133: How To Get A Raise and How to Give One
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This week is about how to get a raise and what to do if you are the one being asked. It is all about “showing me the money.”
So you’re going to ask for a raise? Do you just blurt it out? Hey, give me a raise? Let’s start first things first: if you’ve been waiting and not asking for one…you’re in trouble. By the time you ask, you’re going to be feeling like you “deserve” it. When you first have the thought that you’d like to ask for one, get ready to ask. Additionally, realize you could hear “no” as a response and that’s ok. We address that in the show too.
First, go to the data: put your case together and make it clear what you’ve done to contribute to the team and the bottom line. This is the most difficult for everyone-it feels like we’re bragging. Check out this cool pdf for you to use to get you started. Keep it about what you’ve done and how you’ve added value to the team and be careful about “comparison” and complaints/ultimatums and “leveraging an offer”. I don’t recommend this as a strategy. It’s good to know the industry “standard”, but if you and your co-workers have shared salaries, beware.
When to ask for a raise? Do you already have a yearly review that is tied to a salary increase? Great. If not, ask as soon as your job tasks have changed or responsibilities or once you’ve really added value to the team and organization.
If you are told “no”, remain confident, calm and collaborative. What other things might you negotiate with that would feel just as good such as stock options, a change in hours, or different responsibilities. And, what would it take to get it to “YES”
Now, what to do if you’re the one being asked for raise-What to do? First, don’t answer and don’t overreact or fear losing the person and feeling imposed. Remember that there are many factors and sometimes it isn’t always the immediate supervisors decision. Require the employee to make their case-they should be prepared. Be curious: not, “tell me why you think you deserve it” but rather, “hmm…tell me more about your request.” Lastly, thank the person for making the request…they could just leave for more money and they have probably been thinking about this for months and months. Then, look at the data, consult with other leaders in your organization give an answer in a timely manner. If the answer is “no” is there something else that you may offer?
What has been your experience with asking for a raise or giving one?