Make the Most of Your Performance Review: When and How to Ask for a Raise
Patience is a virtue, but patience and preparation are even better. Simply waiting until your performance review isn’t enough. During that waiting period, you need to document everything you do that shows you’ve earned that raise. If you do that, the request becomes much easier. Ask me how I know.
You just started a new job – congratulations! The location is where you want to be, the hours are good, and the work is challenging enough to keep you engaged and creative enough that it doesn’t feel like a grind.
Cut to two months later, and you are hardcore grinding. The challenge far outweighs the creativity, and you’re having to do the work of 5 people while still making the salary of 1 entry-level employee. So, what do you do?
First, you wait. Do not immediately go crying to your boss that you’re working too hard. Especially if your boss is a boomer, anything less than 80 hours a week is considered a part-time job to them. It’s been two months, relax, your time will come. You do your work, and you do it well. Show the company that you’re reliable, quick-learning, and willing to take initiative to make your job run smoothly.
Next, you keep track of everything you do that you weren’t asked to do, everything that goes above and beyond your job description, and how it’s helped the company. Meeting your job description is the bare minimum; you should be doing this. Once you’ve got the job description covered, find what else you can do. Do you have an idea to save money on a project? Bring it to your boss and see if you can implement it. Can you save man-hours? Can you write up training documents for future new hires? Keep track of all of it and the impact it’s had. Your boss is busy; she might not see it while it’s happening. And even if she does, she’s definitely too busy to give you an instant pat on the back.
Then comes your performance review. Most companies have them annually or even every 6 months. The performance review is a time for your boss to evaluate how well, or poorly, you’ve been doing your job, but it’s also a great time for you to perform a self-evaluation and present to your boss the detailed notes you’ve kept of everything you’ve done for the company this year. And then you use those notes to ask for a raise. Politely. If you’re lucky, you’ll be offered a raise and spared the awkwardness of having to ask for what you want, but that doesn’t always happen, so be prepared. And please do not say the words “I deserve a raise”, I’m begging you. If you truly deserve it, your actions will speak to that, hence why you’ve kept track of everything. You present your boss with everything you’ve done over and above your job description and the impact that it’s had. And then you say something to the effect of:
“Would you agree that I’ve earned an x% raise based on the work I’ve done this year?”
If your boss says no, then you say, “What would you need to see me do in order to earn that raise?” Then you do it.
If your boss says, “Yes, I completely agree that you’ve earned an x% raise. It’ll be reflected on your next paycheck, thank you for all the great work you’ve done.” Congratulations! You’ve not only successfully earned a raise, but you’ve also fearlessly and respectfully asked for what you want. That’s not always easy to do.
What doesn’t deserve a raise:
- Showing up on time
- Staying until the end of your shift
- Performing exactly what’s in your job description
That’s all expected of you as a decent employee. You want a raise? Step it up.
Learning how to ask for what you want, especially in a professional setting, can be hard. It’s also a skill that many employers want you to learn. It’s possible that your boss recognizes that you’ve earned a raise, but she’s waiting to see if you’re going to ask for what you think you earned. Rise to that occasion when the time comes, and make sure you have hard data to back up your request. Patience is a virtue, but patience and preparation are even better. Simply waiting until your performance review isn’t enough. During that waiting period, you need to document everything you do that shows you’ve earned that raise. If you do that, the request becomes much easier. Ask me how I know.
This information is intended for informational and educational purposes only and is not individual investment or tax advice. Investing involves risk, principal loss is possible.
Please remember that I am not an investment advisor nor am I a portfolio manager, but I can introduce you to a few.
