Strategies for Earning a Raise
Since we spend so much of our time on the job, most people want to feel like they’re valued. One way to show your boss that you appreciate their investment in you is by asking for a raise. The biggest mistake you can make is thinking that you have to be overqualified for the job to earn a raise. Many women believe they need additional experience to demand a higher salary when they’re already paid somewhat based on their qualifications. The key is to ask for a promotion and an increase in pay simultaneously.
Ways Which Can Help Earn a Raise
If you want to earn a raise and feel confident about your chances, there are some things you can do to set yourself up for success. First, you want to be sure that your current job is successful. This means being available for work when needed, showing up on time, and completing projects in a timely fashion. It also means getting along with colleagues and working hard to keep your office clean.
Next, you have to determine what the market rate is for jobs that are similar to yours. You can do this by checking with other employers or consulting professional groups or associations in your area. If you can’t find a clear picture of what comparable jobs are being paid, the next step is determining your particular position’s pay range. You can analyze salaries for similar job listings in other companies. Dr. Jordan Sudberg notes that this may require some detective work. You may have to call around to different companies to find out what the pay range is at each one and how much each person earns.
Once you know what comparable jobs are being paid, you can research salary surveys in your area that provide information on salaries for specific positions. Doing this will show you what people with similar qualifications earn and what employers think they can afford to pay for the job you hold. These sources include local newspapers, professional journals, and industry trade publications.
Once you have determined market rates for your particular area, you can start preparing. You will need to decide whether or not you want to negotiate a raise in addition to asking for it when you’re applying; many people feel that if they don’t ask, they will be given an insultingly low number and end up having their hopes crushed. According to pain management specialist Dr. Jordan Sudberg, “The point of a negotiation is not to get what you ask for but to get what you want. I like to say that the best negotiation is one where everyone leaves feeling great about their decision and the negotiation.”
One of the keys to negotiating a raise is understanding that it may not be a short-term option. If you are beginning your career, you can expect to earn less than someone with many years of experience. However, as time goes by, your value as an employee will increase, and so will your compensation. The point is to have a plan for growth in mind so that you don’t have to catch up over time.