Negotiating A Pay Raise?

tryrrthg

kind of an odd topic for an audio forum, I know, but none better place to get a good diverse group than the internet and this is the board that I'm most active on... and besides, CP has been good luck for some polkies in the past.

Tomorrow I have my yearly performance evaluation at work. If all goes well I was going to step up to the plate and ask for an additional pay raise on top of the usual yearly merit increase.

I’ve worked there for just about 7 years and have never asked for a raise, although I get a small one each year pretty much no matter what... I’ve made up a list of things I feel are noteworthy for my boss to consider.

Anyway, I’ve never done this and was wondering how to go about doing it without peeing down my leg... any advice?

jdhdiggs

A list of accomplishments is nice, but I might focus more on how those accomplishments prove your value to the company and demonstrate that you're ready to start taking on more responsibilities. In fact, you may want to discuss what responsibilities and accomplishments you'd like to do in the upcoming year. To me, that shows a lot more initiative and likely to merit a raise as opposed to a worker bee just competantly plugging along.

An additional point would be to do research on what people with your job/experience are making elsewhere. If you are still at your first job, it wouldn't be surprising to find out that you are making 10-25% less than others in your field. Knowing this gives you a lot of leverage as if you quit, that's what they would have to pay to replace you plus training time and cost.

Also, you need to know your boss and how far you can push them and remain on good terms. Burning a relationship with your boss for another $100/month isn't worth it.

That's about it from me.

TennesseeOutlaw

Very sound advice jd.. Another thing one might add is, pending on the type of job you have, what kind of revenues are you specificly contributing to for the company? Are you responsible for new "huge accounts?" Have you increased profit in you dept./office? I need a few more details before I could give you any sound advice.. Albeit, I have never had a corporate job; nonetheless, dealing with people is the same no matter the business..

Early B.

TennesseeOutlaw wrote:

Very sound advice jd.. Another thing one might add is, pending on the type of job you have, what kind of revenues are you specificly contributing to for the company? Are you responsible for new "huge accounts?" Have you increased profit in you dept./office?

That's it.

You have to QUANTIFY your value to the organization.

Don't be tentative, either. If you deserve a raise, don't be afraid to ask for one. If you are, your boss will smell your fear.

TennesseeOutlaw

Wow!! Im honored!! Finally I have contributed to a thread w/o being tripped, pushed, or nudged under the bus!! TYVM Early B.

tryrrthg

thanks for the insight, guys.

I will incorporate some future goals in my list.

I am an actuary, I work for an insurance company. It's my job to analyze data and help my boss make decisions based on that data. The state I work on has made money for the company the last three years, the only three years in the history of the company. although I don't make the big decisions I had a hand in us making that profit. I have included the profit figures in my list.

I have also included market data on competitive salaries. this is my first job out of college so I am well below the going rate.

tonyb

While I agree with the other posters,do alittle research on the pay scale for your position.Most corps pay the position,say in a range,for example,35-50 grand.If you are allready at the top end of your scale,your request will most likely fall short.Watch how you phrase your request and the tone of your voice.Maybe ask ' What he needs from you,to reach the next level'.We will all pray for your success.And if that fails,come back with a loaded colt 45.Worked for steve,thats how he got his pool.:D

tonyb

TennesseeOutlaw wrote:

Wow!! Im honored!! Finally I have contributed to a thread w/o being tripped, pushed, or nudged under the bus!! TYVM Early B.

Day' not over yet T.O.:p

TennesseeOutlaw

tonyb wrote:

Day' not over yet T.O.:p

Very true.. I can only hope for some bi-partisan understandings with fellow forum members.

Demiurge

I have no idea what your job is, and that is a factor.

Generally, speaking to the top man (owner, CEO, President, whatever..) in your organization is the best option when you're looking for a raise. They're the most no nonsense about it. If you're at a big place with lots of micro-management crap going on I would be a lot more weary about asking for a raise without a lot of research like tonyb suggested. In most places like that you're just a number to them.

