3 On Your Side: Top 3 Ways To Get A Raise
By Jim Donovan
PHILADELPHIA (CBS) -- So you think you deserve a raise? Why haven't you asked? According to the website PayScale.com, only 43 percent of workers have asked for a raise and women are less comfortable negotiating than men.
"It kind of ranks up there with paying taxes or getting a root canal. This is one of those conversations that people don't like to have," says Corinne Snell, Assistant Dean for Student Professional Development at Temple University's Fox School of Business. According to Snell, "You need to focus on yourself, not what others are making."
So here are our Top 3 ways to get a raise:
Tip #1 Timing can be everything. According to Mint.com the best time to ask is early in the week. Forget about Thursday or Friday, your boss may already have their mind on the weekend.
And it's not just the time of week to consider, also take into account the time of year. Find out when your company makes its annual budget and go in at least two months before that. So if your company sets its budget in October, August should be your deadline.
Tip #2: Be confident, know what you want. Experts say that you should come in with a number in mind, and aim high - but not too high. Do your research and know your value. According to Snell, "There are so many salary sites out there, Glassdoor.com, PayScale.com, Salary.com, JobSearchIntelligence.com, get an idea what comparative salaries are like."
Tip #3: Schedule a meeting. Tell your boss ahead of time what you want to talk about so he/she won't feel like they're being ambushed. Come prepared and be ready to highlight your strengths. You may want to provide them with what's known as a 'brag report'. Snell says, "Think back on your accomplishments over the last year, quantify those you know. And what were the results?"
Surveys show employers are planning to give pay raises averaging 3 percent this year, about par with the 2.9 percent average raise given in 2013 and 2014, but still below pre-recession levels.