Some things seem easy when you listen to someone else or watch a sitcom (where both sides of the dialog are scripted out). Talking about money is one of those things that–for many of us–is much harder in real life than it is in our head. One of the hardest of the hard money conversations is asking for a raise.
Girlfriend guru and financial expert MIATA EDOGA shares her tips for successfully asking for more money. What are your tips for getting the raise you want? We need to learn from each other to be more successful, right girlfriend?
There are two parts to a good financial plan, and they aren’t a “good friend” and “their credit card,” although that sounds like fun!
For this story, we’ll stick with the more mundane but practical “expenses” and “income” as our two parts. People spend time and energy driving down costs, but what about making more money?
If you think you’re worth more than you’re earning, that means you might have a negotiation coming up in your future.
8 Steps to Asking For More Money
1) Realize any negotiation is about the other party, not you. Your boss has plenty of reasons why she can’t afford a raise and doesn’t care about your car payment, mortgage, rent, or credit card debt.
2) Make a list of how you’ve helped the company. Think in terms of dollars and cents. Have you saved the company money? Have you made them money they wouldn’t have without you? Write those down and quantify them as much as possible.
3) Gather statistics showing comparable salaries, reviews from customers, and positive results from team members. Don’t gather information about other salaries at work. You’ll damage your chances of a raise if you focus on how much others at your company are paid.
3) Schedule a meeting early in the day and at a non-stressful time. The best time to ask for a raise is right after the completion of a successful project. You shouldn’t ask for a raise in the hallway or “on the spur of the moment.” By asking for an appointment, you’re signaling to your boss that you’re serious.
4) Describe how you’ve helped the company using the points gathered above. Be specific about the amount you’re requesting.
5) Wait. Don’t talk until your boss has spoken. Answer criticisms calmly.
6) If the answer is no, stay firm. Repeat how much money you’ve saved/earned the company and ask for the raise again.
7) Wait. Your boss will answer the question. If it appears you might be able to secure other benefits instead (more time off, a slightly smaller raise), focus on those.
If there are good reasons why you can’t have a raise now, ask what criteria needs to happen for you to receive a raise. Schedule a meeting for a couple months out to review your progress toward achieving your raise.
MIATA EDOGA is the President and Founder of Abundance Bound, a 10-year old company committed to utilizing humor, inspiration, and lots of love to give individuals around the world the necessary tools to thrive financially, while keeping focus on the things they treasure most. Visit the Abundance Bound Facebook Page for your free copy of Financial Success for the Creative Soul!
What are your tips for successfully negotiating a raise?
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