SERIES: Negotiate A Pay Raise – Part 1
I write a lot about how to eliminate expenses and reduce the OUTGO from one's home economy, but there is another side to the equation and that is INCOME. INCOME – OUTGO = EXACTLY ZERO works a lot better when the INCOME is increased!
This series is focused on one key way that INCOME can be increased and that is to Negotiate A Pay Raise. In each part, I will be sharing how I have successfully negotiated pay raises in the past. Here's to this series helping you do the same!
For Part 1, I want you to ask yourself this question.
"Am I effective at what I do?"
My hero, Dave Ramsey, has often said that "your raise is effective when you are". It can not be said any better than that!
If you are not effective at what you do, it is very difficult to negotiate a pay increase.
Now ask yourself this question.
"What are the top five skills, activities, abilities, and capabilities that I possess that most benefit my organization?"
Think through these two questions (preferably on paper) and prepare for Part 2 of "Negotiate A Pay Raise"!
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One thing that people need to remember.
A company will do what it wants to do. It may be harder to get that pay raise if you’re in a mega corporation. But depending on whose ear the “boss” has, it still can be done.
Although not directly a pay raise issue, a job was posted at my wife’s employer. It was a job she believed she could do, but she wasn’t going to apply because it had education and background requirements she didn’t have. It also included a modest promotion.
I used to work there in a management position and know how they operate. I told her to go ahead and apply. If they wanted her to have the position, they would waive the requirements. If they didn’t, they would use them to exclude her. Bottom line, they will do what they want to do.
They chose to waive them. Matter of fact, they thought she had the requirements when she asked for the position and were thrilled she did.
There is a downside to asking. Some may see this as cynical. But it’s important to go into these situations with your eyes wide open.
There are too many owners and managers who think you’re doing a bang up job and are indispensable until……you push them for more money. They may even grant your request, but underneath they are seething. The increase wasn’t on their timetable or terms. Sometimes even worse, they felt like a gun was held to their heads. You may have been bullet proof before the request. They may even begin a campaign to run you off or begin the process to replace you.
Always remember, if it’s a small or medium company, often the person running the company is the owner and they are within the constraints of the law are free to do what they want to do with someone’s job. But it’s always wise to make sure you have a contingency in place or understand that you may have won the battle but lost the war.
I know Dave Ramsey can often be benevolent to his employees. But it always seems to be pretty much on his terms. So my guess is his “you raise will be effective when you are” is pretty much a stock answer to anyone who is seeking more $$ whether the performance is good or poor.
This seems like it will be a nice, relaxed walk through (with homework *snarl*) Seriously though, thank you because I really believe that in order to get what you want you’d better ask for it!
A quick brush-up on exactly how to ask for more money is always relevant.I’ll be tuning in 🙂