Career Planning and Management Inc.

What You Should Know Before Asking For A Raise

By Dan King

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Now that the economy is starting to simmer and hiring is heating up, you're getting fidgety. You’ve worked your butt off for months; dodged repeated rounds of layoffs and put in double-time to keep the corporate wheels turning.

You've stuck it out -- and now it's time for your boss to "put his money where his mouth is.” If you're going to stick around any longer, you want a raise.

Before you corner your boss and demand a salary increase, stop and think. Sure you need more money, doesn't everybody? But if you don't plan your strategy carefully, your "show me the money" attitude may result in your boss offering to "show you the door" instead.

Plant your feet firmly and let your cooler head prevail. Aside from the money, are you happy doing what you're doing? If not, no amount of money is going to make a bad job good. A raise may temporarily ease your discontent, but the dissatisfaction will soon return.

Your chances of receiving a significant bump in salary are generally more favorable if you change jobs. Job changers can often increase their earnings upwards of 15 percent, whereas if you stay where you are, a three- to five-percent increase is the norm.

Still, if you've fought to keep your job the past few years amidst constant reorganizing and reengineering, you're probably not eager to throw yourself into the job hunt without a fight. So, before you decide to bail, try putting your energy into improving your lot where you are.

Here are a few guidelines to help you get the raise you deserve:

1. Make Sure You're Worthy. You're not going to get a raise simply by requesting it. The fact that you need more money is not a justifiable reason to give you one -- nor is your loyalty during the lean times cause for reward. Unless you can showcase your value (how your presence has improved the company's overall performance) you're not likely to rally your boss to your cause.

2. Take Stock of Yourself. It's your career. Don’t assume someone else is remembering and recording your accomplishments. Assess your skills and strengths, chronicle your achievements and quantify them as if you were writing your resume, which you should do annually anyway. Show why your contributions warrant a salary greater than what you're being paid now.

3. Verify Your Monetary Value. Conduct a market survey for positions in your industry. Figure out how much you want and what is feasible in your field with your qualifications and experience. Contact professional associations to access recent salary surveys, talk with colleagues in the industry at other companies, and search online using sites like salary.com and salaryexpert.com.

Your human resources representative may be able to share the salary range for someone at your level, and let you know whether you fall in the low, mid-level or high end of the range. If you're capped at the top of the range, you may be able to negotiate other forms of compensation -- like extra vacation time, a one-time bonus, stock options or flexible hours -- to reward your strong performance. Barring that, you could lobby for a job reclassification with a commensurate salary adjustment.

4. Plot Your Strategy. Once you're sure there is room for negotiation, figure out exactly what you want and draft a proposal. In it, link your accomplishments to the success of the company and your department. Demonstrate how you have exceeded expectations. Don’t be modest. If you can't express your worth, you can't expect others to value it.

Anticipate any objections your boss may have and formulate a counter-strategy. For example, if you think your boss will say there is not enough money allotted for raises in the budget right now, prepare an example of how you've increased revenues or saved money, thus adding to the available cash reserves. Then, ask when the budget will be able to accommodate a larger paycheck for you.

5. Make Your Pitch. The ideal time to ask for a raise is right after you've completed a successful project or initiative. Another option is when you've been given additional responsibility. While it may seem obvious that more responsibility should bring more income, don't assume that your boss is seeing the inequity through your eyes.

Write a memo to your boss saying you want to meet to discuss your performance. This way, you won't risk catching your boss by surprise or putting him/her on the defensive. If you wish, give him/her a copy of your proposal to read ahead of time.

When you meet, begin by explaining your motivation -- not your need of a raise, but your value to the company. Check off your list of accomplishments and show how they have benefited the company and your department. Stay professional and stick to the facts. You want a raise because you deserve it.

If your negotiations don't succeed, don't resort to idle threats about leaving unless you really mean it. Otherwise, the damage to your professional relationship with your boss will linger long after the discussion is over.

Instead, request a time to reopen the discussions later. In the meantime, the experience and practice you will have gained -- assessing your value, noting your accomplishments, making your pitch -- will better position you to explore more rewarding opportunities elsewhere. Take the time to do it right -- because you're worth it!

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