Overworked and Underpaid? These 6 Techniques Just Might Help You Get the Raise You Deserve

BY: - 19 Jul '17 | Money

Share this article!

TNMWomanBusinessConcernConfident_feature

A close friend of mine is the heart and soul of her medical office. Taking on more tasks than humanly possible, she is the “go to” person for everyone. And while she is constantly training people who go on to gain advancement and pay raises in other parts of the company, she continues to toil away, earning a salary that is not in line with her contributions.

 

6-techniques-that-might-help-you-get-the-raise-you-deserve

Her situation proves that, often in life, “You don’t get what you deserve. You get what you negotiate.” Working hard isn’t enough. You have to ask for what you’re worth.

Present yourself with confidence and your boss will take you more seriously.

The financial ramifications of obtaining raises are significant. Consider a person making a $50,000 annual salary. If she effectively presents her case and garners a yearly 4% raise over the next 10 years, she’ll find herself making $74,000 annually by the end of the ten year period. More importantly, she’ll have earned a total of $124,000 more than someone who never received a raise over that same ten year period.

Unfortunately, many of us fumble unsuccessfully negotiating the raises we deserve. Raises are won or lost based on preparation. Here are a few simple tips to help you win the raises you merit.

Have a Specific Figure in Mind

Know what you want. Typical raises range from 2% to 5%, but if you feel that your job responsibilities are excessive or that you’re doing the work of several people, don’t be afraid to ask for more. Research what others in your position are receiving in compensation. Talk to recruiters, research online or seek information from colleagues at other companies if you must.

Don’t Make it Personal

Never bring your personal finances into the discussion. Your boss could care less about your rent problems, student loans, or past due car payment. Explain to your boss why you deserve a raise rather than why you need one.

Arm Yourself With Proof

Your company is in business to make a profit. The best way to garner a raise is to explain how your efforts contribute to the bottom line. Show your worth. Explain how you landed important clients, made the company more efficient, trained valued employees, or completed projects that expanded the company’s business.

Keep a Work Journal

It’s crucial that you keep a work journal. Throughout the year record your accomplishments and contributions to the company. Keep tally of your responsibilities and the people you trained. In addition, save any testimonials from customers and note any praise you receive from colleagues. Your work journal will place the pertinent information at your fingertips when it’s time to prove you deserve a raise.

Practice, Practice, Practice

Present yourself with confidence and your boss will take you more seriously. The key is to practice until you can pitch your case flawlessly. Rehearse in front of family and trusted colleagues. Allow them to critique you. Let them help you anticipate any objections or questions your boss might raise, and then prepare to address these potential objections with crisp clear responses.

Take “No” Gracefully

Despite even the most persuasive presentation, your boss may deny your request. Don’t take it personally or threaten to quit. That will only sour your reputation and make future salary negotiations almost impossible.

Perhaps your company simply doesn’t have the funds for raises. In such a case ask for alternative forms of compensation like extra days of paid vacation or Friday afternoons off. Maybe your performance does not honestly merit a raise. Ask your boss what you specifically need to do to obtain a raise in the future. This provides you with an actionable game plan to work with.

Obtaining raises is the key to earning tens of thousands, if not hundreds of thousands of dollars, over the course of your career. But the process has other benefits as well. The very same preparation you use to secure a raise will help you land a new job if you decide to seek employment elsewhere. Your attempts to obtain a raise can also gauge your worth to the company. If you’re performing the job of several people, for instance, but your company refuses to compensate you appropriately, it may be time to move on.

BMWK, when is the last time you asked for a raise?

About the author

Alonzo Peters wrote 298 articles on this blog.

Alonzo Peters is founder of MochaMoney.com, a personal finance website dedicated to helping Black America achieve financial independence.

Store

like what you're reading?

Start Shopping!

Discussion

Facebook Wordpress

Leave a Reply

Get
Money Articles Delivered To Your Inbox Daily! Sign up below!

5 Easy Ways to Trim the Fat and Put Cash Back in Your Pocket

BY: - 2 Aug '17 | Money

Share this article!

