All across America, it is performance review time — the annual ritual of nervousness and wincing when everyone from interns to executives gear up to receive critical feedback about their work. In addition to the evaluation of performance and success, this is the time where managers and HR pros decide on bonuses, promotions, and raises.
While employees probably cannot turn the tide of a poor performance streak, there are behaviors you can practice that will improve your chances for a raise this review cycle or next. For insight, we turned to Joel Garfinkle, executive coach and author of Get Paid What You’re Worth. “Your manager will most likely never come to you and simply give you a raise. You need to ask for the pay increase. Don’t be afraid to ask for the raise,” Garfinkle says.
Here he weighs in on the 10 simple ways to show your boss you’re ready for a raise.
1. Practice good communication early and often.
“Great communication skills are critical in every aspect of your career. Whether it’s communicating with your superiors, fellow team members or those you’re directing, effective and efficient communication will help ensure you’re seen as a valuable asset.”
2. Show your ability to motivate and inspire those you work with.
“Being seen as a great team motivator is typically key to moving up any company’s organizational chart. Great leaders don’t tell people what to do, they inspire them to do their best.”
3. Consistently push the boundaries of what’s possible.
While you may not be able to invent the next big app or revolutionize your industry, showing that you are proactively thinking about business solutions and ways to innovate will make all the difference come review time.
“Whether you’re developing innovations within your industry, your company or just within your specific job duties, showing that you can think outside the box, to help take your organization to the next level is going to really make a good impression on those who’ll be determining the fate of your promotion.”
4. Think about what contributes to the bottom line.
“Hard work is always a great start to securing that raise, but definitely not all that it takes. Your value as an employee, which is determined in both qualitative and quantitative measures, are areas your manager can put a number to and are often easier to use as leverage, when talking about a raise. Remember, improving a business’s bottom line is a primary goal of for-profit businesses. For this reason, if an employee consistently is contributing effectively and efficiently to this goal, it’s going to be more likely these efforts will develop into a raise.”
5. Be mindful of timing.
Timing is important for these 2 reasons:
“The timing of the company’s fiscal health and future plans. How is the company doing, financially? Are they in a position where they can afford to give you a raise? What are their future development plans and how important is the work you are doing to contribute to those plans success? This can increase your value significantly if they feel like they ‘can’t afford to lose you.’”
“Secondly, the timing of your supervisor. Where your supervisor is on that oscillation of employee worth can affect whether or not he or she can get your raise approved. Even the mood they are in (both due to personal and professional reasons) can impact your effectiveness on negotiating a raise. ”
6. Get buy-in from your colleagues and mentors.
“Endorsements and recommendations can be the deciding factor when it comes to getting a raise. When your peers or supervisors praise your work, definitely keep track of that as supporting material for the raise discussion.”
7. Be a risk taker.
“In order to negotiate, you must be willing to take the risks to ask for what you want. Your fearless and courageous attitude will help you take the necessary risks to get the upper hand.”
8. Be confident in yourself and your own self-worth.
“The #1 reason most people get less in a negotiation is due to lack of self-worth. People under-earn because they undervalue themselves. Be confident in yourself so you can believe that you deserve the amount you are asking for.”
9. Have the right amount of patience.
“Most concessions occur at, or even past, the deadline. Be patient in order to get your desired amount. You will be tempted to give in and accept the offer, but this is where the real negotiation begins. The more patient you are throughout the process, the greater your chances are for getting what you want.”
10. Stay ready.
“Employees should never wait for their periodic review to discuss their raise and/or promotion aspirations, instead they should be having these conversations with their superiors throughout the year. Oftentimes, raises require budgetary changes, and this means that it needs to be planned and budgeted for by your supervisor. Letting your supervisor know of your desires also allows them to give you more responsibility so you can take on opportunities to earn that raise. When you do take on additional responsibilities and are successful, definitely keep track of these accomplishments so you can use it as supporting evidence supporting for your raise request.”
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|