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With the Great Resignation and a nation-wide worker shortage, employers are scrambling to both hire new staff and retain the people they already have. It’s an employee’s world right now, so why not use this opportunity to ask for a raise?

If you’ve been with your company for more than a couple years, you are a valuable asset that cannot easily be replaced. You know your company’s systems, goals, visions, and approaches. You’re familiar with your co-workers, as well as the resources you can use to get your job done. On average, it takes $4,000 to hire a new employee, and that doesn’t include all the expenses associated with training and/or mentoring. Your company would rather retain their current employers, especially if they’re performing well.

Of course, it doesn’t make sense to ask for a raise if you just earned one OR if you’re underperforming OR if you’ve only been working at your company for a matter of months. However, it does make sense to ask for a raise if:

  • You are a high performer or active contributor
  • You are taking on more work than ever
  • You feel you are worth more than what you’re paid
  • Fellow employees in similar roles are paid more than you
  • People in your field are receiving better pay at other companies

These are all reasons to ask for a raise.

If you feel like you’ve earned it, you probably have. So, why not ask for it? According to Ramit Sethi, author and founder of I Will Teach You To Be Rich.com, “Just one $5,000 raise, properly invested, can be worth $1 million over your career.”

Sounds great, right? But you can’t just waltz into your boss’ office and demand an extra $5K a year. You have to develop a thoughtful, thorough plan. Here’s how:

List the reasons you deserve a raise.

Take time to evaluate the work you’ve done over the last year or two. What projects stand out? What are some specific instances where you’ve truly shined? When have you added to the profitability of your organization? Collect as many specific facts as you can (Of course, it helps if your boss already knows about your accomplishments, but that’s a subject for a different blog post). Practice talking about your accomplishments in the mirror or with a close friend or spouse. Why? You want to sound as natural as possible when you have this conversation and not like you’re rattling off a list.

Arm Yourself with Confidence.

Don’t be shy about asking for a raise. Believe you’ve earned it and demonstrate, with confidence, the reasons why you should get it. However, don’t overdo it and let confidence turn into cockiness. Just be authentic, sincere, and assertive in your request.

Have a specific dollar amount in mind.

Do your research. Know what other people in the company are making and know what other people in your industry are making. Don’t be outlandish in your request, but don’t sell yourself short either.

Talk about the future.

It’s a good idea to demonstrate you are ready to continue to do great work for the company. As Carolyn O’Hara writes in an article for the Harvard Business Review, “Lay out your contributions, then quickly pivot to what you hope to tackle next. Assure your boss that you understand his or her pressures and goals, and pitch your raise as a way to help achieve those goals.”

And if your boss turns you down? That’s a possible outcome and you have to be prepared to accept it. But don’t get discouraged. The fact that you asked for a raise shows initiative, career-mindedness, and tenacity. It also demonstrates to your boss that you know what you’re worth and he or she will have to give you a raise at some point down the road or risk losing you. So, be fearless! You don’t get what you don’t ask for.

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Two women meeting over notebooks

If you’re like many people, you dread your annual performance review. It’s not the prospect of getting in trouble, it’s that performance reviews can be just…tedious. They often feel like a distraction–something you have to get out of the way before you can move on with business as usual.

It’s unfortunate that performance reviews have received such a bad reputation because they can be enormously valuable!

Instead of shying away from this year’s performance review, kick yourself into high gear and focus on taking advantage of everything a performance review can and should be. Think of your review as an opportunity to do one or more of the following:

1. Ask for a Raise

According to Grant Sabatier, author of Financial Freedom, one of the best times to ask for a raise is during a performance review. Sabatier says, “Your annual performance review is a natural time to ask because your boss is already thinking about your value to your company. If you come with your market-value research, you are significantly more likely to get a higher raise.”

Just be sure to put together a solid case for asking for a raise (find a few hints in my past blog post), and practice your speech in front of the mirror or to a willing partner. The goal is to sound as confident as possible when making your ask.

