5 Reasons You Should Make More Money
Toward the end of the year, it’s natural to rethink your current job, lifestyle, home, vehicle, friendships and family life. If you feel you are not where you want to be financially, you have four options:
- Cut your expenses, save more money and pay off debt
- Create a business giving you a second income stream
- Work toward a new, better-paying job
- Get a raise
My track record on number 1 really sucks. Number 2 is a great idea IF you have some capital and lots of time. I’m not an expert on this option.
Helping people work toward a new, better-paying job is what I do all day. It takes research, imagination, creativity, and some serious work, but it’s worth it. Whether you choose to get a new job or ask for a raise, here are 5 reasons you can justify your worth – to a current or prospective employer.
You are more valuable to an employer because:
- You bring new business to the organization. Every business needs to grow in revenue. So, bringing new business includes referring and closing new clients, expanding the organization’s product or service line, bundling products to increase sales, creating a new service or product, and ANY marketing or sales boost you provide. Even though you might be a Project Manager or Customer Service Rep, you can claim these wins and ask to be compensated for your efforts.
- You have unique knowledge of the clients, industry, or products. One of my clients was hired to work on software, based on the platform he had created in another position. He not only knew the software, but he also wrote it! Another client posted for a job to sell the medical devices she had used as a nurse. If you have some special knowledge to bring to your job, you are worth more than other candidates, and certainly more than the person sitting next to you.
- You are underpaid in comparison to other jobs in your market. This is a little tricky. Let Salary.com and Glassdoor.com be your friends here. Look up your title and try to find the closest job you can. Factor in your experience, education, number of direct reports, and performance, and you will get a $3-6,000 range of what you should be making. Use the Snipping Tool on your computer to capture the image. Take it with you to the salary negotiation. You may not need to show it, but most HR managers have a healthy respect for market comparisons.
- The job is broader than the job description. Just like projects, job positions have a way of creeping up – more and more responsibilities and scope. If your job has changed significantly, you need to ask for a raise AND a change in title. If you are applying for a job and it is described as bigger than the job description, you will want to ask for more salary to cover that extra responsibility. One client interviewed for a Project Manager job, but asked for $10,000 more because the job was actually a Product Manager role. She got it.
- You can work without oversight or supervision. Everyone claims they can “hit the ground running” and “get up to speed quickly.” But, if you really don’t have or need close supervision, you are worth more. In fact, in your job category, you can command an extra 15%. If you have enough experience to do the job with virtually NO training and nearly NO supervision, ask for a higher salary.
It takes confidence and preparation to negotiate a new salary or a raise. Confidence comes from talking to a compassionate, creative listener. I’m here for you if you need me.
On your side,
The Career Passion® Coach
PS: I have created a special rate for Salary Negotiation coaching. It includes a written document detailing YOUR reasons, how-to-ask strategies, plus talking points for the actual conversation. If you have an interest, set up a time to talk.