Your number one ticket to increasing your pay is to do your homework. If you didn’t start a year ago, start now. Make a list of all the contributions you have made and when possible, include the percentage of dollars saved, the boost to the bottom line, the competitive edge you gave the company, etc. Include ideas that were incorporated into the company’s strategies, motivating a struggling fellow employee, or even community service.
Included in that first strategy would be a Success Journal. Use this tool to capture positive comments made about you and your projects – and really anything that adds value to the company.
Next do a search on the internet for comparable jobs and yes they are there. Print out the web pages that have the information so you substantiate your findings. You can also draw on your professional associations, trade magazines surveys and recruiting companies (headhunters.) Use an Executive Summary format (search the web for a format you like) and be prepared to share the document during your presentation to your boss.
Personally I would avoid approaching your leader on Monday or Friday. Schedule an appointment with them after lunch or even before business hours. Typically they will be more relaxed.
Language to use in starting the conversation:
“I don’t want what I’m not entitled to so this is where I need your help: (Pick or blend your wording – write it down and practice!)”
- “I think my salary no longer reflects the contribution I make to the company.”
- “What has happened is that I’ve been concentrating so much on the company’s profit and bottom line but haven’t been paying attention to my stream of income.”
- “I believe my salary no longer matches my job responsibilities. (Then share what has changed or added)”
Alternatives to a salary increase:
– Additional vacation days
– Health insurance options
– Days off
– Flexible work schedule
– Memberships (Associations, Fitness Club, etc.)
– Cell phone service
– Training, coaching or learning resources
– Personal trip
What ideas do you have? Please share any tips you have!