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Show Me the Money! How to ask for a Raise!.

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Presentation on theme: "Show Me the Money! How to ask for a Raise!."— Presentation transcript:

1 Show Me the Money! How to ask for a Raise!

2 Did You Know? If you ask for a raise and the boss says no, the best thing to do is threaten to quit. Your boss should know most of the daily details regarding your work. If a co-worker with the same responsibilities is paid more than you, should you bring this up when asking for a raise. Should you tell your best friend at work about your intention to seek a pay raise. The best time to ask for a raise is on a Monday morning.

3 Job perks lick extra vacations or a 4 day work week can be considered a raise.
A good reason to ask for a raise is because you have a long commute to work. Are you more likely to get a raise in a large firm or company. When asking for a raise, you should have a list and description of your accomplishments. If your boss gives you a lot more responsibility, should you immediately ask for a raise. Bonus: _______ The best time to ask for a raise is after you do something good.

4 Before you ask… Consider a few key assumptions:
You provide value to your company. The company is doing reasonably well financially. Re-read assumption #1.

5 Before you ask… Find out your company's policy about granting raises.
Normally you would not ask for a raise before six months of solid work experience

6 Why do you deserve a raise? What have you done for the company?
Before you ask… Make a list of all your accomplishments. Why do you deserve a raise? What have you done for the company? Keep a private list of your accomplishments and additional responsibilities, including any work problems you've solved. Your list should be specific and your accomplishments measurable. Instead of saying, "I do all the Accounts Receivable processing," say, "I reduced the AR backlog by 42 percent in three months." 6

7 Before you ask… Make a list of your best personality traits.
Enthusiastic Hard worker Energetic Responsible Loyal You need to be able to demonstarte and prove these traits. 7

8 Do you demonstrate initiative each day?
Before you ask… Ask you self… Do you demonstrate initiative each day? How? Ask your boss how you can be of additional help. At the same time you'll be expanding your career knowledge. Don't ask for more money at this point! You're not worth it until you learn the new work and can demonstrate your effectiveness. Then you'll have real job security - you'll know and do too much for the company to want to lose you. Offer to help others in the office with their work, especially those who can teach you new methods or procedures. Be a good neighbor and become more valuable at the same time. Employees who go above and beyond typically get rewarded either at their present job or at future ones. 8

9 Before you ask… Know What You Want! 9
Generally speaking, you will have more latitude in negotiating salaries in smaller, less bureaucratic firms. Larger companies are often more rigid. But even in larger firms you can try to get your position re-classified to a higher pay grade if you take on more responsibility to support such a move. So time is a really valuable commodity. If you can't get a cash raise, why not ask for more vacation? One week more of vacation can mean a 2 percent raise. Two weeks is 4 percent. If you arrange it all correctly, you can still do the work you need to do, and take the time off, too! 9 9

10 Perks can be considered a raise!
Before you ask… Have A Plan "B“ Perks can be considered a raise! So time is a really valuable commodity. If you can't get a cash raise, why not ask for more vacation? One week more of vacation can mean a 2 percent raise. Two weeks is 4 percent. If you arrange it all correctly, you can still do the work you need to do, and take the time off, too! There are plenty of other ways to negotiate time, too. There's flextime; there are personal days; there's payment for unused vacation time. Many people don't negotiate "comp time" for days they spend at conventions, trade shows, late with customers, etc. By paying attention to getting compensated for that time (either by money, or more likely with comp time) you can increase your income dollars/per/hour. Have A Plan "B" You may not be able to get more "$$$" out of your boss at this time so be prepared to ask for other "perks." Many companies can offer more vacation days, flex-hours, or health-care benefits. Ask "Can you recommend anything else I can do to put me on track for that raise in the future?" 10 10

11 Don't tell a co-worker that you are going to ask for a raise.
Before you ask… Don't tell a co-worker that you are going to ask for a raise. Why? Surprise is critical. Don't tell anyone associated with your company - even your best friend - that you're going to ask for a raise. Your best friend has other office friends, and before you know it, your boss is ready for you. Suddenly he or she is complaining about your work, and you're too intimidated to ask for a raise. 11

12 Check the work environment and the mood of your boss.
Before you ask … Check the work environment and the mood of your boss. How do you know when your boss is in a good frame of mind? And if your boss was just called on the carpet by the CEO or if your company recently had a major layoff, that’s obviously not a good time 12

13 Make an appointment to speak to your boss.
Before you ask… Make an appointment to speak to your boss. What is the best day to ask for a raise? The best time? Choose your timing wisely. The best time to ask for a raise is when you have just completed a big project, solved a major problem, taken on new responsibilities, or done something else that was noteworthy.  But if you have recently blown through your budget, fallen short of your goals, or had a major screw-up, forget about that pay increase for awhile.  And if your boss was just called on the carpet by the CEO or if your company recently had a major layoff, that’s obviously not a good time  5 p.m. "The key is finding a moment when your boss is not rushed and has time to truly listen," and that's most likely to be the end of the day, says Lynn Ellis, a career coach in Austin, Texas, who has worked with employees and bosses at global companies like Unilever. “That’s when I’m getting ready for the next day or looking ahead to the next week, and I’m in a good mood because I’m going home soon,” says Amy Holloway, a vice president at AngelouEconomics, in Austin. And you’ll have a biological edge then, since, as Body Clock Advantage (www.amazon.com) author Matthew Edlund, M.D., points out, your elevated body temperature makes you more alert in the late afternoon. But asking for a raise is not an exact science. Ellis advises tracking your boss’s daily habits to find the ideal, low-key time for him or her. And, in the end, if you’re at your best in the a.m., just go for it. What's the Best Day to Ask for a Raise? - Brief Article NEW MEXICO BUSINESS JOURNAL,  March, 2000   Don't be looking for more money from your boss on a Monday or Tuesday. Mondays are typically reserved for taking care of such negative duties as poor performance reviews and terminations while Tuesdays have become notorious as the day when mass job cuts are announced. That's according to John Challenger, the ceo of Challenger, Gray & Christmas, the outplacement firm, and he should know. He says forward-looking companies tend to get bad news out of the way early in the week because employers and employees are better able to make adjustments and improvements during the rest of the week. Well, it's a theory. 13

