Who Wants a Raise?
Jul 17, 2023
Everyone is feeling the pressure of inflation, including your company, making it even more critical that you are the leader that gets ahead of the conversation. Depending on when your fiscal year ends, your company may be getting close to budgeting season. This means you need to be planning ahead. If you plan to ask for a raise, a promotion or have an idea for a new role that is literally "built for you" or someone on your team, you need to start developing your strategy to present the case for yourself and the high performers on your team.
The bottom line is there will be a pool of money - some companies divide it equally among every team member. Others divvy it out according to performance. Many hold a portion of the "raise pool" aside to care for those below the range or at risk.
Keeping the leadership team up to date with employee performance, risks, and expectations ensures you and your team are part of the conversation once the budget is in place and they start meeting with the HR and Compensation teams.
Whether you want a raise, a promotion, or see an opportunity to create a new position, it is not as simple as one conversation. You must do the work, have the conversation, and follow up. It rarely is something your can request and expect a positive result overnight. Having a strategy and patience often ensures a better, more thoughtful outcome.
Below are some tips to prepare you for the conversation.
Getting a Raise
- Document Achievements: Compile a comprehensive list of your accomplishments, successful projects, and contributions to the company. Highlight how your efforts have positively impacted the organization's bottom line or overall performance.
- Market Research: Research industry salary trends and gather data on what professionals in similar roles and with similar experience earn. Use this information as a basis to make a compelling case for a raise that aligns with market standards.
- Demonstrate Value: Clearly communicate your value to the company. Emphasize how your skills, expertise, and dedication have led to increased efficiency, cost savings, or improved processes.
- Request a Performance Review: Schedule a meeting with your supervisor to discuss your performance, growth, and future goals within the company. Use this opportunity to make your case for a raise and receive constructive feedback.
- Exceed Expectations: Go above and beyond in your current role. Take on additional responsibilities, offer solutions to problems, and show a proactive attitude. Demonstrating your commitment and dedication can make a compelling argument for a raise.
Getting a Promotion
- Document Achievements: Create a comprehensive list of your accomplishments, contributions, and successful projects during your current role. Quantify results whenever possible to showcase your value to the company.
- Seek Additional Responsibilities: Demonstrate your willingness to take on more responsibilities and challenges that come with the desired promotion. Show initiative in areas beyond your current job scope.
- Training and Skill Development: Identify any skills or qualifications required for the promotion you may lack. Enroll in relevant courses or workshops to bridge the gap and show your commitment to professional growth.
- Request Quarterly Reviews: Schedule regular performance reviews with your supervisor to discuss your progress, contributions, and areas of improvement. Use these opportunities to showcase your growth and new skills. When the time is right, you can express your interest in the promotion and seek guidance on how to achieve it.
- Network and Gain Allies: Build relationships with key decision-makers and influential individuals within the company. Having advocates who can vouch for your capabilities and potential can significantly improve your chances of getting a promotion raise.
Creating a New Position
I have seen many high-performers identify an opportunity to create a position "made for them." Work is changing; it is about looking for ways to close the gaps between what is and what is not working and having the awareness to make the recommendation.
- Identify a Critical Need: Conduct a thorough analysis of your company's operations and future goals. Identify areas or tasks not adequately covered by existing roles but essential for the company's growth and success.
- Outline the Role's Purpose: Clearly define the objectives and responsibilities of the proposed new position. Explain how it addresses the identified need and how it aligns with the company's long-term strategy.
- Quantify Impact: Whenever possible, quantify the potential benefits and impact of creating the new position. This could include projected revenue growth, cost savings, improved efficiency, or enhanced customer satisfaction.
- Present a Cost-Benefit Analysis: Prepare a detailed cost-benefit analysis outlining the new position's financial implications. Include the projected salary, potential expenses, and the anticipated return on investment for the company.
- Build a Supportive Proposal: Create a formal proposal that covers all the essential points, including the need, purpose, impact, and financial aspects. Present the proposal to the relevant decision-makers, such as your supervisor, department head, or the HR department.
Your team relies on you to have the conversations. Even when they don't get the outcome they desire, when they know you are advocating for them, it goes a long way. When we get the final answer, the rest is up to us—understanding that we all have decisions and that in order to move forward, we must align our actions with our goals is the next best step.
Narratives: Advocate Passionately, Build a Brand, Cultivate Relationships
I work with leaders who are making big decisions to move their careers forward. If you know there is more, but you need to look beyond the map to the unknown territory - it's time for a coach!