If you're speaking to the owner, just be honest with him. In addition to asking for a raise -- ask to take on more responsibilities as James suggested. If you don't want to do more, then you don't want a raise. Why? Well, that's what sets you apart from everyone else who can do the same job that you do -- assuming there is more than just you that does it. In that case you have a lot more leverage.

Best of luck, though! Honesty really is the best policy!

wallstreet

Demiurge wrote:

I have no idea what your job is, and that is a factor.

Hehe, if he only knew. Actuaries are a strange lot, no offense meant. They're the people that figure out when you're going to kick the bucket, get cancer, etc. They take that info to figure how much they should charge you for health and life insurance. That said, the actuaries are the most important people in the company.

Demiurge

It probably would have helped if I had read that post, first...

tryrrthg

wallstreet wrote:

Hehe, if he only knew. Actuaries are a strange lot, no offense meant. They're the people that figure out when you're going to kick the bucket, get cancer, etc. They take that info to figure how much they should charge you for health and life insurance. That said, the actuaries are the most important people in the company.

LOL I'm not that strange.

You've done a good job of describing a life actuary, but I work on property and casualty insurance (home and auto insurance). so I try to figure out who is going to file claims and lose the company money, etc. thus charging those segments with a higher rate.

shack

Unfortunatley the biggest increases come when you make the jump from one company to another. When we hire new "qualified" people we often have to "pay up" to get them or we end up hiring inferior or unqualified employees. In some cases we have to pay more than the current employees are making. In a perfect world we would simply raise everyone up accordingly (can anyone say INFLATION?) but real world economics won't allow it. Unless you are incentive based, year in year out most companies will give 3-5% raises to match cost of living and bonuses if you do a good job. Companies love to give bonuses because there are no other hidden costs associated (unlike salary increases) and they are not necessarily recurring. It is not unusual to get a 10 to 25% jump in salary by just changing companies. Of course you can always let them know if you don't get an increase, you will explore your options elsewhere. Just be prepared to follow through on your threat and know that you can probably only do it once if they bite. I personally have never done this and never will...but it is an often used tactic. As an employeer, if an employee comes to me with this proposition, I will usually wish them well in their new job.

wodom1

shack wrote:

It is not unusual to get a 10 to 25% jump in salary by just changing companies.

Good luck! I don't have any advice to offer, but can only reinforce what Shack said. I changed companies this summer and was able to get a 15% salary increase plus a possible bonus of 10% of my salary and merit raises twice a year. If you don't get an answer you like from your boss, definitely shop around for a new employer if you're otherwise unhappy with your currant company.

PolkThug

tryrrthg, you've got the right idea, but your timing is wrong. You needed to plant this seed BEFORE the budget was locked in for the raises. Ideally, you should have started around September/October, so when your superiors divided up the spoils, you specifically, would be on their minds.

I've gotten a few raises becaused I asked for them, the squeaky wheel gets the grease!

tryrrthg

Thanks for the advice guys. But you're making me nervous!

I actually had the opportunity to leave for another company last summer, but ultimetly I turned it down because it just didn't feel right. I don't LOVE my current job, but it is certainly tolerable and I really like the company I work for. It's very laid back, which suits me well as I'm not this career driven monster like some people.

Having said that, I have had a LOT added to my plate the last year or two and have gotten the job done well. The state I work on is profitable for the first time and we're at the point that it could make profit year in and year out. Not to mention all the new products we will be introducing, products that I will be working on in addition to all the old products. Just 3 or 4 years ago I was responsible for 4-5 rate revisions a year, at the MOST. Now we're cranking out 10+ a year and I haven't really seen any compensatory changes.

anonymouse, good guess, but I don't work for Nationwide. Although I did just get a phone call from a recruiter about an open position there with a pay range about 25% higher than I make now. I just don't know if I'd like the BIG corporate work place. but it might be worth a look.

jdhdiggs

Did it work?