2. Identify Weak Points

Performance reviews are a great time to ask critical questions about yourself, your work performance, and what you can do to improve. Think of it as a time to gather as much information as possible to have a successful year ahead.

If you don’t understand or agree with a piece of feedback, don’t argue or get defensive! Simply ask clarifying questions and attempt to understand where the feedback is coming from. If the advice seems sound, develop a plan for putting it into practice.

3. Create Change

It’s easy to complain about everything you don’t like about your workplace behind your boss’ back. Not only is that counterproductive, it can bring down the attitude of the entire office. Instead, keep a list of things you’d like to see changed, tweaked, or eliminated. Be sure to brainstorm potential solutions as well.

When it comes time for your review, present your list to your superior in a respectful, solutions-oriented way. Get excited about the potential changes, and show you’re willing to put in some time to make them happen. Instead of seeming like a complainer, you’ll be viewed as someone who is motivated and bold enough to take initiative to make positive change.

Performance reviews don’t have to be a slog. Think of them as opportunities to carve out a better year for yourself and the workplace. Get excited for your next review and start planning the conversation you’d like to have with your boss. Here’s to a self-made year!

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ask for and get a raise

We’re closing in on the holiday season. You’re busy; your boss is busy. Everyone around you is trying to dot their i’s and cross their t’s before the end of the month festivities strike. It may also be the time of year when people receive their annual bonuses.

With so much going on and the company doling out bonuses, how could NOW possibly be a good time to ask for a raise?

To be frank, now is as good a time as any. The time of year has less bearing on your chances of getting a raise than a host of other factors:

1. Have you been consistently meeting and exceeding standards for a year or more?

2. Do others in your industry with a similar job title make more than you do?

3. Have you gone above and beyond on certain projects or initiatives?

4. Are you consistently reliable, deliver good work, and show leadership potential?

5. Could you make a solid case for your raise?

If you answered yes to several of those questions, it’s time to ask for a raise despite the busy time of year. In fact, asking in December is great because it’s a logical bookend to the year. You can cover all the many accomplishments you’ve made over the past 12 months.

Another reason it’s not a bad idea to ask for a raise now? The joy factor.

Despite the busyness of the season, there’s a backbone of joy behind the whole thing. It’s a time for good food, family, joyful little decorations, and get-togethers. Even in the most subdued of office atmospheres, a little holiday joy is bound to leak in. Take advantage!

Yet another reason to ask for a raise at the end of the year is that it helps the company budget for the year ahead. Depending on how your company’s financial calendar works, expenses may be estimated at the beginning of the year. If that’s the case, your raise can easily factor into the list of added expenses.

Just keep in mind: some people (your boss included) travel over the holiday season. If that’s the case, make sure you schedule your one-on-one meeting well before your boss is scheduled to leave. That way, she won’t be thinking too much about her upcoming holiday instead of the meeting at hand.

When going into your meeting, prepare accordingly. Keep in mind the following tips:

  • Make sure you set aside intentional one-on-one time with your boss, or whoever has the power to grant you a raise.
  • Prepare a thorough case: Make a list of your accomplishments (be as concrete as possible), and reasons you think you deserve a raise. Go over what you’ve done over the past 12 months.
  • Ask for a specific amount. Aim high, but be realistic. Remember: You may be asked to justify the figure you give. Be prepared to do that by either listing your achievements or showing comparable pay rates in your industry and position.
  • If you are immediately granted or denied the raise, have a response prepared.  A hearty thank you (and a request for more details regarding when to expect the raise) may be in order if your request is accepted. If it is not, have a few questions prepared to figure out why the raise was denied. Don’t get defensive. Simply prepare a statement like, “I respect your decision. Could you help me understand why my request wasn’t granted and what I could do differently next time?” You may also want to ask when you might be able to ask for a raise down the road.

If you’ve had a solid, productive year, why not ask for a raise? There’s no time like the present and, in fact, there are a few reasons why the holidays are actually a good time of year to request a pay raise. What’s holding you back? If you have a few reservations, or would like to hone your approach, please contact me and we’ll strategize. It’s time to be paid what you’re worth!

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