Asking for a pay increase or promotion can be a tricky thing. Timing has to be right and your justification needs to be solid. Just saying “I need a raise” or “I’m due for a raise” doesn’t mean a thing. You have to say “I’m worth a raise – and here are the reasons why”.
Before you walk into your boss’ office looking for a bigger paycheck, ask yourself a couple of questions:
What have I done lately to help the company generate more revenue?
What have I done lately to help the company reduce expenses?
After you come up with the list (and hopefully it’s a long one), see if you can put a dollar figure to each item. See where I’m going with this? If you can help your company increase their profits, then you can justify your raise.
If you want the company to just give you money without working harder for it…sorry, not sure that’s going to happen.
To understand why, keep in mind the rules of employee pay. Your compensation is directly tied to three things:
- The company’s ability to find employees in your salary range
- The company’s ability to keep employees in your salary range
- The company’s ability to pay your salary
So right now in this economy, chances are good that if you left tomorrow afternoon, the company could find someone to replace you (translation: reason #1 to give you a raise is out). And, since people are concerned about jobs right now…chances are good that people are staying put until the economy gets better (so #2 is out). That means your ticket to a bigger paycheck is helping your company improve their ability to pay – or increase their bottom line.