Yesterday, I wrote about what you should do with a pay raise. But, what if you are not one of the lucky Americans who will enjoy the average 2% pay raise this year?
How do you ask for a pay raise? There are a couple of techniques that you can use to learn how to ask for a pay raise.
Here are three tools are steps that you should take to increase your odds of being successful to learn how to ask for a pay raise.
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Boost Your Value To The Company
How valuable are you to your company? If you were to leave today, would they have trouble replacing you? If you want to be able to ask for a pay raise, you have to make yourself invaluable to your company.
You have to make your personal stock (if you were a company in and of itself) so valuable that you company could not risk losing you. That is one way how a company fights a hostile takeover.
If you can make your stock so valuable, no one would want to sell it. The same thing applies with finding out how to ask for a raise. If you are valuable, you will have so much more leverage, and the company will not want to lose you and your services.
Arm Yourself With Information
You need to know what other companies are paying employees that hold your job. Researching the current market rates for pay in your career field has never been more important, and luckily it has also never been easier to find out this information thanks to the internet.
There are many great free websites out there that can give you a range of what jobs in your career field are earning and also tell you how much their annual pay raise typically has been. There are also several websites that allow you use a salary calculator on their website much like you would use a mortgage calculator or loan calculator to find out how much house or car you could afford to purchase.
You should check out sites like the Bureau of Labor Statistics, CareerBuilder.com, Moster.com, and Salary.com to get an idea of how much others with your same job are earning. Knowing this information can make you a much better negotiator when it comes to finding out how to ask for a pay raise.
Have The Hard Conversation
Now that you are armed with as much information as possible and worked tons of overtime and taken on new projects to make yourself incredibly valuable to your company, it is now time to go to your boss to have “the talk”. You should schedule a time on your boss’ calendar or the calendar of the decision maker in your case.
Do not have these types of conversations over the phone or through email if you can help it. Make sure that you present yourself and your evidence in the best light possible. Dress for success, be on time to the meeting, and rehearse so you don’t have to constantly look up your quantified accomplishments.
If you approach asking for a pay raise as a business decision and try not to get emotional about it, you will have much better success in finding the perfect way how to ask for a pay raise.
What techniques have been successful for you in the past when asking for more money at work? Please share them in the comment section below.