There’s nothing worse than being good at what you do and not being properly rewarded for it. Ideally your efforts will be recognized and rewarded by your employer, but that’s not always the case. The worst thing to do in this situation is to sit quiet and stew, feeling like you are being taken advantage of. While approaching your boss for a raise can be awkward and nerve-racking, only those who ask receive. Use the following tips to increase the chances that your quest will be a success.
Build Your Case
It’s easy to convince yourself that you deserve more money, but what matters is how your boss views your work. Do they see your contributions as having made a significant difference? How would they define the ways in which have you’ve added value to your company? From there, build your case by providing measurable achievements and by using positive testimonials from customers, colleagues and superiors. Additionally, detail the work you will undertake in the future that will be beneficial to your company. Before you approach your boss, be sure to talk with fellow coworkers to find out the rationale and plan they used to successfully get a raise.
Rehearse and Research
The best way to present a smooth, convincing case for a raise is to role play. Find someone to play your boss and rehearse as many conceivable conversations as you can think of. Use the exercise to sharpen your skills in answering questions your boss might ask. Work on your presentation until you are able to clearly and specifically justify your reasons for deserving a raise. Part of getting what you want is knowing what’s reasonable to ask. Do research to find out how others in your position are being compensated within your industry, in your geographic area. The best way to assess your worth and learn about salary trends is to talk to a top notch recruitment company, or refer to websites like PayScale and GlassDoor. For the most up-to-date salary information in the Payments and Fintech industries, check out IMPACT Payments Recruiting’s free salary guide!
Tap into your boss or manager’s mood. If they are under pressure or dealing with budget constraints, obviously wait for a better time. Experts say the best time to ask for a raise is right before you take on a new set of responsibilities or following the success of a project. A performance review is a natural time to ask for a raise, but don’t wait for the occasion if an opportune time presents itself. By waiting, things can change. In the event that your request for a raise is denied, set specific goals with your boss and set a date to revisit the subject. In lieu of a raise, be prepared to ask your superior for other benefits, such as more vacation time or more flexible work hours.
Beyond job performance, getting a raise requires conviction, confidence, and courage. If you feel you deserve better compensation for your work, ask for it. Sooner or later your persistence will pay off.
Set yourself up for success in your job search by using IMPACT Payment Recruiting to find opportunities that align with your career goals. From career advancement to increased compensation, IMPACT can help you achieve your employment objectives by matching you with opportunities from our global network of clients. Start your job search today with IMPACT!