Pay Raise | Supplement Your Income
A proven way to supplement your income is to make more money with the job you already have but sometimes that can be much trickier than it sounds. Many companies offer pay raises up to 3% trying to keep pace with inflation however that may not be enough. So how can you score a raise or get a pay hike?
How to Ask and Get a Raise at Work
1. Ask yourself, “Do I really deserve a raise?” The quick answers is, “Yes, I do.” However, approaching your manager that you deserve a raise simply because you’ve asked isn’t the best approach to take. I know you deserve a raise. Can you prove it to your manager?
2. Read your job description. Most employees probably haven’t looked at their job description since being hired. Know the scope of your job. Reviewing your job description gives you more leverage in explaining why you’ve gone above and beyond. You might discover you’ve outgrown your current job and may qualify for a higher paying position.
3. Get reliable market data. Compare yourself with real market data that matches your job description. Make sure you adjust your market data to reflect the size of your company, location, the number of employees and annual revenues. Check out www.Glassdoor.com for salary comparisons. Use as a guide and take into account your company’s unique cultural and financial position.
4. List all your major accomplishments. Many fail to acknowledge their own successes. If you don’t know them, most likely your manager won’t either. Write down your work highlights within the last year that’s impacted your department’s performance and company’s bottom-line.
Ask yourself, “What additional tasks were assigned to you?” Did you increase revenues, save the company money, innovate a process or became an integral part of a major project?
5. Choose the right time. Asking your manager for a raise before important company deadlines such as monthly, quarterly reports, annual meetings or even personal vacation is not the best time. You manager’s thoughts are pre-occupied with timed-sensitive deliverables. Asking for a raise at the wrong time may not get it the proper attention.
Additionally, asking for a raise when you have performance issues is ill-advised. It’s harder to create a business case to increase your pay if you are having difficulty coming into work on time, completing projects or meeting deadlines.
6. Leave out other employees’ salary or performance. Keep the focus on your performance. Do not bring another coworkers situation into your raise request. Stick with your job description and performance. Don’t worry about what your coworkers are doing unless it’s impacting your ability to meet deadlines and causing quality issues.
7. Don’t talk about your financial troubles. Talking about your financial troubles could substantiates a manager’s thought your performance has been lacking. There is nothing wrong with sharing your financial goals but telling your manager that you need a raise to pay off debt isn’t a good enough reason to give you a raise. Managers need to justify their employees’ salaries so it’s about the value you bring to the company.
8. Know the financials of your company. Before asking for a raise understand your company’s financial standing. Is it profitable or in the red? It isn’t a great time to ask for raise if your company is going through a reorganization or a difficult financial situation. Has your department reached its monthly, quarterly or annual goals recently? Are you exceeding personal goals?
Even, if you deserve a raise, a company may not have the ability to provide one. Asking your manager when the company is doing well increases the likelihood for a raise.
5 Steps to Make Yourself Valuable to Your Profession
Step 1 – Change your mindset.
The perception of our work environment plays a key role in how we feel and perform at work. When you are unhappy nothing an employer might do will change how you feel. You might feel stifled, unchallenged or simply neglected. These feelings will often begin to impact your productivity and performance. It’s important for you to focus on the positive aspects of your job.
If there aren’t many, then it might be time to switch employers. Keep in mind though that it’s important to continue to give 100% at your job while you hunt for a new one. Underperforming isn’t sticking it to your employer. It might actually lead to disciplinary actions and even termination.
Step 2 – Update your resume.
Don’t wait until you are looking for a job to update your resume. It’s hard to remember all the accomplishments and skills you’ve attained through the years. The key is to update your resume yearly or as accomplishments happen. An easy Word document process is to turn Track Changes on. This highlights the updates you’ve inputted in your resume. When you’re ready to hunt for a new job it’s much easier to update a resume with current experiences.
Step 3 – Update your LinkedIn profile.
Recruiters hunt for top talent online and LinkedIn is a go-to-place. In fact, I’m often contact by recruiters at least once a month about job opportunities. Update your LinkedIn profile once a year. Make sure your profile reflects your current skills, experience and accomplishments.
Write a compelling introduction that’s a shows your passion, personality and career desires. Use relevant keywords. Just make sure you aren’t boldly asking for job opportunities while you’re connected to your boss’ profile.
Step 4 – Know the job market.
Even if you love your job, it’s good to know what new skills are important to remain at the top of your profession. This is accomplished by reading trade publications or following professional blogs. You might want to look at job opportunities and see what skills or experiences employers are seeking.
Do your research on websites like Salary.com or Glassdoor. Knowing the going pay rate for similar jobs and the important new skills needed in your position may help you negotiate a better pay increase with your current employer.
Step 5 – Increase your skills.
After a few years at a job, I’m sure you know exactly what to do and do it well. The reality is that doing a job well may not be enough to qualify for a promotion or land that higher paying position. Position requirements for similar jobs at other companies may require newer skills. Speak with your managers about latest trends in your profession and create a development plan addressing those areas.
Take advantage of workplace education. Many employers offer workshops from learning a new language to project management to Six Sigma certifications.
Take a class at a college and education courses online that may also be covered by your employer’s tuition reimbursement program.
+ Coursera – Coursera is an education company that partners with the top universities and organizations in the world to offer courses online for anyone to take, for free.
+ edX – Through edX take great online courses from the world’s best universities for free.
+ Khan Academy – An organization with a mission and goal of changing education for the better by providing a free world-class education for anyone anywhere.
+ Codecademy – Learn to code online and interactively for free.
+ Skillshare – An online learning community to master real-world skills through project-based classes. Fee applies to access premium content.
+ uDemy – An online learning marketplace with various topics to increase your knowledge. A fee applies.
+ Lifehacker – Lifehacker University helps you plan free online education.