Easiest Way to Make More Money? Get a Raise!
It is no great secret that everybody is looking for a way to make more money these days. Groceries are more expensive, interest rates are making our homes less affordable, gas prices are up. Everywhere we go things are just more expensive, and a dollar doesn’t buy what it used to. No matter where I look, there is somebody pitching the next million dollar solution to our money woes. Despite all the potentially great ideas that are out there, many people are leaving the easiest money on the table, right in front of them.
Do you feel like your job could be paying you more? Then ask for more! There is nothing wrong with having this discussion with your boss. It beats trying to pound the job-hunting pavement. Running your own business is great (I thoroughly enjoy it), but sometimes you’re going to bleed for pennies. Never leave the easiest money unclaimed! The strangest thing about asking for a raise is that people are afraid to do it!
This happens for a number of reasons. Many people automatically think that a company will never give out a raise regardless of job performance, experience, extra education, and dedication to the company. They just assume that the company will move on without them and hire somebody cheaper. Yet survey after survey tells us that employers are happy to give out raises if they feel the employee deserves it.
The reticence to ask for a raise is so ingrained in Millennials and Gen Z employees, that many would rather quit and look for another job rather than have what they foresee as a difficult conversation with their employer. Yes, this can be a challenging conversation. You might not get what you want – right away. You might have to justify your request. You might just have to put all your accomplishment cards on the table and see how your hand plays out with the bosses. That’s life!
Don’t let the fear of difficult conversations stop you from achieving potentially lucrative results. There are good ways to have this conversation, and there are bad ways to have it. Let’s start with the latter. Don’t start with an ultimatum. “I’ve been here 5 years, I’m worth this much. Give it to me, or I’m quitting and going to your competitor”. Most likely, you will have a great opportunity to go to that competitor because you’re going to find yourself out of a job if you threaten your employer in this manner. The other conversation that’s not great is talking to your boss AFTER you quit. “I would’ve stayed, but I think I should be making more”. The answer from the majority of employers is “we would have paid you more, but you never asked for it, and didn’t talk to us about any pay concerns”. This is a loser conversation.
The right way to have this conversation is to come at it from a collaborative point of view. Talk about your experience with the company. How you’ve grown as an employee, the responsibilities you’ve taken on, and of course the contributions that you’ve made. Look at a pay raise from the big picture. It’s somewhere that I want to go. Ask your boss how they can facilitate that earnings path. It may involve more responsibility, more complex projects, a certain list of needed accomplishments. Talk about the milestones you need to achieve, and the accompanying rewards that go with meeting them. When you put a raise in the context of department and company growth, you’re giving yourself a much better footing for either getting what you want eventually, or at least meeting in the middle, and getting SOME sort of raise.
It is entirely possible that you won’t get the raise you want TODAY. What this conversation with your boss might do is build a foundation that you can build on for a number of future raises. Look at it as an investment, building a business relationship with your boss, and most likely his bosses for mutual benefit. The other benefit of having this type of conversation is that if you DO meet the milestones that you and your boss have agreed upon, and the company still won’t offer you a raise, you are in a much better position to tell the company that you’re looking for opportunities elsewhere. You did put the ball in their court and they didn’t respond. At least you tried, and future employers will understand why you’re leaving the company.
It's an employee job market these days, and companies are willing to compensate you for your loyalty to them. Have the conversation. The worst that can be said is no. Most likely, you will hear, “I like where you’re coming from, let me talk to my bosses and let’s touch base again and map out a plan”. Remember that success is a process and doesn’t happen overnight. Some progress is better than starting over again. If there’s easy extra money to be gained, take it. Your budget will thank you.
