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You love your job, the
company you work for and the people you work with, but there's one major
problem: you're underpaid.
You were happy with your salary a year
ago, but since then, your workload has increased considerably, and
you've yet to see a comparable rise in compensation. What's more, the
job market is improving and you know others in the same position are
earning more money than you.
While you don't have to quit your current position to resolve your
salary situation, you do need to speak up. Unsolicited raises can be
tough to come by, which means it's up to you to convince your manager
that you deserve a bump in pay. Here are some steps you can take to
obtain the raise you deserve:
Gather evidence.
A desire to buy a new car or escalating mortgage payments are not valid
reasons for a salary hike. Rather, you must demonstrate a compelling
business reason for additional compensation. Document all of your
responsibilities and accomplishments to date, focusing specifically on
how your efforts have helped the company achieve its goals, cut costs or
increase productivity. For example, you may have implemented a new
program that increased sales or taken on additional responsibilities to
save others time. Gathering concrete evidence of your contributions, and
being able to present this information in an organized manner, is
critical to positioning yourself as a valuable asset to your employer.
Build your case over time.
Despite his or her best intentions, your boss may not be aware of all
the projects you've been involved with lately. To prevent your
achievements from being overlooked, consider providing your manager with
a monthly status report that summarizes the assignments you're working
on or have recently completed. A record of consistent performance can
bolster your case for a raise.
Research the going rate.
Another important step is to investigate how much others in your area
and with similar qualifications are being paid. Online services, such as
Salary.com and the U.S. Department of Labor's Occupational Outlook
Handbook (http://stats.bls.gov/oco/) are excellent resources.
Publications such as Robert Half International's annual Salary Guides
also list compensation levels for a variety of jobs in different fields.
Estimating your worth on the open market will ensure you don't undersell
or oversell your services.
Be tactful.
While the most logical time to discuss a raise is during your
performance review, it could be advantageous to speak with your
supervisor about the issue before your next evaluation. For example, you
might consider initiating a conversation upon the successful completion
of a major project. Just be sure to meet with your boss at a time when
you know he or she won't be overwhelmed with upcoming deadlines or other
tasks. Likewise, you will want to wait a while if the company has just
announced a quarterly loss in revenue or layoffs.
Prepare a fallback plan.
If a pay raise is not in your
employer's budget, consider negotiating other benefits, such as more
vacation time, a flexible schedule, a larger performance-based bonus or
increased stock options. If these requests are denied, ask your boss how
to best position yourself for a future raise and arrange a date for a
follow-up review to discuss your progress toward this goal.
Like any negotiation, securing a raise requires preparation and finesse.
But taking the time and effort to craft a compelling case and make your
value to the company clear will increase your chances of getting paid
what you feel you are worth.
Kate Lorenz is the
article and advice editor for CareerBuilder.com. She researches and
writes about job search strategy, career management, hiring trends and
workplace issues. |
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