Want a raise? Be prepared to do a little research and some discreet sleuthing before you ask.
"Information is power, so get it," says Martin Latz, author of "Gain the Edge!" (St. Martin's, 2004).
Here's what you need to know:
- What are you worth on the open market?
- How much are coworkers in similar jobs getting paid?
- And how is the company doing financially?
That means you have to make a strong case for what you're worth and bargain to get it.
What Am I Worth?
Your company puts a value on you as an employee by what they pay you. So your question is: How much have you saved them in the past year? How much business have you generated?
Ideally, you keep a weekly journal in which you detail how you went above and beyond for your job, says Richard Bolles, author of "What Color is Your Parachute?" (Ten Speed Press, 1998). Once a week, write down "the extraordinary things," he says.
These notes will form the basis of your argument that you are worth more money. "Bosses have a selective memory, particularly when it's time for a salary review, and they tend to focus on the negative," says Thomas.If you're not keeping a work diary, start one for next year. Are you putting in extra hours and doing more work? Are there any work projects where you went over and above? Did you take any classes on your own time to improve your work performance? Did you pitch in as a volunteer for the company charity project? Are you the go-to person for anything? Did you bring in new clients or enable the company to accomplish anything with fewer employees and save money?Try to put a number to the business you've generated or money you've saved.Find out what the industry range is for people in your job. For the answer to this one, you can contact the local branch of your professional organization, call a headhunter, or hit a site such as www.salary.com or a couple of the job boards."There's always a range," says Sunny Bates, author of "How to Earn What Yoou're Worth" (McGraw-Hill, 2003). "If you're a star performer making low-range, then it doesn't matter that they are giving 3 percent. You have to find a way to get more."
Look around the office. How much are they paying people who do the same job? Are they shouldering the same work load? Do they have a similar success rate? And what about the rule that many companies have about discussing salaries? There's a reason they want to keep you in the dark. Keep discussions informal and tap friends in the company, if you have any. If you don't yet have a network, use industry figures.Maneuvering Road BlocksExpect a "no," and be prepared to deal with it."Many companies have lock-step raises," especially for lower-level jobs, says Latz. But as employees begin to rise and distinguish themselves, they can break out of the mold. The trick: Give your boss a reason to separate you from the pack at evaluation time.Find examples why a general rule doesn't apply to your job. Maybe you've taken on duties that aren't in your job description, or you've managed to bring in more business, or save the company more money than your coworkers.It's not easy, says Latz, but you need to know if there is any leeway in the policy, and can you use it to your advantage?Another ugly complication: Your pre-review research reveals that a coworker with similar responsibilities is either making quite a bit more money or receiving a sizable increase, while you're getting the cost-of-living increase song and dance.
Tread carefully, says Latz. Before you go in the door, you want to have thought out what you are willing to say. "It's a highly sensitive conversation," he says. "Wing it, and you could cause yourself lasting damage."And always consider your sources. If you gleaned the salary information from a coworker, could that person have been bragging, trying to make you feel undervalued or hoping you'd use the "facts" to shoot yourself in the foot?Next: Be direct > Bankrate.com is the Web's leading aggregator of information on financial products including mortgages, credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees. Visit Bankrate.com to get the tools and information that can help you make the best financial decisions. writeCareer(); scroll(0,0);
Source: Money & Work
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