Using Your Performance Review to Negotiate a Raise You Deserve
It’s that time of year again when the department manager notifies you that it’s time to have a chit-chat in the office about your performance at work. While this can be more than just a little intimidating for many folks, did you know that it’s also a prime time to negotiate a much-deserved promotion? The key is to walk confidently into your manager’s office armed with the evidence of your value to the company and a list of achievements that back this up.
A performance review can provide the right opportunity to highlight your worth to your manager and to the organization as a whole. Read on to learn some tips for using your performance review to negotiate a raise you deserve for all your efforts.
Keep a running list of your professional achievements.
Throughout the year, make sure you are documenting every special project or task you are assigned. This can be as simple as setting up a spreadsheet that lists the name of each project, the steps to complete the project, what was accomplished, and the full outcome. Note any obstacles you were able to overcome, the creative solutions you came up with, and the financial or time savings your performance provided to the company.
Know more about how your boss thinks.
In a Money Crashers article, author Mikey Rox advises that it’s critical to tap into the thought processes of your immediate supervisor. Why? Because your performance is a direct reflection of their success. In other words, when you look good, they look good to their supervisors. Anticipate what your boss wants and needs before they have to instruct you on everything and you’ll be making their job easier, which they’ll appreciate.
Get the facts about your target salary.
If you believe you are not being compensated adequately for the job you currently hold, you will want to do some research before you have your performance review meeting. Take the time to review salary ranges on Payscale.com by your job title, scope of work you do on a regular basis, and your geographical region. Also, consider your skill and educational levels, the amount of time you have been on the job, and any special training or experience that sets you apart from your colleagues.
Understand the state of your organization.
Walking into a performance review without a clear picture of the current financial well-being of the company you work for is risky. Therefore, you will want to do some research first before anticipating a raise or promotion. A Wall Street Journal article shares some advice on how to obtain this financial data, including checking published financial reports and stock values. Also, if your company has recently laid off workers or there is talk of this, it’s probably best to hold off asking for a promotion unless it’s to leverage your position in your present career path.
Keep the communication channels open.
Your performance review meeting can be focused great time to ask for a promotion, but the true secret to getting what you want is maintaining communication with your manager year-round. Ask your manager for feedback often via regular one-on-ones or more frequent performance reviews, and make sure he or she understands your career goals. Very often, this will give your manager the clue to give you more challenging assignments that can propel you further up the corporate ladder.
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