The Economic news for employees isn’t necessarily stellar these days, as wage growth has been relatively flat for quite a while. According to the Bureau of Labor Statistics, real average hourly earnings for all employees decreased by 0.1 percent from August to September 2016.
Even if you’re not an hourly employee, you may feel like your salary hasn’t moved much in recent years, but what do you do if you don’t want to change jobs? Maybe you love your job, but you’d like a raise in your salary.
There are some things you can do to give your earnings a boost that don’t require shopping your resume to new employers.
Know What Your Worth
You may be underpaid compared to people in similar positions that have similar levels of experience and are located in relatively similar geographic areas. On the other hand, you might be making what would be expected, but you’ll never know unless you do the research and you can arm yourself with real data and facts.
Your boss isn’t likely to respond well to a salary negotiation conversation that’s entirely based on what you feel you deserve to earn so do your research.
Be Proactive with Performance Reviews
Performance reviews are often one of the key things companies and employers base pay raise decisions on. If you haven’t had one in a while, don’t be afraid to ask for one. Come ready with a list of your accomplishments and contributions since your last review.
Also, make sure you take value from your reviews. Be engaged and ask questions so you’ll know where you could make improvements that could lead to a pay increase.
Maybe you feel like you could use more resume boosters or education to help get a raise, but you don’t have the time or the money to go back to college or start graduate programs. Certificates are a great option. They tend to be relatively affordable, most of them are self-paced programs that can be completed online, and they can give you a leg up in your workplace.
Before choosing a certificate, do some research to make sure it’s one that tends to lead to a pay raise, and it needs to be relevant to your job. For example, if you’re in IT, options like the AWS Certification or ITIL certification can be ideal to boost your earning power.
Be Ready To Negotiate
Your boss might be willing to give you a raise, but without even realizing it you could sabotage the whole thing with your meeting. Be prepared when you go to ask for a raise. Not only have the data, but have the documentation to show what you’ve contributed to your workplace.
Don’t be afraid to ask for endorsements from your direct supervisors or coworkers, and have a specific number in mind.
As a final note, during the negotiation process, don’t try to make it a personal appeal as to why you need more money. Instead, it should be about why you’re worth more money because of the value you bring to your employer.