You've been burning midnight oil at work to finish that project, and the results were impressive. You go to the client's account, and that is a few million in revenue that you will contribute to the company this year. Nice job.
As a result of reaching an agreement and having a complete portfolio of prospects to close, he believes he is adding value to his organization. It's time to find out if your boss agrees. For bringing millions of offers, he believes he is entitled to an increase.
The idea of approaching your boss and raising the issue of giving you more money can be uncomfortable for many employees. How do you open that conversation? How do you present your case for an increase to give you the best chance of your boss accepting the salary increase? What do you do if your boss says no?
All of these questions can make you feel stunned and confused about asking for a raise. However, if you think you deserve more monetary compensation for your efforts, then you should try. This short guide to obtain an increase will help you navigate the process and give you the best chance of obtaining a favorable result.
Research the performance of your company
Before going to your boss's office and demanding an increase, you must develop a strategy. Do you know how your company is doing financially? In this economy, many companies struggle to keep the doors open, and more and more companies are requesting Chapter 11 as economic conditions tighten.
If your company has financial difficulties, don't even bother asking your boss for a raise. You better find another job and use your history to ensure a better starting salary. If your boss is worried about how you will cover the payroll and continue making debt payments, then you are unlikely to accept your request for increase.
However, if your company is doing well, then it is a green light to approach your boss for a raise. If you would like more information on the financial status of your company, read the end-of-year financial statements if available.
If there are no statements, then invite the accountant to lunch or take a Starbucks to your office. While there, ask them how the business is going. There is no harm, I tell you that you are looking to ask about an increase with the boss. However, in most cases, it is better to keep that information close to your chest if you can.
After evaluating the financial health of your company, you can move forward with the next part of the strategy to get an increase.
Read: 14 jobs that pay a lot ($ 100k +) without a college degree
Set realistic expectations
The next part of the plan is to settle a fixed amount you want for your increase. Going to the office of your bosses or managers and demanding an increase can be a start, but what do you do? What happens when your boss smiles and says, of course, Sophia, but how much do you want?
Having a figure in mind before heading to your boss's office is a prudent measure in your name. You can request a percentage increase or an increase in the dollar amount, depending on your environment. Research shows that most companies like to go with percentage increases, while small businesses generally prefer to work with dollar amounts.
To calculate how much to ask for in your increase request, it is vital that you understand your value for the company.
Understand your worth
When you calculate the percentage or dollar amount that you must request in your increase request, you must understand its value to your employer. Using our previous example of closing a $ 1 million deal for your company is a great way to discover its worth.
At first, closing any one million dollar deal may seem impressive. However, if your corporation generates billions in revenue each month, it could be a problem. If you suddenly close deals ten or 20 times that amount, suddenly, your results don't seem so impressive.
However, if that one-million dollar agreement exceeds the average performance in your office, then you have reason for an increase. Your request for increase must be rational and reasonable, and you should avoid exceeding your limits.
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Wait for your performance evaluation
Before entering the office of your manager or boss and requesting an increase, have a little tact in your approach. There are times and places where this type of request is appropriate and times when it is likely to be a nuisance to your boss.
The last thing you want is to spend days building your expectations and preparing to dazzle your boss with an award-winning speech. What happens if when you enter your office, you find it in a bad mood when you start making your presentation? What a mess! Planning the right time to approach your boss or manager is essential to achieve your goal of getting a raise.
We recommend that you wait for your performance evaluation before asking the question. Your boss or manager neglects a performance evaluation as a time when they relate to you about your value to the company: it is the ideal time to request an increase.
During your performance review, your boss or manager is there specifically to discuss your performance and you have nothing else on your agenda. The stage is set, and now is the time to implement your case for an increase to your superior.
Read: What are the jobs that pay more and pay $ 100k +?
Present your case: use your achievements
During your performance evaluation, your superior will probably ask you about your performance, what you think of your situation with the company and what you plan to achieve in the future. If you have recently exceeded your employer's expectations and are looking for good growth in your value for the company, use this as your opportunity to request an increase.
