There are a number of ways you can do more with the money you make, whether we’re talking about simply saving it, using it to pay down debts or putting it toward some long term goal. However, don’t forget about addressing the amount of money you make. Obviously, the more of it you have coming in, the easier it often is to remain financially responsible. Before you ask for a raise, though, make sure you avoid the following mistakes.
It’s essential you wait until the time is right. After all, as they say, timing is everything. If you ask for a raise when your company is cutting back, you’re not going to have very good chances of actually receiving it. On the other hand, if your company is bringing in record profits, now’s the time to get some of that cash for yourself.
Always focus on your strengths when asking for a raise. This probably seems obvious, but a lot of people will open “negotiations” by pointing out how long it’s been since they’ve received a pay increase. For most companies, this will have a lot to do with the recession, meaning just about no one has received a raise recently. On top of that, beginning with any negative just doesn’t set a good tone.
But this also means you need to address your strengths in a positive light too. Are you doing the job of three people right now? Make sure it doesn’t sound like complaining when you bring that up. Also, you want to understand whether or not this type of thing is rare in the company or if you’re not the only one taking on this kind of burden.
Lastly, have clear data. Objectively sell yourself. Bringing up arbitrary points about how long you’ve been with the company or being a “team player” isn’t going to help you wrestle money away from your employer.
Without these mistakes tripping you up, you should stand a much better chance of coming out ahead when it comes to asking for a raise.