TNMMoneySaveFatFeature

A few days ago I renegotiated my Direct TV cable bill. After a quick ten minute call my bill was slashed by $60 a month for the very same cable package. I also got NFL Sunday Ticket thrown in for free.

I’ll save $720 a year, after just a ten minute phone call. Of course if I had been really smart I might have cancelled my Direct TV service altogether, but being a diehard sports fan that was out of the question.

I’ve been motivated to find even more ways to save.

A useless nine dollar monthly Verizon “device protection” service was cancelled, saving me $108 a year. My gym membership that I never used – gone. A $14.95 monthly Audible service is no more. Our next target is the collision part of the auto insurance on our family’s 2002 Trailblazer.

But, why did I wait so long to seek out these savings?

It could be because the rewards are not immediate. When we save money we don’t actually see the money. Our gain is not physically visible. When I renegotiated my Direct TV service I didn’t get $60 in cash handed to me on the spot.

I have fitted all the light fixtures in my home with energy efficient CFL bulbs. After nearly choking on the $3 cost per bulb I bit the bullet anyway because the bulbs will save me a nearly two hundred dollars a year in energy costs. The decision was hard though because the financial benefit would not be realized immediately, yet the cost of the lightbulbs was immediate.

And because the financial rewards of saving are not always immediate, we procrastinate, letting money slip through our fingers.

Consider, for instance, that a Nerd Wallet analysis of mortgage loan data found that homeowners are losing $13 billion a year by not refinancing their mortgages. A homeowner with good credit could save, on average, $215 each month by simply refinancing their home loan.

According to a survey commissioned by InsuranceQuotes, 66 percent of policyholders never, or rarely, check to see if they can obtain cheaper coverage. Worse, the average American has been with the same auto insurance company for 12 years. Many auto insurers know this and take advantage by gradually raising their rates on their most loyal customers. Simply shopping around could save you hundreds per year.

That’s why it’s time to examine your finances for savings using a fine tooth comb. Remember, every day that you procrastinate is a day that you’re losing money.

Start off with your largest expenses, then work your way to the less costly ones.

  1. Mortgage: Do you have a mortgage that you could refinance? This one step alone could put one to two thousand dollars back into your pocket each and every year.
  2. Auto Insurance: When’s the last time you shopped for auto insurance? Stop letting auto insurers take advantage of your loyalty. Shop around. You don’t have to wait until renewal time to switch insurers.
  3. Cellphone and cable services: Are there ways you could cut your cable or cellphone bills? Call your cable company and renegotiate your bill. Many people are cutting the cord. Cable companies know this so they’re more likely to play ball with you. Analyze your cell phone bill. Is there a plan that will save you more money? Consider switching carriers altogether. Competition between cellphone carriers is intense and you many be able to snag a great deal.
  4. Subscription services: Check for recurrent services you never use. These are the sneakiest of costs because they’re often overlooked. Do you have a gym membership you don’t use? Maybe you pay for magazine subscriptions for magazines you never read. Perhaps it’s time to ditch your Audible or Spotify subscription.
  5. Utilities: Your home is one of your biggest expenses and utility bills can suck money from your wallet. Simple changes can fatten your pocketbook. Turn down the thermostat on your hot water heater. Caulk or weatherstrip your windows. Purchase a programmable thermostat. Replace your HVAC filters. Unplug unused electronics. All of these will save you money year after year.

If someone offered you a free $100 bill would you turn it down? Probably not. But that’s in essence exactly what we do when we fail to find ways to save money. Unfortunately, it’s often much more than $100 we’re missing out on. Scrubbing your finances for savings could literally save you thousands of dollars every year. Stop procrastinating. Do it today.

BMWK, are you throwing money out the window by overlooking the savings in your budget?

About the author

Alonzo Peters wrote 298 articles on this blog.

Alonzo Peters is founder of MochaMoney.com, a personal finance website dedicated to helping Black America achieve financial independence.

Store

like what you're reading?

Start Shopping!

Discussion

Facebook Wordpress