How to Get Pay Rise from Your Employer
To earn a bigger paycheck, one needs to do more than just a top-rate job. An effective strategy for obtaining a raise also requires documenting one's accomplishments, understanding your boss's expectations and researching your employer's financial health. In addition, it is critical to set goals. Unless you want to stay in the same position for the rest of your life, you need to set your sights on something big. Once your goal is established, you can start taking the appropriate steps to reach it. For example, as a small business owner, I have a revenue goal each year that is higher than the last. To reach that main goal, I set "mini goals," such as securing free press in a certain number of publications, and adding new clients.
By having a predetermined path, I know what I want to achieve and, subsequently, work as hard as possible to see success. When working toward earning a raise, be sure to set reasonable expectations. Research how much employees in similar positions in your industry are paid - the salary index on Glassdoor and the salary search on Indeed are good places to look. Be aware, however, that those salaries may be dated or relative to areas of higher or lower standards of living. To gain a fair picture, one should engage with friends or people in the same industry. By having a realistic grasp on what others are paid, you will be able to negotiate a practical pay increase. You do not want to sell yourself short, but you also do not want to shoot for a salary level that you have no chance of reaching.
Meanwhile, ask your boss for a meeting to find out what he or she considers outstanding performance for someone in your position and how you can earn the maximum amount of pay over time at your company. Write down what you both agree on and give your boss a copy. Once you have established your accomplishments on paper, but before you talk to your boss, find out how your employer is performing. Many organizations have published data that you can read to gauge their financial health. If your employer is in the red and mass layoffs abound, you should probably put off your request for more money until business begins to stabilize. If you decide now is a safe time to pursue a raise, go ahead, and make your case.