If you think your boss is solely responsible for determining a pay raise for you, you’ll wind up being disappointed with the outcome. Why? Most bosses don’t focus on all of your measurable results. Sitting back and waiting for your boss to list your achievements is like waiting for the lottery. You have a significant influence on the outcome if you’re prepared.
- ASSESS WHAT’S GOING ON AROUND YOU – If the organization is having difficulty, focus on results from cost reduction, saved budgeted items or improved performance without new staff. When in a growth mode, focus on generated revenue, increased return-on-investment or expanded opportunity. When making your list, put the most meaningful results at the top.
- RESEARCH YOUR RESULTS AND THE MARKETPLACE – Your boss isn’t going to remember all the things you have achieved, but you should. Research the “before” and “after” from your projects, activities, and responsibilities: The base points when your started and the final outcome after you completed the task. Measure the contribution you had and the impact. Also, research the marketplace. What is the range and average pay for positions similar to yours? If you don’t know the answer, you’re at a disadvantage. Use Indeed.com, Salary.com, Payscale.com, and Glassdoor.com.
- PUT YOURSELF IN THE BOSS’S SHOES – What are the issues your boss is facing? These are the things that are of the highest priority. List the results you have achieved over the past year, with metrics, and parallel them with the boss’s list. Define your contributions, then how and why you’ll be of value to future objectives.
- DEVELOP YOUR RATIONALE – This is the time to lay out the details how you were of value to results of the past and ways you could be of value in the future. Tie your value to your performance. Articulate how you have contributed in the past, currently, and will continue to contribute to results in the future.
- END ON A HIGH NOTE – Be positive about your opportunities to perform and add value to the department. Be constructive about the work to be done and your part as a team member. Feedback both up and down the organization will help you connect more closely with the boss in the near future.
- SET YOURSELF UP FOR THE NEXT TIME – In your strategy, assume the answer for a pay raise is not what you expected. How will you set the stage for next time? Can you shorten the performance and pay review to the next 3 to 6 months? Ask the boss, “What do I need to do to increase my performance and pay?” Assume your boss has already budgeted your performance appraisal dollars for the year. You either have to convince the boss to change it upward, provide for a mid-year increase or make your next year’s pay raise larger. Of course, a promotion would also be appreciated.
Performance reviews and pay raises are never one-sided. Make your case with facts.
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