7 Tips to Negotiating the Raise You Deserve
If you're upset about your pay or the promotion you've been wanting for a while that never came, it's time to ask for it! Make sure your manager knows that you're gunning for a raise this year and bring it up at your annual performance review, which should be coming up for many of you. Jim Hopkinson, author of Salary Tutor: Learn the Salary Negotiation Secrets No One Ever Taught You, shared a couple of tips for savvy professionals to use when negotiating for a pay bump. Here they are:
- List your achievements. "From your first day of employment, you should maintain a simple document that lists your accomplishments. Keeping this updated will give you ammunition to use during a performance review – or bullet points for your resume if you decide to move on."
- Be seen. "Get noticed by volunteering for new and high profile projects and becoming more involved in the company as a whole."
- Find the money position. "When negotiating salary in a bad economy put yourself in a position to work on revenue-generating projects with incentives for bonuses."
- Emphasize your work performance. "When asking for a raise, don't complain about your bills being high or what someone else in the company makes. This is about your on-the-job performance. You earn a raise by making the company money, saving the company money, or doing a task that no one else can do."
- Consider the schedule. "You must know the process by which your company gives reviews. Is it once at the end of the fiscal year for everyone? On a rolling basis based on individual hire date? Knowing when operating budgets are created and approved is important so you can make your pitch for more money before funds are allocated."
- Figure out your style. "Also, adapt to your boss' style. If they're the buttoned-up, no-nonsense, bottom-line type, you better make sure to back up any proposal with facts and figures to support your argument. If their style is laid-back and big-picture, present your case in terms of how you fit in with the company as a whole, how you interact with fellow employees on the team, and what your vision is moving forward."
- Make yourself heard. "Make sure to increase communication in the weeks and months leading up to your review. Did you sign a new client? Hit your deadline? Bring a project in under budget? Go head and CC: your boss — and in some cases, their boss — so that they're aware of your recent accomplishments."