Pay Raise Question: Download Questions PDF
How would you decide what level of pay raise you are looking for?
Answer:
It is important not to appear greedy but rather to remain realistic and reasonable.
☛ If you feel comfortable with your position, tie the salary increase to the increased revenue or profit that is tied to your past successes and expectations for the near future. If you anticipate being able to bring home a lucrative project or contract in the next few months, that may well fund your pay raise. The implication that the next ten months of your year are all bottom-line profit does not have to be stated explicitly, but, if the case is made convincingly, the conclusion is inescapable. If your boss sees an easy way to justify the salary increase to superiors, you are in a strong position, indeed.
☛ The usual tactic of negotiating from a much higher point is not as good an idea with salary increase requests because your boss might think you are trying to milk the company and push the boundaries.
☛ You can break the numbers down so they seem less imposing. For example, you can explain it as being an extra $40 a check rather than $2,200 for the year.
☛ You can also negotiate for more than just a pay raise. Maybe you are happy to take other things in lieu of money, such as shares in the company, a wardrobe allowance, rental assistance or even a more prestigious title. Ask for a company car or for a better one. If appropriate, talk about increased benefits, more conspicuous job titles, and modifications to your responsibilities, management oversight or assignments.
☛ If you feel comfortable with your position, tie the salary increase to the increased revenue or profit that is tied to your past successes and expectations for the near future. If you anticipate being able to bring home a lucrative project or contract in the next few months, that may well fund your pay raise. The implication that the next ten months of your year are all bottom-line profit does not have to be stated explicitly, but, if the case is made convincingly, the conclusion is inescapable. If your boss sees an easy way to justify the salary increase to superiors, you are in a strong position, indeed.
☛ The usual tactic of negotiating from a much higher point is not as good an idea with salary increase requests because your boss might think you are trying to milk the company and push the boundaries.
☛ You can break the numbers down so they seem less imposing. For example, you can explain it as being an extra $40 a check rather than $2,200 for the year.
☛ You can also negotiate for more than just a pay raise. Maybe you are happy to take other things in lieu of money, such as shares in the company, a wardrobe allowance, rental assistance or even a more prestigious title. Ask for a company car or for a better one. If appropriate, talk about increased benefits, more conspicuous job titles, and modifications to your responsibilities, management oversight or assignments.
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