Present your case to your employer starting with your compliments and achievements. Most likely, your manager or boss is aware of your recent performance. Therefore, it is crucial that you do not use this as an opportunity to show off or gloat. Stay humble and mention that this is only the beginning, and that you intend to improve in the future.
He must give the impression that he is hungry and is creating momentum in his position within the company. After showing your boss your conviction and attitude toward achievement, it's time to pull the trigger.
Try asking for a raise using this presentation.
- “(Name of managers), I think you have a clear idea of my value as an employee of this company, are you happy with my performance?”, Then wait for an answer.
- After your boss or manager confirms your question, do it with this;
- “I think I can do more for the company with more financial motivation. I want to request an increase in my salary for (enter the figure here). "
- “I understand that I need to show performance to comply with this request. However, as you can see, I have a complete portfolio and I'm hungry to make the company earn more money. "
- Then activate it again in your boss with your closing request.
- "What would I have to achieve to earn this salary increase?"
If you are already in your performance evaluation, your employer may offer you an increase. However, there is a possibility that the amount they offer is less than your expectations. If this is the case, nothing prevents you from asking for more.
If you feel you are not getting what you deserve, try using this script;
- "(Name of managers) I am extremely grateful for your decision to give me this increase in merit, thank you for always being aware of my interests. But, (name of manager) I sincerely expected (mention the preferred amount here) because I exceeded my goals this year Is there any way to adjust this increase to reflect my performance?
- After that, mention your desired salary compared to other offers related to the market.
Stay positive and control your emotions
It is vital that you maintain control during your performance evaluation and when you start presenting your case for an increase. Some people may find that they fall apart when they want to request the increase, and they cannot force themselves to ask their employer the question.
Other people can receive the first offer of increase, bite their lip and then decide on it as the only option. Both scenarios lead to resentment that develops in his mind both for his actions and for the inability of his boss to determine his worth for the company. As a result, you can expect your performance in the company to decrease.
Your boss values the direct people who get to the point and have honest intentions. These core values also belong to the best entrepreneurs on the planet. If you present your case with conviction and curb your emotions, your boss will take your request seriously.
Embrace other offers
Sometimes employers do not have the cash available to provide you with an increase in your salary. However, they can still recognize your value to the organization and think that you are worthy of financial rewards for your contributions and future performance.
In this case, your employer may offer alternative offers instead of cash. It is common for companies to provide employees with stock options instead of bonuses. Your boss can also present you with an offer for other bonuses, such as executive benefits, flexible working time, more vacation time or incentive programs.
Microsoft is a great example of giving employees stock options instead of Christmas bonuses. In the early years of the company, employees obtained shares. Years later, reports show that Microsoft employs more millionaire secretaries than any other company in the world.
Do not rule out stock options because it is not effective. There are many other ways in which your company could encourage you with a good business.
Read: Better secondary activities: main ideas to earn cash
Never set an ultimatum
After requesting your increase, there is nothing you can do other than wait for your employer's response to the situation. If they come back asking you to wait while they make a decision, don't do something silly like setting an ultimatum.
This type of behavior is childish, and if you think you are irreplaceable, think again. The only thing an ultimatum will do is annoy your boss. You are more likely to be fired on the spot than at any given time.
Your manager may not be able to approve your request on the spot. They may have to confirm it with the boss or talk to the board before they can provide any confirmation. Accept the situation and move on, there is nothing you can do until your employer pouches on the court.
Don't compare yourself with your colleagues
When requesting your increase during your performance interview, keep it on your performance, not others. Comparing yourself with the rest of the company's staff shows that your boss is weak. Great leaders and managers never use the crowd as a benchmark for their performance.
If you want your boss to take it seriously, you should concentrate on what you can contribute. Do not compare your performance with that of others to look better. Your boss will see through this strategy, and will affect your final decision to give you the increase you deserve.
To conclude: take a "No" as the start of the negotiation
Even after doing everything possible to convince your manager or boss that he deserves a raise, there is still the possibility that he says no. In some cases, your manager or boss may be doing this to evaluate it. If you receive a no, then go one step further and ask them why they denied their increase.
Work with your boss and manager to reach an agreement with something that you both can agree on and that works for you and the company. If you still don't get any satisfaction, it might be time to take out the CV and dust it off.
Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.
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