How to Ask For a Raise: Top Ten Tips For Getting More Money

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Many employees find it difficult to ask for a raise during normal economic times. Facing today's economy and the bleak outlook for some businesses, employees now find themselves more and more paralyzed by the thought of asking for a salary increase. Employees fear that they'll be refused, ridiculed or worse. They fear that they'll be the next name added to the "reduction in force" list just by asking. No employee wants to look like the creep that doesn't understand the financial woes facing their employer. Everyone wants to be a team player, right? Here are a few simple tips that will help you get a raise in today's world and still be the team player that your company wants you to be.

First, take stock on your own performance over the past twelve months. Have you shown up ready to contribute each day? Have you stayed positive about your company's leadership and the company's future? Do your co-workers view you as an important part of the group? If you can answer yes to these questions, then you have a good chance at being well received by your boss.



Second, do your homework about yourself so that you present yourself as a contributor. Carefully put together of list of what you've accomplished over the past twelve months. Give details about additional revenues generated, time saved, production costs reduced or any other type of benefit that your work has achieved for the company. Make the list no longer than one page.

Third, know what your company's goals are for the near and long-term. Read the latest financial statements or press releases. Learn all you can about whether or not the company is planning to shrink or expand. Be ready to express how you can contribute to those goals and offer to take on more responsibility if there is an opportunity to do so.

Fourth, be prepared with a realistic dollar amount in mind. Review comparable jobs in your market on websites such as www.salary.com. Many state unemployment sites also offer market comparisons for various jobs in local markets. Recognize that some of these sites can overstate an individual's value and, while you may think you're worth $10,000 more a year, your employer will most likely view a request that exceeds 10% of your current salary as outrageous.

Finally, remember that any increase is better than none and be willing to compromise. If you're offered a 5% increase in lieu of the 10% request you made, consider any additional benefits you gain by accepting 5%. Perhaps you'll receive an increased amount of life insurance based on your increased salary or your retirement plan funding may increase. There are also some things that you may be able to bargain for in lieu of or in combination with a smaller increase -- more vacation time or an additional personal paid day off.

So, be brave, be prepared and be ready to compromise. You just may get what you want!

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