4 Tips To Ask for a Raise During Tough Economic Times

On August 3rd, 2010, posted in: Franchise, MRI News, Uncategorized by MRI

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The article below appeared in Foxnews.com today.  Please note that MRI Ambler-Philadelphia can help you with tips and strategies regarding career decisions, choices, etc … 

During tough economic times, it might be uncomfortable to ask your employer for a raise, but if it’s well deserved, you shouldn’t hesitate to ask. 

Knowing how to approach your boss and successfully present your case is essential to scoring a pay raise you’re hoping for.

 It’s all about the preparation, experts say. 

“Take stock of what you’re providing and being able to create a vision to the leadership,” says Jim Camp, CEO and founder of Camp Negotiation Systems and author of two negotiation books. 

Here are four expert tips for a raise:  

 

1. Plan Ahead 

Frances Cole Jones, president of Cole Media Management and author of How to Wow, recommends arranging a review with your boss 90 days prior to negotiating a raise.

“At no point in this review do you need to mention a raise,” Jones says. “It’s about you working toward being your best self. This shows your boss your willingness to be responsible for your career and gives you room for improvement.”

 

2. Evaluate your Productivity 

Evaluate your contributions at work and ready a list to present to your boss, suggests career coach Dr. Adele Scheele. 

You can’t expect the system to promote you and this list will show why you deserve a bigger paycheck. 

“You have to ask yourself questions regarding history and future at the company,” Camp says. “Have you met the requirements of the positions and then gone above and beyond expectations? Can you continue to grow in this environment?” 

 

3. Make YOUR Case 

Set up an appointment with your boss to discuss your performance and future at the company; don’t just walk into his or her office. 

Plan your presentation, anticipate questions and come up with thorough answers. You want to be prepared, yet conversational during the review. 

“Look at the current salaries and revenue at the company,” Scheele suggests. “Outline your case for the leadership in your office and list your accomplishments, total revenue you brought in, deals you closed, etc. Ask for more than you are hoping for to make room for negotiations and create a list of additional duties in return for the raise. ” 

Jones says employees’ needs to be armed with specifics on any claims and accomplishments listed during the meeting. 

“Throughout, it is critical to keep the conversation factual, not feelings-based,” Jones says. “A comment comparing someone else’s pay raise or personal situation in comparison to yours undermines your professionalism.” 

 

4. Remain Cool…Even When Things Get Heated 

Jones said before you sit down with your boss, anticipate the worst three comments your boss might have. 

“For example, ‘I’m glad you asked to speak about your performance– there are a number of issues we need to address’; or, ‘as you know, money has been tight the last year,’” Jones says. 

In this situation, Jones suggests to answer with a “yes” and acknowledge you understand the situation. She recommends sitting up and forward in your chair to avoid looking “sulky or too-cool-for-school.” 

If your boss makes suggestions for improvement in your performance, taking notes is a great way to physically demonstrate you are paying attention. 

Meanwhile, the experts say to anticipate your boss’ rejections. Stay calm and ask for an explanation, remain understanding and suggest another meeting in the coming months. 

“Understand the situation, but ask, ‘when can I expect it?’” Scheele says. “Don’t threaten to quit and learn from the experiences. Stepping up to the plate to ask is a great success skill.”

 

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