14 Before you ask… Make sure you have not asked for a favor or made any major mistake within the last two weeks. What's the Best Day to Ask for a Raise? - Brief Article NEW MEXICO BUSINESS JOURNAL,  March, 2000   Don't be looking for more money from your boss on a Monday or Tuesday. Mondays are typically reserved for taking care of such negative duties as poor performance reviews and terminations while Tuesdays have become notorious as the day when mass job cuts are announced. That's according to John Challenger, the ceo of Challenger, Gray & Christmas, the outplacement firm, and he should know. He says forward-looking companies tend to get bad news out of the way early in the week because employers and employees are better able to make adjustments and improvements during the rest of the week. Well, it's a theory. 14

15 Before you ask… Dress extra nice or more professional on the day you have the appointment. Loyalty, teamwork, importance How to Ask for a Raise! 15

16 What do you say? State how long you have been with the company.
“Mr. Jones, I have been with your company now for the past six months, and” 16

17 What do you say? State how much you like working for the company..
“and I really like working here. I feel like I have learned a great deal and I am now able to contribute.” 17

18 What do you say? Ask the boss for a quick verbal evaluation of your performance. “Are you happy with my performance?” How to Ask for a Raise! 18

19 What do you say? Listen and remember the positive statements your boss is making. If he gives you negative statements, ask him how you can improve. Stop here. (Do not ask for a raise). 19

20 What do you say? Repeat the positive statements and then ask if "he would please consider you for a raise. “I am happy that you feel I am a loyal employee, would you then please consider me for a raise?” 20

21 What do you say? Suggest an amount of money for the raise.
“At present I am earning $7.15 an hour. I would like for you to consider a $1.00 an hour increase.” 21

22 What do you say? Ask for a response within a reasonable amount of time. “Will you get back to me by the end of next week with an answer?” 22

23 If your boss says YES! If you receive a positive answer, thank your boss and promise to continue to do a good job. Tip: Don’t tell your co-workers that you received a raise or how much you make per hour or weekly? Why? 23

24 If you boss says NO! Ask what you can do to help the company make a profit. “I am sorry to hear that this is not a good economic time for the company. What more can I do?” 24

25 If you boss says NO! Ask how can you improve.
“I am glad you are being honest with me concerning my work. How can I improve? I am eager to do better.”

26 could put your job in jeopardy!
If you boss says NO! Never threaten to quit! This tactic could put your job in jeopardy! Whatever you do, don't threaten to leave unless you get a raise. While your boss might give you an increase, this tactic could put your job in jeopardy. Unhappy about being pressured into paying you more than he or she thinks you deserve and feeling potential pressure from others who will think this is a great strategy, your boss could soon be looking to replace you with someone who costs less and isn't a troublemaker. 26

27 Never cite personal reasons for seeking a raise.
If you boss says NO! Never cite personal reasons for seeking a raise. Never cite personal reasons for seeking a raise. Your commute may be too long, and everyone else with the same position may make more money than you do. But these have nothing to do with the value you bring to your job. Your boss will respect you more if you ask for a raise based on your merits, not on your personal needs. 27

28 If you boss says NO! Never use a new job offer as a springboard to getting a pay raise in your current position. Finally, never use a new job offer as a springboard to getting a pay raise in your current position. Say you've found a new job, given notice, and your boss counteroffers with a raise that meets or exceeds the salary offer from your new employer. Should you accept this offer? No! If your boss didn't think you deserved more money before you gave notice, why are you suddenly worth more money after you've given notice? In this case, your boss is "rewarding" you out of a sense of panic, not based on merit and the value you bring to the job. You might keep your current job, and get the pay raise you were looking for, but it may only be a matter of time before your boss replaces you with a "cheaper" model. 28

29 Ask when you should inquire again.
If you boss says NO! Ask when you should inquire again. “After I improve my performance, may we talk about this topic again?” 29

30 Did You Know? If you ask for a raise and the boss says no, the best thing to do is threaten to quit. Your boss should know most of the daily details regarding your work. If a co-worker with the same responsibilities is paid more than you, should you bring this up when asking for a raise. Should you tell your best friend at work about your intention to seek a pay raise. The best time to ask for a raise is on a Monday morning.

31 Job perks lick extra vacations or a 4 day work week can be considered a raise.
A good reason to ask for a raise is because you have a long commute to work. Are you more likely to get a raise in a large firm or company. When asking for a raise, you should have a list and description of your accomplishments. If your boss gives you a lot more responsibility, should you immediately ask for a raise. Bonus: _______ The best time to ask for a raise is after you do something good.

32 How to Ask for a Raise Project
Create a poster that depicts the Do’s and Don’ts of asking for a Raise!

33 How to Ask for a Raise Project
The End! 33 33


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