What you can do to Get that Raise this Year

What you can do to Get that Raise this Year

It’s a new year and you’ve probably jolted down your New Year resolutions(or goals as we’d like to think of them) and one of them is earning more money. While lots of people think that having a side hustle or starting a business is the only way to make more money, not everyone has the capacity or skillset to do that. If you’re that person, don’t worry, there’s an alternative way to earning more this year - getting a raise. 

Your employer is probably occupied with constantly growing the business and while they might be great and appreciative of you as an employee, you can’t rely on them to notice your good work and magically give you a raise. Here’s how to get your raise this year.

Map out your career goals

After I got my degree I’d get a lot of questions (and suggestions) from my family about going back to school pursuing my masters. I was not thrilled about the idea of going back to study just yet and though I knew I wanted to be a Communication expert, I had no idea what that looked like or what exactly to master because the field has varied options. I made the decision to work a little more, discover how I wanted my career path to look like and then make a plan to go back to school.

Likewise, if you’re looking to get a raise you should have an idea of where you want your career to go. You don’t have to have it all figured out but this will guide you in deciding what skills you need to develop and what to focus on or even if it may be a good time for a job or career switch.

Build the skills

After giving your career goals or your growth plan some thought, work towards building the skills you need. Nobody can go from zero to hero with no effort or even blood, sweat and tears. Everyone needs to learn to grow, learning doesn’t stop when you get that degree or diploma. 

Working any job comes with curveballs and you’ll likely find yourself in positions where you just don’t know what to do or how to solve something. The fix for that is to build your skillset. This could look like taking an online course, finding useful podcasts, books, forums or youtube channels related to your field of work. 

Record your progress

Remember, a raise is a reward for creating value, not a favor. 

Your boss is less likely to give you a raise just because you asked or just because she likes you, so keeping tabs on what value you’re adding, improvements you’re making and problems you’re solving will help you make a better case for yourself. Here are a few things you can do while recording your progress.

  1. Understand the ROI of your role 

Your employer is running a company, so giving you a raise is a business decision. You need to either be generating revenue or reducing costs many times over your total compensation. Why? Because you have a job in order to solve or take away problems in order to create business value. Spend time understanding how you do that, and how your actions affect the top and bottom line of the company you work for. 

  1. Collect praise/positive feedback

If your supervisor or colleagues point out something great you’ve done, note it down and bring it up as you step into negotiating your salary. Think of this as a testament to your progress that doesn’t come from you. Here, focus on feedback that points to tangible business results - colleagues saying you have a good spirit is great, but people saying you came up with & executed a strategy that generated revenue is better. 

  1. Use numbers

It’s easy to “feel” like you’re progressing but feelings are sometimes not factual. Even if your feelings may be right, having numbers or data to measure your progress will help you have an objective view of how you’re really doing, give you insight on where or what to adjust and give you a solid case to present as you ask for your raise.

  1. Evaluate yourself regularly

It’s also pretty easy to forget all the great things you’ve done, it happens to a lot of people. Take time to take stock of what you’ve achieved weekly and what to change up. Compile these into monthly and quarterly wins. This will not only make asking for a raise more seamless but also help make your performance reviews flow smoother.

Know how much you’re asking for

If you haven’t already, do your research and find out how much your work is worth in terms of the industry and region you’re in and the level you’re at. Make sure what you’re asking for is not way out of the market rate.  Doing some research will ensure that you don’t come off as greedy and entitled and more importantly that you don’t undercut yourself. Research on how to negotiate, polish your skills on that end and practice to make your case if you have to.

Be ready for the answer

After setting your systems and working hard, you’ll need to have the actual conversation with your employer. Prepare for the conversation and schedule a meeting at a convenient time for both of you.

When presenting an ask, the response could go either way. Yay for you if it’s a yes! 

But if it’s a “No” or “maybe”, you need to leave the conversation knowing what the next steps are. If maybe is the answer you get, find out when would be a good time to check in on feedback about it. If you got a no, get feedback on what it would take to get the raise you wanted. 

Make your assessment

Based on the feedback you get, make your assessment and decide if you’re happy with it and how to proceed from there. This could look like putting in more effort or making a job switch. Asking for a raise can give you eye opening insight to your performance and what to improve or your work space and if it works for you.

As 2021 came to an end we did a post on our Instagram on what happens when you don’t ask for or get a raise, have a look at it to see what the financial implications of sitting on your potential are. 

If you want to get better insight into creating an income strategy and creating a plan that works for you, our course Your Roadmap to Wealth covers this extensively. 

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