With the economy tanking and virtually every business slipping into recession, now is not exactly the best time to be shopping around the job market. So, how to beat the money crunch? One way is to make more where you work right now.
Try these** 7 effective tips to get yourself a pay raise**!
You need information to support your raise request. One big thing to know before you go in to talk to your boss is: how much are other people getting paid to do your job? Talk to local employment agencies and look at job postings on online to determine what other people are making in your position.
Your company doesn't just pay you a standard salary based on your job description (or, if they do, your chances of getting a raise are slim). Your company also pays you for how valuable you are to them. Do you take on extra responsibilities? Handle big projects? Saved the business money or time? Have a list of these intangibles when asking for a raise.
A typical rule of thumb is that a ten percent raise is a good goal for a quality employee. If you're asking for a thirty or forty percent increase in salary, you might risk looking like you don't know what you're talking about. Set your first negotiating point about five percentage points higher than what you're looking to get. For instance, if you're after a ten percent raise, make fifteen percent your first suggestion and negotiate down from there.
Don't just casually suggest to your boss that you need a raise- make a professional presentation on why you deserve it. Schedule a time to meet with your boss, and bring all your necessary proof with you to show why you should get extra pay. Some great things to bring are work samples, accolades from peers or customers, and also the salary information you gathered for tip #1.
While it is important to point out to your boss all the great things you've done, it is equally important to show her how keeping you happy can be a great investment for the company. Do you have a big idea that you'd like to implement? Are you interested in contributing more to your department? Are you qualified to assume more leadership positions? Showing you can do more will inspire them to pay you more.
Don't discuss how you need the money or bring in personal issues like family expenses, childcare issues, a broken-down car, etc. Not only does your boss not care about these things, he isn't willing to pay you more because you've got a sad story. Plus, if you look as though you can't manage the business of your personal life, it calls into question how well you're managing your business at work. Present a very professional front when asking for a raise.
Of course, we'd all like a raise to increase our own spending and saving power. However, times are tough for employers too, and more money may not be something your company is willing to give. However, there are other ways you can benefit from your hard work. How about more time off? Working from home? Increased job training- paid for by the company?
These are some ideas that can be a reward for you and boost your company as well.
Even in tough times, it is possible for great employees to make more and get ahead. Have you gotten a raise recently? Do you have other great tips that could help us get one! Share them below!
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