Does the thought of discussing a raise with your boss stress you out? You’re not alone. Money is still an important (and sensitive) topic for many! Don’t let your anxiety or negotiation inexperience hold you back from reaching your salary potential!
Bear in mind that you are probably only eligible for a raise if you’ve been in your role for at least a year. Whatever your situation, here are our top tips to help you secure your next raise:
How to get a Raise
Consider your boss’ position
Put yourself in their shoes. What is your boss looking for from their employees? Who has been promoted in the past 24 months? Is your team doing well? This will help you judge whether there is any realistic potential for a raise, and help you identify key areas that you need to be strong in.
Set KPIs early on
It’s important that you set clear targets so that you can quantify and benchmark your achievements! (This doesn’t only apply to sales people!) If KPI’s haven’t been set for you, propose your own. Think about your responsibilities and find ways to quantify your work. The more measurable, the better.
Hit your targets
Once you’ve set your goals, it’s time to track them and find ways to improve your performance. Don’t be complacent. There is always room for improvement! Give yourself daily, weekly, and monthly challenges that will impact your numbers.
Go above and beyond
Look out for tasks that you can volunteer for. Make sure that you have the capacity to take the work on, but don’t be afraid to stretch yourself a little. You should be able to take on and complete increasingly complicated / difficult tasks. This will give you more evidence later on and also help you gain invaluable experience!
Build strong relationships
Being consistent, hard-working and genuine will help you to build strong relationships in your workplace. When you are respected and well-liked by those around you, word spreads. You’ll enjoy a happier work environment and smoother professional interactions.
Capture evidence that demonstrates how you hit your KPIs and went above and beyond to complete additional work. This document will help you speak confidently about your contributions to your company’s performance. Take pride in your achievements!
Know your value
Conduct research to find out how much you could be earning given the current market conditions. Companies like Payscale and Glassdoor provide a helpful salary guide for a range of industries and roles. ExecBoardinAsia also provides a highly detailed personalised salary evaluation service.
Discuss your case
Politely request to speak privately with your boss about your career. (Avoid meeting too soon after any negative events which could color their decision!) Start by reconfirming your commitment to your current role, and be clear that you would like to make a case for a raise. Ask if your boss is willing to discuss this with you.
If he or she agrees, present your evidence and confirm that your perspectives are aligned. Judge the situation to the best of your ability, but this is where you can begin to discuss specifics. Be confident and open to negotiate on amounts, timelines, etc. Bear in mind that you may not get the result you’re looking for in just one meeting!
Be patient… or move on
Understand that there are many considerations when it comes to awarding a raise. Company policy, business performance, and economic environment. You’ll have to decide whether it’s worth waiting for. If you have consistently exceeded targets for the past 18 months without any hope for progress, it might be time to consider your options.
Progress Awaits. Make Your Move!
The reality is that this is just one of many ways to secure a raise. You may decide that this approach isn’t well suited for your organization and opt for a more casual discussion with your boss instead. It will all depend on the dynamic of your organization and relationship with your boss. However you’ll still be able to leverage parts of the process above to help you make a case for your next raise.
If the whole process has made you feel like it’s time to look for other options, head over to our job board to access 12,000+ executive job positions.
Your Career Management Experts,