How to Get the Raise You Deserve
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Armed with surveys and confident of her value, she negotiated a 30 percent pay raise.
"Don't just go in and ask. Do your homework first," Veasy says.
Start by knowing your job description and the company's compensation policies. Are there minimum/maximums or performance evaluations? Many companies have no tools in place to measure your performance, which leaves it up to you to chronicle your accomplishments. Your self-evaluation should include a general assessment of your strengths -- are you the company's best technical person, best rainmaker, best all-around resource?
"Today more than ever, it's important to take stock of yourself because there's so much change. People get a new boss every year or two," says Dan King, president of Career Planning and Management. "That means all the good things you've done probably aren't being recorded or remembered."
Next, use the Internet. Knowing what other people make and where they make it will give you a leg-up in negotiations.
"Once you know where you are and where other people are in terms of compensation, then figure out what you want. It doesn't have to just be salary," Veasy says. "Go for the whole package."
If the company has just had a shaky quarter, consider other items you can negotiate -- incentive compensation, stock options, an extra vacation week, personal days or education benefits. Use them to offset a lower raise offer.
Consider timing when making your pitch. You can bolster your case by making your move when internal factors are favorable. If your company considers raises every January, then that's the time to make your pitch. If you are just coming off a big achievement, however, you can use it to reinforce your value to the company. A company that has just posted big profits may also be more receptive to your request.
Knowing your boss's schedule is important. "You may want to put together a memo saying you want to meet to discuss your accomplishments," King says. "That way you don't risk catching your boss at a bad time."
Understanding your boss's personality also doesn't hurt. A nice guy boss may not respond well to a gangbuster approach. But if a gangbuster approach is required, figure out what your boss values.
"Some bosses value loyalty, others are by-the-number. For others, how well you get along with them may be important," Veasy says.
Summary:
Prove your worth when requesting a raise.
Complete a market survey.
Consider timing when making your pitch.
