With incentive & salary raise season coming, here are some pro tips for you to sit with your boss and get the raise you have been eyeing for:
Reflect on the past year
Spend most of your time here. You will need to know what went well? What did not? and what you learned? Don’t skip any personal achievements. Focus on “How it helped the business, and if there is direct ROI, as in Revenue Earned, Cost Reduced, the Efficiency gained, then awesome, but be precise. Don’t keep this just in your mind, write it (not type) down.
Gauge your relative worth
There are publically available salary surveys that you can refer to. Check, Research, and find the closest Job title and bingo… use this to manage your expectations and your pitch.
Profit or Loss
Find (if you don’t already know) about last years company performance, especially the bottom line. Best, listen into the latest shareholder call (if yours is a listed company)… This will arm you with insights that will help you pitch compensation negotiation. And if the company is running into losses, see if you can find how much did your Business Unit make.
Understand your relative performance
End of the day, be practical, your boss gets a budget, he will need to distribute it based on some criteria, in an ideal world it is contribution and performance. If the boss doesn’t understand, do your homework and highlight your contribution to the team’s success.
And lastly, be realistic, an overly high or overly Low number doesn’t help your cause.
If you need more help, drop me a note and I will be happy to talk to you personally.
Stay Awesome
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