5 tips to follow
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Getting a pay raise is an important way for an organization to acknowledge the work and contribution you are making both in your role and to the business as a whole. However, according to information released in a recent Compensation Best Practices survey conducted by PayScale, while 66% of employers site talent retention as an area of increasing concern, most organizations are not implementing higher base pay increases in an attempt to address it.
If you believe you deserve a raise, don’t rely on your manager to recognize your value on their own and put you forward. If you want it, be willing to speak up and ask for it. More than ever it is important to be proactive, and live by the motto: don’t wait, create!
Follow these five tips to get your voice heard, gaining the recognition you deserve, and of course, getting that raise!
1. Know Your Value in the Job Market
In most cases, you will be asked why you want a raise, and be expected to put your case forward. Educate yourself on what your job role and skills are worth in the current market. Do some internet research, talk to people in similar roles as yourself, engage with recruiters. If you know that your current pay is lower on the scale, or there are others with the same or similar role as you within the organization who are getting paid a higher amount, you have some solid ground with which to start the conversation.
2. Recognize Your Unique Value to the Business
Many people are hesitant to ask for a raise because they don’t have a clear perception of the value of their skills or underestimate their contribution to the business. It is not uncommon to undervalue your skills and abilities, especially when they come quite easily to you.
Be willing to recognize, and discuss with your manager, the value that you personally bring to your organization.
- What is different about you than others?
- What do your colleagues and others value and appreciate about you and what you can do?
- What specific instances can you recall when you have gone above and beyond, been innovative or made recognizable effort to contribute to the business, clients, or stakeholders that have facilitated growth, goodwill or some other positive impact on the business?
For some job roles, it’s easier to ‘see’ where you are making contributions to the business, such as surpassing KPIs or saving money on the bottom line. But creating wealth and prosperity in a company occurs in many different ways. Are there ways you are contributing to a healthier work culture? Has your support and personal attitude facilitated others to perform even better?
Another question to ask yourself is, “What is easy for me to do that I think anyone can do it?” It is usually the things we underrate most about ourselves that are our greatest talents, precisely because they come easily to us. Be willing to recognize and highlight those easy abilities you demonstrate as they are often where your most unique strengths lie.
3. Don’t Expect a Certain Result
Asking for a raise with a fixed expectation that things will work out a certain way (positive or negative), can limit what is actually possible. It also causes undue stress. Don’t spend time worrying or anticipating the worst, and don’t go in with the point of view of that you have to get a specific outcome. Always remain open and ask questions. Be present and willing to have more of a conversation. If your request for a raise isn’t met with enthusiasm, or cannot be negotiated at that time for whatever reason, ask, “What else is possible?” Are there alternative ways of increasing income such as bonus payments or other benefits, incentives or arrangements that could work out just as well for you, or even better? If you go in with a mindset that focuses on asking questions and looking at other potential possibilities beyond one particular result, you may surprise yourself at the unanticipated opportunities that may become apparent.
4. Don’t Give Up
Persistence really does pay off. Don’t give up. Don’t be afraid of receiving a “no.” Keep asking questions: What would it take to get what you are asking for, what options do you have? What else is possible you haven’t considered? At the very least, asking for a raise will remind your boss of your value to the business, as well as potentially open conversations about career development, future promotions, or ideas and projects that you could undertake that will secure your raise in the future. It may also increase your awareness of where the opportunities are limited with your current organization and whether it is time to move on elsewhere.
5. Remember, Increasing Your Wealth Isn’t Just About the Money
Most people who leave their jobs do so because of factors other than the money – job satisfaction, work culture, career development opportunities, alignment with personal values and priorities. Are there other possibilities and opportunities in your position that could add a greater sense of wealth and richness to your role and career? Focus on the bigger picture – where else could you be or service in the business, flex your creativity and innovation, or add another project that would increase your skills, enjoyment or add variety to your work and contributing in other ways to the business? At the very least you might enjoy doing something different, meeting or working with new people, learn something new and have more fun. At the most, you may stand out and get exactly what you ask for.
Laleh Alemzadeh-Hancock is a life and communication coach, management and professional services consultant, and facilitator of Wealth Creators Anonymous, a special program by Access Consciousness®.Laleh has inspired and empowered hundreds of thousands of individuals and families including Fortune 500 executives, government agencies, non-profit organizations, athletes and veterans. A lifelong entrepreneur and passionate change-agent, Laleh strives to seek out possibility in every problem and aims to facilitate strategic change and optimal growth for all her clients. She is an advocate for people of ages with special needs or disabilities and their caregivers and served on the Governor of Maryland’s Caregivers Support Coordinating Council for four years. Through her organization, Global Wellness for All, Laleh inspires individuals – including individuals with perceived disabilities – to create wellness in all areas of their life and seek greater success.