know right away, don't expect an immediate answer. Your manager, unless you're at a very small company, may not have the authority to give you a pay raise even if he or she wants to. It will probably need to be discussed with Human Resources and/or other company managers.

Don't feel badly if your request is turned down. There simply may not be money in the budget for pay increases, regardless of how well deserved your raise may be.

Remember timing is key, know when to ask for a raise. GOOD LUCK!, TRY THE BEST!.


REFERENCES:
1. The Forbes
2. BOOK: 13 Things They Won'nt Tell You
3. www.inc.com
4. www.thebalance.com
5. www.salary.com

Disclaimer: 


The content on ezli007.blogspot.com is for informational purposes only. We are not experts, nor do we claim to be. Many of these articles are opinion based articles and should be taken as such. We will not be held liable for decisions users make based off the content on this BLOG. Please do your research before accepting any information as fact. 



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