5 Days To A Raise
Challenge #4: Ask for what you want. 8 Pointers and some more resources to get you thinking.
Here Are Some Pointers:
- Ask as if you expect to get it. Don’t assume that because there are procedures in place that it’s impossible. Exceptions are made every day for exceptional people.
- Ask the right person. Who is the qualified person to make the decision?
- Don't make the request about your needs. Never make your request about the fact that your rent just went up or you just got a new car.
- Always make it about the increased value you’re giving the company.
- Be clear and specific. Don’t say “I need more money.” Say, “Based on my level of increased responsibilities I would like to suggest a raise of $500 a month.”
- Ask repeatedly. As anyone in sales knows, a No today doesn’t mean a No forever. You can ask again when the person is in a better mood, when you have new information to present, when you complete the current project on time and under budget, when the person trusts you more.
- Realize your “raise” could be in the form of:
• a company car (preferably a BMW)
• a country club or YMCA membership
• free life insurance
• a medical plan
• a dental and vision plan
• profit sharing
• company stock
• an expense account
• tuition reimbursement
• additional time off
• relocation expenses
• your own laptop computer
• your own administrative assistant
• a free parking space
• a sign-on bonus
• weekly massages
• 2 weeks in the company condo in Hawaii
• your birthday off
• a production bonus upon completion of a project
• educational opportunities for your children
• a cell phone for business and personal use
• 401(k) contributions
• a low-interest loan for home purchase
You get the idea. Make this a fun process. I realize that negotiating anything is not very comfortable for some of you. If you don’t enjoy going to Tijuana and bargaining for the turquoise necklace you want, you may be somewhat intimidated by this process. But realize that negotiating salary is not a confrontational process and certainly not a win/lose proposition. - Recognize there is no harm in asking. If you apply to Vanderbilt University and don’t get in, you’re not worse off. You weren’t in Vanderbilt before you applied, so your life didn’t get worse; it stayed the same. You haven’t really lost anything. Be comfortable reaching out and asking - but also be realistic and positive about your value. Use sites like https://www.salary.com/ to check fair compensation for your skills and location.
Your Resources For Today
1. Acres of Diamonds - a great story that reminds us to look in our own backyard for our riches. Check it out.
2. A 3-Part Video Series on Finding Work You Love. We talk about True Job Security, Education and Thinking Outside the Box in your search for work you love.
Your 5 Day Challenge At A Glance
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Plus watch a BONUS VIDEO today where Dan answers some of your most-asked questions.