Financial Freedom : A Proven Path to All the Money You Will Ever Need (9780525534594) by Sabatier Grant; Robin Vicki (FRW) & Vicki Robin

Author:Sabatier, Grant; Robin, Vicki (FRW) & Vicki Robin
Language: eng
Format: epub
Publisher: Penguin USA
Published: 2019-02-04T16:00:00+00:00

3. DETERMINE HOW MUCH TO ASK FOR AND THE RIGHT TIME TO ASK

As you’ve already learned, thinking about money in terms of percentages and dollar amounts impacts your perception of savings. It also impacts how your boss will think about your asking for a raise. Typically, you are more likely to get a bigger raise if you ask in terms of percentages instead of dollars. This is because the percentage will feel less tangible to people. Think about it: If you are making $50,000, what feels more substantial to you—getting a 10 percent raise or $5,000 more per year? Probably the $5,000, since you (and your boss) can immediately imagine what the extra $5,000 could buy. It has tangible value, whereas 10 percent is an abstraction or representation. What can you buy with 10 percent?

Just to keep you at your company, your boss might give you a 5 percent raise, but if you want 10 percent or more you will need to make a compelling case using the data you’ve gathered. You can also take more risks if you have another position lined up. I personally believe that 10 to 15 percent is the perfect amount to ask for unless you are being wildly underpaid based on your market and company value. If you do find that you are really underpaid (to the tune of 20 percent or more), then you can go in with your research and ask for a raise that pays you at least the market rate for your position. Ask for the upper bounds of the salary range.

If you are getting paid significantly under your market value, then you realistically could get a raise of 20-plus percent to the market level by making the case using the data you found online and from recruiters. That’s an incredibly high ROI for just doing a bit of research. If your company wants to keep you (and they have the money), they will give you a raise to get you at market rate. Not all companies will be in a position to give you a raise, and some will be but will say no. Even if you ask, there are many excuses bosses use to say they can’t give you a raise—like “we didn’t hit our numbers,” “sales are down,” or “we don’t have the budget.” It’s up to you to decide if you believe them and if you’re willing to stay under those circumstances.

A lot of employees don’t know when to ask for a raise or ask at the wrong time. When you ask can have a huge impact on whether your boss says yes. First, look at where you are in your career and your responsibilities. It’s important to monitor your market value and value to your company regularly—at least twice a year and more if your job responsibilities change.

If you’ve done all the research and are determined to ask for a raise, the next step is to think about the actual timing. The best times to

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