So you have finally found your footing and landed your first “grown-up” job. You are working in the industry you always wanted to and have the perks of a corporate job. (Think health coverage and paid vacation time). You’ve been working really hard and are getting into the swing of things. You add value to your team and have been the source of a lot of the wins since your arrival. Are you thinking what I’m thinking? Yes. It’s time for a raise and/or promotion. I know I know, talking about money can be uncomfortable. What if your manager says no? Well, a closed mouth doesn’t get fed. I have SEVEN tips on how you can better your chances of securing that bag and getting that promotion/raise you deserve!
1. Take On More Responsibility
If you feel that you are deserving of a promotion or raise, then you need to start acting like it. Start showing your value by mastering the skills of your current role while taking initiative and being a problem solver when issues come up. It helps to get close to a senior employee who shows interest in seeing you grow to ask questions and see how they have grown within the company.
2. Ask For Feedback
Don’t wait until your performance review to ask your manager what they think of your work. You won’t have time to correct anything by then! Make it a point to check in with your manager at least once every two months to ask for feedback. You want to make sure they know your goal is to excel in your current role and that you value their feedback. Asking for feedback is a great chance to share your goals with your manager and get expectations from them as they may have changed since you were first hired. Use the feedback to improve your performance at work and show your manager that it worked.
3. Big Up Yourself
If you don’t let people know are you are out here working hard and making moves, no one will do it for you. (Although people do take notice when you are working hard) If you are consistently going above and beyond and tackling bigger projects, you need to make mention of those accomplishments. Make sure you are providing your manager with a regular update on your accomplishments. Keep note of all your accomplishments, as they will come in handy when its time for your performance review.
4. Do Your Research
You have a better chance or getting the raise or promotion you want when you research your position and look at how much other top performers in your industry make. You should know when you ask for your raise whether you are currently underpaid for your role based on the market and your value to the company. Generally, employees ask for a raise of three to five percent. But if you can show that you are underpaid based on the market, you can make the case for a bigger raise. GlassDoor.com can help you with gathering that type of salary information.
5. Timing Is Everything
Do not wait until your performance review to ask for a promotion or raise. Most of the time, the budget is already set for the coming year. The best time to ask is during the first quarter and before summer. Pick a time when your manager doesn’t seem overwhelmed and would be receptive to the conversation.
6. Take Control of the Conversation
Now is the big moment. You have completed all of your research, completed exceptional work and now you are ready to present your case. Be sure that you go into the conversation fully prepared to lead the conversation. Have real data to present why you deserve a raise and/or promotion. Get straight to the point. Now is not the time to be timid. Be confident in your delivery. “I wanted to take this opportunity to talk about my compensation.” Then proceed to make your case. Communicate how you are committed to the company and would like to play a more pivotal role in its success. Bring up your successes and be mindful of your body language. You want to show confidence and ease when talking. Be specific about the position you would like to have and how much of a raise you would like. Always give a number higher than you think so there is room for negotiation.
7. Be Prepared For A No
So you presented a great case and your manager seems impressed but the budget or timing is right. Don’t worry, you won’t get fired for asking. Most likely your manager will be impressed by your ambition and preparedness and will keep their eyes on you. While you may not be able to get the raise or promotion at that time, there may be an option for other benefits like paid time off or more flexible work hours. Even student loan repayment benefits could work.
Know your worth and stay woke because you deserve to be properly compensated for your work. So go out there and secure that bag!