A guide on how to make more money in 2019 and beyond.
The days of receiving a raise out of the blue because your company can actually discern who the good and deserving employees are, are long gone. Okay, maybe it’s not that dire in the corporate world but unless you want to maybe get a measly 2% raise every year and lose money to inflation, knowing how to get a big raise is paramount to your corporate success.
This first entry in this series is going to be knowing what your worth and coming up with a number that both makes sense for the company and yourself. The worst thing you can do in a salary negotiation is come in with not enough information and either sell yourself short or get laughed out of the room. Remember that these negotiations are tense for all involved, and believe it or not your boss may actually feel more at ease if your are more prepared because you can now have a mature, adult discussion about your salary.
Get the timing right: This is without a doubt step zero because realistically no one, and I mean no one, even if they looked like Brad Pitt from Fight Club and could wheel and deal like Jordan Belfort is going to negotiate a raise on their first day. Instead waiting about 10 – 15 months is key, with most people having to wait 12 months before going in for the kill and securing that large paycheck. Also consider if looking for a new job is the better option. Sometimes you can sniff out well before hand if your boss is going to stonewall you, and if they won’t even come to the negotiation table, then they are really not worth your time.
Take inventory of your tasks/skills: This should really go without explaining. What have you done to deserve a raise? Will be the first question that your boss will ask and it makes sense because this conversation will be unexpected for your boss and the HR team. Believe it or not they have a hard time fathoming why on Earth people would want to get paid more for the privilege of working at Corp Inc. But in all seriousness it is a fair question, so make sure you have compiled a small list of accomplishments and tasks that you complete on a daily basis. Also be sure to include all routine tasks that are done on a weekly, monthly, quarter basis, etc.
Get educated: This is the most important step in knowing what your are worth, because this is where you come up with the dollar signs. One site that I would recommend to use is Paysa.com. Also Glassdoor is also a fantastic resource if your company is big enough. But Paysa can sort your job and your city giving you an estimate of what your are worth. Not to mention the site will give you a salary report card, displaying bonuses and other goodies. However no job salary site will ever be sophisticated enough to value your projects so make sure to take that into account. If you’re honest with yourself and you concede that your probably don’t do much then don’t ask for the same pay as the top 10% of workers in your field. A good estimate to use is to take the median salary and go up by 10%. If you’re a good worker then this shouldn’t be hard to swing because average isn’t hard to come by, but top performers are.
Conclusion: So now that you have taken inventory of your skills, waiting long enough at your job to demonstrate value and have gotten educated, through the use of salary sites like Paysa and Glassdoor, you are one step closer to getting that big raise. As many have said knowledge is half the battle and if you follow these steps then consider this half won.