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Five Tips for Successfully Negotiating a Raise

Jan 10, 2019 11:59:00 AM

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Let's talk about asking for a raise. As an employee, it’s probably one of your least favorite things to do. It can be so intimidating and stressful that many of us delay doing it for years – if we do it at all.

Yep, asking for a raise can be that difficult - especially if you’re not an assertive individual, or are inexperienced with negotiating. But, failing to negotiate raises throughout your career can cost you substantially in the long run.

The good news?

Knowledge is power – it can give you the courage to tackle daunting tasks, like addressing your pay with your boss. So, take a deep breath, and read on for tips on how you can power through the negotiation process:

#1) Ask at the right time: Never just saunter into your manager’s office to talk about a raise simply because you feel confident that day. Carefully plan your timing.

Some possible good moments for this discussion? During your performance review, following a strong performance with a recent project, or when your manager has been especially complimentary about your work. Some inopportune times? When budget cuts are pending, or your boss is overwhelmed by projects or distractions.

#2) Know your worth: It’s typically best to ask for a specific amount of money instead of leaving it up to your manager.

So, do some research. Find out what other professionals in your position with your experience and skills are being paid. You can often uncover this information online, through industry associations, or simply by talking to contacts outside of your company.

#3) State the facts: Don’t talk about why you need a raise. Instead, discuss what you’ve done to deserve it. Perhaps you’ve added responsibilities, smashed sales projections, shown wonderful leadership, preserved important client accounts, or completed additional training.

Your presentation doesn’t need to be long to be effective. But, practice it in front an audience – whether it’s a friend, family member, or colleague.

#4) Have a Plan B: Despite your fabulous work performance, dedication, and winning personality, your boss simply might not be able to offer you more money. If that happens, try asking for things like additional vacation time, more telecommuting days, flexible work hours, or stock options instead. It’s all part of the negotiation process.

#5) Establish a timeline: Your manager probably won’t approve a raise during the meeting. So, before leaving the office, get an idea of when the decision will be made. If you don’t receive an answer by that point, politely follow up. 

After getting the raise

You did it! Feel like celebrating? You should. Successfully negotiating a raise is a stomach-churning activity, but you succeeded!

After your celebration, take a moment to think about the long-term. What are you going to do with that extra money in your paycheck?

Stashing some or all of it in our new High Dividend Savings account would be a smart move. With a higher interest rate than traditional savings accounts, your money can grow faster as you build towards paying for a college education, placing a down payment on a house, realizing your dream wedding, buying a bigger car, or taking a fantastic vacation.

You’ll enjoy peace of mind, too, knowing your funds are insured up to $250,000 by the National Credit Union Administration.

Contact us for more information about opening a High Dividend Savings account.

Start Saving Today!

Topics: Bank

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