ST. CROIX INSIGHTS
Why are so many people afraid to ask for a pay raise?
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
Here’s the strategy your boss won’t be able to argue with when it comes to asking for a pay raise. In our world today, talking about how one earns is such a private and taboo subject, and it shouldn’t be. As a Certified Financial Planner, I must disclose in writing how much money I make, and it drives Mrs. Anderson nuts when I ask others how much they make off me. You and I provide value/service for our customers/clients and we should be compensated for it accordingly.
One area to focus on is value. It’s not about your hourly rate or salary, but rather about the value you bring to the organization. It isn’t something that’s focused on, but it should be. Once you start thinking about it, putting pen to paper, you’ll never look at how you are compensated the same way.
So, when asking for a raise, how do you calculate your value? It’s easy to calculate compensation for a salesperson, but what about everyone else? Let’s say you’re a marketing professional and your current salary is $100,000 year. When you look at your position, what expertise do you bring? What knowledge, skills or abilities you utilize each day to help the organization reach its goals? Do you directly contribute to additional sales or an increase in customer traffic to your employer? What’s the value each new customer means to the company? How have you not only made the company money, but how have you saved the company money?
Customer Service – how many calls do you make or take on a regular basis? What expertise you bring to the table? Do you take more calls vs others in the company? Do you have a skill set that’s hard to find and you wouldn’t be easily replaced? Is your work above and beyond what’s expected of you each day and have you been documenting how you are adding value to the company?
Receptionist – It’s the front door to the store or business. This person can make or break a business. This person sets the tone on most calls. It’s that tone that can make or break everyone else’s day. Do you build client relationships? Do customers know you by name? Are you able to process calls quickly and have a high satisfaction rate or take on other side projects as needed? This list could go on.
Value comes in all forms to an employer. Most employees would never approach the owner of the company or CEO and tell them I’d like to make you more money and here’s how I can make that happen. If you did, they’d be thrilled and wouldn’t look at you the same way (in a positive way) going forward. Your employers want you to succeed.
It’s not always about the money. But money helps. Understand and demonstrate the value you bring to your employer. Talk about it with your boss. Be confident knowing that you make a difference and that you bring value to your employer.
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Ask yourself- can my portfolio support my lifestyle in my retirement?