Myles of Investments

Read about my successes and failures. Learn from my experiences and gain insight without losing any cash!!!

Lesson: Catching a Falling Knife
Lesson: Currency Exchange
Lesson: Mutual Fund
Lesson: Paid to Wait
Lesson: Pricing in a Downturn

This is where you’ll find find my Blog. I will comment on the latest news relating to investing, real estate, and the financial markets.

How to Ask for a Raise? Be Prepared and Ask!

Want to know how to ask for a raise? Read below and I will share my thoughts and experiences on the subject. Do you have an annual performance review? If so, this is the opportunity for you to use your knowledge on how to ask for a raise, if not, then you should first ask your supervisor to institute one. An annual performance review is a critical tool for your potential salary increases, and for receiving feedback on your performance. How can you ask for a raise if you aren’t getting any feedback on how you are performing? You’ll need an evaluation in order to determine if you are entitled to a raise. A performance review can be a great tool, allowing you to understand your role in the company more clearly. It also provides you with feedback on areas of improvement, and learning’s that will help your job function.

Back to how to get a raise: So let’s assume you have at least an annual review. Now, at the review, you should be discussing measurable targets. In order for you to gauge your performance you need measurable targets that you can achieve. These shouldn’t just be qualitative but quantitative as well, as you’ll want the numbers to be a part of how you ask for a raise. Did you improve department profits by 20% last year? Well, in your opinion, relative to your targets did you overachieve?

Ask for a raise in a formal setting, and do not put your boss on the spot, or catch them off guard. This could lead them to err on the side of conservatism, (no raise) as they are not prepared for the formal discussion. Come prepared with your own data. If your company doesn’t have formal metrics, generate your own from your area of responsibility and bring them to the meeting. This way you can discuss the facts and prove that you have been adding value. In this way you won’t need to know specifically how to ask for a raise, because you are letting the data do the asking for you.