Everybody would like to get a raise, but of course, not everybody does.
There are a lot of factors that play a role in the likelihood that a person gets a raise, including their performance and how valuable they are as an employee. (In other words, how much of a return the company is receiving for investing in them.)
However, there are things that you can do to increase the chances that you do get a raise. Much of a person’s success is about timing, and securing additional compensation is no exception.
Keep in mind that a “cost of living raise” is usually considered to be between 2% and 3%. If you receive a raise in that range, it means that you’re basically keeping up with the cost of living . . . and that raise really isn’t a raise at all. Especially since inflation is rising in the broader economy more than just 3%.
For an increase in compensation to truly make a difference, it should be more substantial. With that in mind, before are four things you can do to increase your chances of getting a raise this year:
#1—Do your homework.
What does this mean, exactly? It means finding out what the industry standard is for your position and job description. If possible, find out what kind of compensation (and raise) is typical within your employer. Then use all of this information to formulate what raise would be reasonable for your particular career situation. Websites such as PayScale.com are helpful when conducting this type of research.
#2—Be able to articulate what sets you apart from others.
During a job search, it’s important to differentiate yourself from everybody else in the marketplace. The same approach applies to landing the type of raise you want. Remember, we’re not talking about the 2% to 3% cost of living raise, but a substantial raise that outpaces inflation. Your co-workers might receive the former, but you want the latter, so it falls upon you to first identify and then communicate what sets you apart from them and why you are deserving of a larger raise.
#3—Be prepared to prove your worth to the company.
Before your boss can grant you a raise, they must be able to justify that raise, not only to themselves, but also to theirboss. Articulating what sets you apart is the first step. The next step is proving your worth and backing it up with raw data. What have you done to save the company money and/or make the company money? Present those, as well. When it comes to building your case for a raise, there’s no such thing as too much evidence.
#4—Ask for a raise at the right time.
Obviously, you want to ask for a raise when the company is doing well financially. It would be even better if you were directly contributing to the company’s success and was a driving force behind it. That way, it will be easier to articulate what sets you apart (#2) and be able to prove your worth with supporting data (#3).
Put all of the pieces together and use the four-step process listed above, and you’ll greatly increase the chances that you’ll receive a bigger raise this year!
Last year, Time Staffing won ClearlyRated’s Best of Staffing Client and Talent Awards for providing superior service to their clients and candidates. ClearlyRated's Best of Staffing Award is the only award in the United States and Canada that recognizes staffing agencies that have proven superior service and quality based entirely upon ratings provided by their clients and job candidates. Time Staffing received satisfaction scores of 9 out of 10 or 10 out of 10 from 75.4% of their placed talent, significantly higher than the industry’s average of 45%.
Contact us today to find out more about the employment opportunities that are available in your chosen field!
Comments are closed.
Time Staffing Inc.