Thursday, December 9, 2010

How to ask for Salary raise with your Boss

I still recalled that in 1992, the boss of the company asked me to tell him how much I wanted a salary raise!? Have you seen such a kind of “good Boss”?
Nowadays, the market is becoming mature. The Demand and Supply for working force is less than one. It is almost impossible or very difficult to get a raise out of a tight-fisted company. But that doesn’t mean nothing can’t be done. You’ll just have to work a little harder for your salary bump.

So how can you get company to cough up more cash even though economic conditions are tough?

• Wrangle References– This is an area where having an effective networking style can really pay off. Asking your current customers, co-workers for a few kind words about your performance isn’t just useful during a hunt for new work. It can be a powerful tool in moving up your current career ladder, as well. You don’t have to be transparent in your reason for asking; a simple “Would you mind sending an email with your thoughts on our working relationship?” will do. Save the best in a file to arm yourself with at your next performance review or compensation discussion.

• Value Added – Often, it’s not about what they hire you to do that matters. If you are especially well-connected, possess a task or skill that puts you at a unique advantage, or have a willingness to perform beyond your peers (24/7 availability, maybe?), it’s something that you should be paid well for. Demand that you get compensated for this value by letting management know how much they are getting!

• Research Rates – Some companies are large enough to set their own industry rates — and get them. Others are completely oblivious to what someone in your position should be making. If you’ve caught wind that your job tasks are on par for the course of a higher-ranking (and higher-paying) position, bring this up to your boss. Explain that you realize that they may not have the cash to pay the going rate for someone with your expertise, but would they meet you halfway?

• Show Them the Money — for many companies, it’s really just about dollars and cents. Did you save the company $X over last year? Would a process you helped to develop bring in extra money over time? What’s the bottom line of your individual worth to the company? If it’s well over what they are paying you.

Align wit the extra-activities of your boss--- No matters Ma Jon, Hiking, Golf, Swimming, Horse racing, that is a way that you can have more opportunity to talk, communicate with your boss if you can have time for that activities together.

This would be added values as he might know your capacity outside the office. That may imply that you are also good at work if you are a gold golfer, hiker or Swimmer!


Timing

Select the right timing is essential for a raise negotiation, if the Company stock is dropping , the boss’ has just divorced, ( can be a right good timing), or he had lost $30,000 in Macao Casino, please hold it and not to mention anything about salary review.


The best timing is he had a new wife, he had just been promoted, his got a son after years of struggling for a baby, he had finished Marathon within is pre-set target finishing time…etc


Testify for the response, all of the response of the first few seconds can tell your chance to win the raise bump, be smart and stop further dig out too much if he has hesitation to talk with you.


The whole raise negotiation should be completed within in 3 minutes, if longer than that your chance to get the raise is low.


Good Luck!

HK Snob

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