Getting a raise is easier said than done…
It is difficult for most people to ask for more money. We don’t want to damage relationships, and always fear the worst possible outcome.
However, asking for a raise is often times absolutely necessary, and well worth the risk. Getting a raise is one of the quickest ways to make more money, as well as one of the most impactful ways to build wealth long-term (a raise now makes all of your future earnings even higher, and adds up to big numbers over a career). If you have the opportunity, you must do so.
You don’t earn what you’re worth; you earn what you negotiate. – one of my favorite personal mentors
To help you do exactly that, I asked the experts what you need to do in order to get a raise at work. Here are 7 steps, as well as 10 tips for getting a raise and more.
First of all, you have to know if you should get paid more. What you really need to do, per Jae Lynn Rangel, is a little homework.
“The 2 most important things one needs to know before asking for a raise are:
1. The value of your job – both internal and external. Internal value is determined by the company’s salary band or pay rate/range for the job. External value is the job’s market rate.
There are lots of resources available on the web to help you find the value of a job including salary.com, payscale.com, glassdoor.com, the U.S. Department of Labor Statics, even trade organizations. Use multiple sources and try to find pay rates specific to your industry and city or state. Also, don’t value your job on title alone. Every organization titles and levels its jobs differently. Look at the knowledge, skills and experience required in the job to find the right market match. [Read more…]