Tuesday, July 29, 2008

Article - How to ask for a raise without quitting your job

How to ask for a raise without quitting your job
From content sharing of abs-cbnnews.com and MoneySense

By Lynda C. Corpuz

Jack Ramos, (not his real name), a creative director actually asked for a raise after he resigned. His boss tried to talk him out of it on his last day. But having made up his mind, he took a terminal leave and spent days searching for freelance jobs. Shortly, he got a handsome offer from an ad agency. Then his old boss called up. Jack informed his boss about the other job. The next day, they were already negotiating his return package. Now, he’s back, with a fatter paycheck and a promotion to boot.

Staging such resignation scene was quite dramatic, admits Jack, but it was a calculated risk. However, there is no need to go to that extent. There are easier ways to ask for a raise. Here’s how:

Timing is everything.
Do not shock your boss in the hallway or the water station with a request for a raise, so setting a meeting is important. Check also how the industry and the company are doing before negotiating. Definitely there is no discussion on salary raise if the firm is swimming in red ink.

Keep an open line.
Constant communication with your boss is important especially on compensation issues. Jack says, “I remember my boss telling me during the launch party, ‘Was it just the pay? Why didn’t you tell me?’ He’s right. I should have talked.”

Track your performance.
Arming yourself with documents detailing why you deserve a raise is a must. Listing down your achievements and how you are going the extra mile will definitely help. But be concise and make sure that your tone is humble.

Be concrete.
If your firm has the process for salary adjustments, abide by them. “You don’t have to bring the HRD manager to your talks with the boss, but telling him or her about your request might just speed it up,” Jack says. Once the boss agrees, bargain for a particular amount.

Be ready for rejection.
If you were rejected, despair not. Try to bargain for other non-monetary benefits such as telecommuting. But if you were turned down because of your performance, get advice on how you can improve, so the next time you request for a raise, hopefully, you will get it.

This article is from is MoneySense, the country's first and only personal finance magazine. You can read more financial tips and stories at www.moneysense.com.ph.
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