How Much Am I Worth To My Company
Asking For a Raise? Know These Seven Things BEFORE Talking To Your Boss!
Most of us think that we are getting underpaid, while our employers may feel they are paying us a fair amount. So if you had that urge to go to your employer and finally ask for your due, how would you know what data points to bring along to make your case? Here’s a handy SHEROES guide to prepping for the conversation.
Do you know the company goals?
Know what your company’s goals are, as well as what your managers consider important. Make sure that the things you are focusing on are the same things your company thinks are important.
If your company is looking to increase productivity within the workforce as a priority but you are working on intrapraneurial and innovation strategies then your work may not align with the company’s biggest goals. Know this before going in to talk to your boss.
Am I improving the bottom line?
You should be walking into your negotiation meeting with a good understanding of the metrics – how did you either save your company money or make them money in the big picture?
Having hard evidence to prove it makes all the difference in your leverage to asking for a raise.
How does your salary compare?
What are people in your role getting paid? Although this will vary by location, skill level, and experience it’s always good to have an idea of what your peers are making. To find this, check out salary research websites, job board sites, general salary surveys and lastly tap your personal and professional network for the insights you need. Some crafty google-ing should do the trick.
What can you negotiate beyond salary?
If getting a higher salary is not an option for your employer, what else can you get? Working from home, childcare benefits, professional development opportunities, healthcare benefits or retirement contributions could all be a part of the compensation. It may also make sense to ask for an increment based on performance measures or other achievements – i.e. you get a certification or an award, you reach a certain performance measure and then get a raise. Be creative!
Are there things you can't control?
Go in to your discussion with a range in mind so that it’s easier for your boss to comfortably accommodate you – as there may be things beyond your control that prevent you from reaching a hard number. Things such as limits on salary increases, making sure less senior employees don’t get paid more than more senior ones, etc. may all be factors that are out of your control. Also, human psychology dictates that giving a range allos your boss to thing they have a choice in what they give you versus having to disappoint you if you go in with one solid amount in mind. Be flexible.
Is the timing on your side?
Understand your own company’s cycles and ask for a raise at the most appropriate time. Knowing when budgets are set, the end of the company’s fiscal year, and if the company is doing well or on a down swing make all the difference. Definitely looking for a salary hike toward the end of the budget year could be detrimental to your ask as new spending hasn’t been approved, This also shows the powers that be that you are aware of the company’s natural rhythm and take that into consideration.
