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5 things that will help get you that raise

Written By Mitch Glaser

 

We all want, actually NEED, that raise.  We start a job in order to learn, progress and take on more responsibility.  With that comes more money, period.

It’s important however to realize that it’s a manager’s responsibility to:

  1. Produce quality work and meet company objectives
  2. Keep expenses as low as possible
  3. Retain employees and keep them happy

These goals are ordered by importance.  When we understand these goals, we can start getting a little more strategic about how we go about asking for more money for ourselves.  If the Company is performing well and doing so profitably, from a business perspective everything is A-Okay. It requires a real and sometimes awkward conversations started by THE EMPLOYEES for management to understand that you or the team is unhappy.  Business performance is 100% a product of the actual employees doing the work – all good managers recognize this.  Which brings us to the 5 things we all need to understand before going and asking for that raise.

1. If you are making the machine operate smoothly – you are incredibly valuable

Business is hard.  We know this first hand.  Creating a model where you’re bringing in enough money to cover expenses and pay people for all of the necessary functions a business needs is incredibly difficult.  It’s important to not ignore this fact and simply think “I need more money” – you need to come from a perspective of understanding those challenges, how delicate a business model can be, and then express the value you’re bringing to that delicate system.  If the business model is working with you in it, that’s a win to begin with.  No company should have a bunch of extra heads doing the same redundant function, which means they NEED someone doing your job, doing it well, and doing it week after week.  Which bring us to number 2…

2. Good people are incredibly hard to come by (and expensive)

A hard working and motivated employee is very hard to find.  Not only because they are a rare breed, but also because people are VERY GOOD AT ACTING… well at least in the interview and for a few months afterward.  All of a sudden, 3 months go by and UH OH – looks like Chad doesn’t care about this job as much as we thought he did.  Do we fire him now? Have a conversation and wait another 3 months to see if he gets his act together?  This happens ALL THE TIME.  A good manager understand that a good employee, who’s been a good employee for a couple years is incredibly valuable.  Not to mention onboarding new employees has HUGE up-front costs and tax implications.  Asking for that raise IS OFTEN WAY CHEAPER THAN FINDING SOMEONE ELSE especially when you factor in the lost time and energy spent finding that new employee.   Which brings us to number 3…

3. Leaving for another opportunity is okay! But it’s bad for your manager

If you know your worth, know that your current employer should meet you at that value and they’re unable or unwilling to do so, it’s okay to look for other opportunities.  In fact, I know many people who have consistently done “market checks” throughout their entire career where they go interview with other companies, receive offers and bring them to their current employer and simply say: “I love this company and I love working here.  Someone from *X* company reached out and we had a few conversations and they are willing to bring me on for *$X* amount.  Like I said, I love this company and if you’re able to to meet me here I would love to stay.”  This gives you ALL OF THE LEVERAGE.  If they want to give you the raise, great. If not, boom you just went out and found your raise. Oh and we almost forgot… it looks horrible for your manager to churn out their employees.  That means they are not executing on 1 of their 3 key goals.  They want to keep you, believe me!

Many people get worried that this sort of conversation will burn bridges and make people angry.  Which brings us to number 4…

4. People respect you knowing your worth and your willingness to go get it

You don’t need to worry about what your current employer is going to think about you for asking for a raise. Why? Well for starters, your manager was probably in a very similar situation as yourself at one point – where she or he had to work and fight for that raise or promotion.  Nothing is just handed to us in the world of business.  You need to let people know that they need you, that you’re valuable and they will lose you if they don’t collaborate with you on what you need to be happy.  Having been in your shoes, your manager will surely respect you for showing the initiative and desire to grow within the company.

5. The squeeky wheel get’s the oil

Simply put – say nothing, get nothing.  Act happy and people will assume you’re happy.  No one is going to choose to believe that under your smile, you’re upset.  You need to raise your hand and voice your concerns.

Your 3 step “market check” strategy to get your raise in 3 months

The below is a simple 3 step approach to get your raise.  Do these 3 things, and you will be making more money in 2 months, guaranteed.

  1. Go on LinkedIn and other job boards, find similar or interesting jobs and begin interviewing – even if you’d like to stay where you are
  2. Interview until you receive a new offer for money
  3. Bring the offer to your current Company and ask them to meet you at the new number.  Then make your decision.

It’s as simple as that.  It’s a strategy used by people all the time, because it works.

We hope this article was helpful – please reach out with any questions! hello@wearefredi.com

Mitch Glaser

Mitch Glaser, banker turned entrepreneur, is the Cofounder of Fredi! Throughout his high-pressure career on Wall St, he has experimented with a wide variety of methods to keep his productivity up. He is excited to share his insights with you surrounding productivity and mindset hacks, business, nootropics, and finance.

 

Follow along with him on Instagram and LinkedIn. Check out some of his blog posts, including Nootropics: Holistic wellness for your busy brain.