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Ways to Get a Raise

After working 40 years in corporate world and now running my own business, I do not believe women are given the same opportunities as men when it comes to expectations and salary increases. A report from staffing firm Randstad US revealed that 60% of women say they have never negotiated with an employer on compensation. In December alone, women lost a total of 156,000 jobs, while men gained 16,000 jobs, according to the National Women’s Law Center. And, of the net 9.8 million jobs lost since February 2020, women have accounted for 55% of them.

My advice is that you need to be upfront with your immediate manager and do not be afraid of highlighting your accomplishments. On most cases, they may be too busy with work. Here is a list of strategy to present your case.

When should you have this conversation

Prepare a high-level discussion topics on your values and accomplishments and present it to him on a monthly basis. Discuss your increased responsibilities and seek advice on how to better yourself. One of the topics should be your compensation. Do not keep your manager in dark and begin to develop a reputation for being essentials.

Highlight values and results   

You must be able to effectively communicate the positive impact on the company bottom line. Find out your manager challenges and align your message to these challenges. If your position does not directly drive new profit for the business, you can still show the impact through personnel management. Before presenting your materials, share it with few and get feedback on its effectiveness. Include the feedback in the presentation.

Anticipate objections and adjust your strategy

The financial impact of the coronavirus means that even the most deserving employees may have to wait a little longer for a salary bump. If your supervisor says that a raise is not possible this year, ask for other forms of compensation and recognition in the form of benefits. Ask for a more advanced title, a larger workspace (if you are not working remotely), or more vacation time, or consider looking into stock options. Engage your manager about what resources the company might be open to offering.

If unbale to get the increase, aim for a promotion

You might deliver a perfect summary of your accomplishments, a complete picture of how you have affected the company’s bottom line, and only request a title change. One of the best ways to get through these periods is to look forward. Stop trying to boost the salary of your current role and commit to achieving a promotion in the future. Many promotions do come with raises, after all.

Do not assume that a promotion is earned through long hours on the job or decades of experience. If you want to be promoted, consider how your new role would have a positive effect on the company. Let your manager know you have an interest in taking on more responsibility and initiate a conversation with them to understand how you should focus your efforts.

Gather opinions from several of your colleagues and managers and mentors, rather than relying on the perspective of just one person. You can use the information you uncover to create a “road map” for your personal skill development. This should include a list of people who can give you an honest assessment of yourself and your role in the business, and help you chart the course for a well-deserved promotion.

Be ready to walk

If all fails, be prepared to move on. Sharpen your interview skills, search the job market to find a suitable position, investigate the company before applying. The hiring managers would be impressed about your knowledge of the company.

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