Expert Panel, Forbes Coaches Council
Every employee feels underpaid and wants to get a much-deserved raise. But, how do you know if you really deserve one? Are you excelling at your job? Are you really underpaid?
A report by The Balance suggests reviewing job sites to determine the average wage rate in your field. While this can help you determine if you are not getting the recognition you deserve in the earning department, it may not be the only deciding factor your employer uses to decide to dole out raises.
Below, 13 members of Forbes Coaches Council discuss several ways that you can truly stand out at work and increase your chances of getting that much-deserved raise. Here is what they had to say:
1. Clearly Communicate Your Value
Do you know what your impact is on your team, organization or group? If not, then perhaps it's time for you to understand how you add value and keep an accomplishments inventory. What is your supervisor's key metrics? Putting in more hours isn't always the answer. Being able to add focused value and proving (by keeping data) that your contributions are making a difference will get you noticed. - Erin Urban, UPPSolutions, LLC
2. Go Above And Beyond What's Expected
At each annual review, check in with your supervisor. What are their expectations for the coming year for you? Strive to achieve these expectations and go a step or two or three further. If you are going above and beyond what is expected of you and achieving those in a successful way that benefits the company, then it's likely you deserve a raise financially or in position. - Frances McIntosh, Intentional Coaching LLC
3. Identify A Good Reason Why
If you expect a raise, first identify who can authorize it, and then be able to answer why it is in their best interest to do so. Assume that doing good work isn't enough. What other reason would they want to give you a raise? For example, if you take on more tasks, eliminating the need to hire additional resources, that would be a reason and it would be in their best interest to increase your pay. - Donald Hatter, Donald Hatter Inc.
4. Become A Go-To Member Of The Team
Have you become the go-to team member? Does your manager ask you to lead meetings or training in their absence? If you can answer "yes" to both, feel very confident in your request. You have worked hard and gained the respect of your peers (not easy) and manager. They see you as a value-added resource. Now, you just need to calculate how valuable your knowledge and skills are for the organization. - Kelah Raymond, SPARC Solutions Group
5. Keep Track Of What You've Done Daily
Use an old-fashioned pen and paper agenda or keep a document running with what you've accomplished at the end of each day. That way, you can keep track of your accomplishments, see areas where you've gotten your employer out of a jam, and you have concrete examples of how you've positively contributed to the company's bottom line and its culture. - Erika Couto, Erika Couto, Inc.
6. Understand How Performance Is Measured
Performance is often measured at the company, division, team and employee level. Understanding the company performance is helpful first, before focusing on an expectation for yourself. Ask your boss periodically, "How can I best help you or make you successful?" Learn how the board and company operate, ask about sales. Focus on delivering value and building a satisfying career -- financials will come. - Joanne Markow, GreenMason
7. Start From Bottom Line
If you can map a direct line from your performance to an increase in the organizational bottom line, you may be in a position to have a discussion about a raise. No one is in business to lose money; most are in business to turn a profit. The ability to add value by streamlining a process, spearheading a new initiative or being the leader of a growing department may be the key to a pay increase. - Kenneth Johnson, East Coast Executives
8. Scale Up
There is no "checklist." To make yourself both visible and valuable to your leadership, scale up. Operate at a higher level now. Think broadly: What is your manager worried about? What's the next big opportunity or threat around the corner? Think bottom line: Where are there opportunities to reduce cost? Help others: No one is successful on their own merit, be a strong partner to your peers. - Kathleen Woodhouse, Nova Leadership Immersion
9. Have Checkpoints Throughout The Year
Don't go into the review period without knowing where your performance stands. Schedule 30-minute, monthly check-ins with your boss to discuss your projects, showcase your achievements and get feedback. Be transparent and share that your aim is to perform at a level that is worthy of a raise. Check with your boss that you are on track each time. By knowing where you stand you can make adjustments. - Loren Margolis, Training & Leadership Success LLC
10. Determine If You Are Truly Underpaid
If you are performing well, possess credibility with your employer and can quantify your impact on the bottom line, yet look at Salary.com or other similar resources and see you are underpaid, it is time to ask for an increase in compensation. In addition, if your employer has been downsizing but you have stayed, ask to be compensated for the work you will have to take on. - Meghan Godorov, Meghan Godorov Consulting, LLC
11. Be An MVP
Every manager looks for team players who add value. Having an MVP employee is a bonus. This person is proactive and intentional to ensure they prevent problems, solve issues quickly, volunteer for unwanted tasks and work to make life easier for the entire team. Eventually, they become the "go-to" person for special projects. All the while, they stay humble servant leaders and game changers. Be that person! - Tameka Williamson, Celestial & Associates Consulting
12. Mentor Someone
Mentor someone in your company to practice your leadership abilities, communication skills, better understand the business, and to create a larger network through a formal mentorship program or take advantage of informal opportunities. Get together with the mentee and give career feedback and support. As that person’s career improves, it’s almost inevitable yours will, too. - Maria Pastore, Maria Pastore Coaching
13. Seek Honest Feedback
A great way to gauge your competency and efficiency at your job, is to regularly ask for honest feedback. This not only highlights how you are being perceived, but it can also help you to identify areas for improvement. If you receive consistent feedback throughout the year, you will be well prepared at review time to confidently ask for that raise, as you present your gains and growth. - Stacey Hanke, Stacey Hanke Inc.
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