If you’re looking to fatten out your savings a little bit, it might be time to look at your income and whether you are making the most of your time. There comes a point where you are really saving every spare dollar, so the only way to save more is to increase your earnings.
This may sound a lot harder than it actually is. Have you considered recently whether your employer is paying you what you are worth? We all have friends who are now working as restaurant managers and still being paid the wage of a waitress, or are managing all online communications for a company while still getting paid as a Grade One administration.
Some employers are decent, and scrupulous in paying you what you are worth. But if you think that your wage doesn’t reflect your responsibilities or time with the company, here are some pointers on what to ask for. After all, a raise can be enough to fatten out your savings account until it looks nice and well-fed.
Prepare for performance reviews
I hate the annual self-sell, but it’s a necessary part of life should you be working in a company that adheres to HR policy. Annual performance reviews are often when wages are reviewed, and you want yours to be a positive affair for all involved. Prepare, and bring along all the relevant documents that show the work you’ve done over the last year. Don’t be shy in talking about your achievements; no one else will be.
An article on this issue written by Forbes suggests that you should write your own self-evaluation and compare it to the evaluation that your boss has written. At the very least, they’ll have one adjective- proactive- to remember about you by the end of the meeting. Suggesting what goals you would like to achieve in the forthcoming year will show you’re committed and worthy of some investment (read, super lovely raise).
Know your job description
From the get-go, understand your job description. It has been written for a reason, and you can assume that meeting the objectives set out in your job description is a pretty successful way to earn yourself a raise. Make sure you keep a record of how you’ve met each objective for the inevitable conversation.
Knowing the comparable salary for people at your job level is important. It’ll give you something to point to that can prove you are underpaid.
Sometimes these conversations go awry, I don’t give any guarentees. In my experience, however, I’ve found that bosses tend to like employees who are straight with them. If you’ve armed yourself with what you think is a reasonable argument as to why you deserve a raise, then set up a meeting with your boss and explain it to them. Don’t fly off the handle and don’t throw threats around, that’s just a quick way to lose yourself a job.
If you’ve had an expression of interest from another company, mention it. Part of this negotiation is to sell yourself as worthy of some extra dimes. Should your boss refuse or say that the company doesn’t have the money, ask to reopen negotiations in three months time or suggest you could work fewer hours for the same wage.