Recognition
How to approach your boss about a raiseRaising the issue:It's that time of the year when many of the big American companies and some big Canadian companies disclose how much they paid their senior executives in 2007. |
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 [ 2008-01-30 ] |
For some, such as Apple Inc.'s Steve Jobs, the actual pay is quite low -- $1. But if you add stock options and other perks, it climbs into the millions.
For others, such as Jim Donald, fired from his CEO position at Starbucks last year, the pay is higher -- $1 million -- but the perks, not so sweet.
If you catch some of the executive salary reports -- they have to be filed with security regulators in many cases and can be reported on by the media -- you might start thinking that you're not being paid what you're really worth.
Whether you're right or wrong doesn't really matter -- what matters is how you approach your boss about a raise.
To begin with, this is probably not the best time to ask for a raise, with financial markets in turmoil and our neighbour to the south looking more and more as if it's about to enter a recession.
But if you're bound and determined to go ahead with the request, keep these tips in mind:
1. RESEARCH THE VALUE OF YOUR JOB
When you were first hired, maybe you didn't ask for as much money as your position was worth. Even if you've had a couple of raises since then, you still might have a compensation package below market value.
Ask a few colleagues or those in similar positions at other companies how much their position is worth. You might be surprised at what you uncover.
2. CONVINCE YOURSELF OF YOUR VALUE
If you aren't sure what you're worth, you won't convince your boss that you're worth more. For some, it's really about bolstering your self-confidence levels. For others, it's about assessing your skill sets and how you apply them to your duties and then placing a reasonable dollar value on your quality and productivity. You should have specific examples of your quality and productivity committed to memory.
3. TIMING IS EVERYTHING
As I mentioned above, this is not a great time to ask for a raise. However, at your company, there may never be a good time to ask for one. I suggest waiting until you've just completed a particularly difficult, time-consuming or highly important project or task. That way at least one glowing accomplishment will be fresh in your boss's mind and he/she might be expecting your request anyway.
4. SCHEDULE A MEETING
Don't merely suggest over a sandwich in the cafeteria that you might be entitled to a raise. Your boss might choke on her ham on rye -- or worse, spew coffee all over your nicely pressed white shirt and favourite tie. Ask for an appointment where you can discuss a raise in private. Bring notes and look your best.
5. BE PROFESSIONAL
Remember, this is a formal request, so your attitude and actions must also be formal. Don't give personal reasons for a raise -- that's not what this is about. This is about your value to the company, not the fact that you need more money to pay for junior's ski trip. Don't whine, don't complain and don't turn the conversation away from yourself and toward other employees. If you have complaints, that's a completely different appointment for a completely different time.
6. DON'T DEMAND RESOLUTION
Your boss may not have the authority to grant you a raise on the spot or might want to think about it for a while. That's fine, but if the meeting results in anything other than a firm “no,” make sure a follow-up meeting is scheduled for a specific day and a specific time. If you do get a firm “no,” that might not be the end of it -- while you're there see if there's something else you can get instead of a raise, such as extra vacation time or a better parking spot. The boss may not be able to give you more cash, but if you don't ask, you don't get -- ask away.
7. LET YOUR BOSS MAKE THE FIRST OFFER.
If your boss agrees that you should get a raise, don't blow it by telling him or her how much you want. Let your boss make the first offer and take it from there. If you low-ball yourself, then you can't go back. If your boss low-balls you, you have a starting point for negotiating. Regardless of what happens after that, you get to tell your boss how valuable you are and why. If you end up with a small raise, there is at least a rapport established, which will make asking for the next raise a whole lot easier. Remember, even just a dollar more per hour will add to your personal bottom line.
How many hours a week do you work?