Issue Date: December 21, 2008
MoneySmart |
WALECIA KONRAD |
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Getting a raise in hard times
Tell the boss how you've boosted the bottom line.
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It's never easy to ask your boss for more money. Today it might seem downright unthinkable. Well, think again.
In hard times, a trusted, super-productive employee is more valuable than ever, says Barbara Stanny, author of "Overcoming Underearning" -- especially when your workload most likely has doubled because of layoffs and hiring freezes. Career experts say:
Use the Web to know what you're worth. There's no better ammunition when negotiating a raise than knowing what competitors pay. Check salaryexpert.com and salary.com for free general information on salaries for your job in your area. (Both sites charge for more specific salary information.) Or log on to glassdoor.com to get free company-specific information. The catch: You will need to post your job title, industry and salary anonymously to access the data.
Document all of your achievements with an eye on the bottom line. Winning several awards or mentoring young employees is a real plus, of course, but in this nasty economic downturn, employers want to see money results. Focus on what you have done to help boost revenues or cut costs.
Don't resort to an ultimatum. In an unstable economy, it's just too tempting for bosses to say "OK, fine" if you threaten to go elsewhere. Instead, ask what you need to do to get a higher salary, and nail down the specifics. Then select a date with your boss so you can review your salary -- three to six months down the line.
Walecia Konrad is an award-winning consumer writer.
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