| Olivia Heerenveen
How to ask for a raise?
Are you in need of a raise? The best way is to use your evaluation to bring it up. Evaluations usually happen twice a year. Somewhere in December or January and somewhere in July/ September.
So be sure to prepare for the next one. Get all your duck in a row and tackle the question head on. Use your evaluation to create a bridge. Use it to show your manager the following things
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#1 How did you add value to the company?
Try to name 2 things that include hardcore (financial) numbers. And make sure that your numbers are correct. An example can be by providing how much extra revenue you and your department generated, or how much cost-cutting you have achieved, or maybe a particular investment was made because of your advice.
#2 How are you different than any other employee?
Things no one else can do. For instance organize an employee-only event. Or create a mentor ship program within the company. Creative things that you yourself have thought of and made sure were executed to benefit the company further.
#3 Talk about your career progression opportunities within the company
What projects are coming up, what skills would you like to gain in the coming year. Will there be any opportunities to do different projects outside your regular workload (if you are interested in that)
Discuss all these things in your evaluation and make sure to note them down, and have them confirmed by mail. So you have something in writing when you come back in January.
Request a meeting with your manager for later in the week week, to discuss your career progress within the company. In that meeting bring up your evaluation (which you have in writing) and mention that due to your hard work and accomplishments you want to discuss a raise. Do not ask for permission to get a raise. Be confident and basically declare..this is what I did, therefore I want a raise.
How much to ask for a raise
A general rule of thumb is an increase between 10% - 20% of your current salary. In order to be really confident about your number make sure to have compared similar salaries online, including your experience and education. And keep in mind that perhaps a reward instead of a raise could also be a paid education (hello Business School) or something similar. For instance if you know your company doesn't have the best cash flow, it’s easier for them to finance an education than to increase your salary.
So make sure to have done your research and know when and how to approach your manager to get a raise.