Everybody would prefer to get paid more money, wouldn’t you agree?
Well, what if YOU were the lucky person who just received a promotion and raise?
I’m sure you would love that!
This post will help you make this thought a reality!
(This post was written to be as generalized as possible, so regardless of your current position you will be able to apply this information. However, “Government Jobs” may require a different approach.)
If you follow these instructions to a T, I assure you that you will get your raise, regardless of how cheap your Boss is.
Before we begin, let’s get something straight….
It doesn’t matter how long you have been on the job.
It doesn’t matter if the company you work for is doing well or poor financially.
It doesn’t matter who you know at the company.
It doesn’t matter if you’re old, young, fat, skinny, black or white.
All that matters is that you believe that you can personally bring up the value of their company and you are willing to prove it to them.
If you can show your Employer how you can either make them a lot more money or save them a ton of money, you will easily be able to get your raise.
Let’s not forget, your Employer is in Business. People who are in business, are motivated by one simple thing: MONEY!
And fortunately for you, every business person always wants MORE money.
Everyday, Business Owners dwell on the same thing, and that is…..How can they make more money???
With that said, if you can convince your Employer that you have a solution to their problem, you’re in!
In other words, you’ll get your raise!
Now before I go on to tell you how to do this, I want to touch on one thing. When I first mentioned that I will show you how to get a raise, it didn’t mean you won’t have to work harder. To think that your Employer is going to pay you more for the same position is foolish!
Regardless of how much work you are currently doing, the fact of the matter is, your Employer already convinced you that you are worth what he/she is currently paying you. That’s why, you’re getting paid, your current amount.
How you got into the dilemma of settling for less than what you are worth is beyond me, but I’m here to help get you out of it.
Just remember the old saying:
“Employers pay just enough so the workers don’t quit, and Workers work just enough so that they don’t get fired.”
That saying may as well be carved in stone, because it will always apply to the workplace.
If you have no intention of working harder for a raise, or you have no desire to do so, but you still want a raise, then I believe you have only ONE option.
And that option is to give your Employer….. an Ultimatum.
Either they give you a raise or you’re out of there!
If you choose this option, don’t just wing it. Plan for it!
Here’s a list of things you should do before dropping the bomb:
- Go on a few job interviews and secure a new job.
You DO NOT have to accept the new job, but what you do need is something to fall back on, just in case. Although having another job lined up is great for income purposes, the main reason to do this is because it will boost your CONFIDENCE when you are negotiating for your raise.
It’s makes it a lot easier to stay firm on your decision when you have OPTIONS. The last thing you want to do is go into the negotiation looking and feeling desperate. If you do, your Employer will sense your desperation, and make you a lower offer, IF ANY AT ALL!
* Come up with a list of reasons why you’re an asset to the company.
Your list should include anything that makes you stand out from the crowd. Think about what would happen to the Business if you were gone. If you play a major role for the company, then you’re in luck. Use that as leverage and a negotiation tool.
Once you have done this, gather your thoughts, then write out what you plan on saying to your Employer.
As I mentioned before, don’t just wing it! The last thing you want to do is begin talking to your Employer and then all of a sudden you start becoming super emotional. Save that for the marriage proposals!
Now when you write out your proposal, be smart. Don’t barge into your Employer’s office and say…..
“We need to talk! I’ve been busting my ass here for years and I demand a raise! Without me, this place will fall apart! If I don’t get a raise, I quit!”
As much as you might want to say that, please don’t!
Even though it might work, it’s not worth the risk. Remember the saying, you’ll get more bees with honey.
With that said, I suggest you should say something like this…..
“Hey Boss, I just want you to know that I have you on video cheating on your wife, so I’ll need that raise we spoke about!”
Just kidding! Lol, No seriously, here’s what you should say….
“Thank you for taking the time out to speak to me, Unfortunately I have some bad news, I’m going to have to put in my two weeks notice. I was offered a better job opportunity somewhere else. As much as I like it here and I would love to stay, it just doesn’t make sense for me to continue working here anymore.
So far I’ve been working here for 5 years, and in that time I’ve done ********** (start selling yourself) and unfortunately, it seems like all of my efforts have gone unnoticed. I haven’t had a raise since ********(mention time frame) and it doesn’t seem like there’s any room for advancement.
So once again, THANK YOU for the opportunity and next Friday will be my last day!”
Then PAUSE (Be silent), until your Employer speaks OR…. stand up and shake your Employer’s hand goodbye.
Notice, with this method you did not ask for a raise. You simply stated your case and gave the Employer an OPPORTUNITY to KEEP YOU as an employee.
Not to mention, you made it very clear that you have one foot out of the door, therefore your Employer will have to consider giving you a raise in order to keep you or find a replacement worker.
Now that you stated your case, your Employer will do 1 of 3 things….
He/She will try to work out a deal with you right then and there.
He/She will shake your hand and let you quit. (If this happens don’t worry, you were NEVER going to get a raise, regardless of how long you’ve been there.)
He/She will shake your hand, but say “I’m going to think about what we can do to keep you here. Just give me a couple of days to figure it out.” (If he or she says that they are either putting together a proposal for you to stay or they are going to talk it over with another person and then decide what they will do.)
Regardless of what your Employer says, be firm on your decision. Make sure that you know what you want and what you are willing to settle for BEFORE speaking to your Employer. Just in case your Employer decides to make a deal with you, you will know how to steer the conversation.
That was Option #1, The ULTIMATUM.
Next are the fail proof options that were mentioned earlier.
(The ones that requires additional work and effort on your part)
Note: these option will force you to think as a business owner would think. Your mentality must be just like theirs. As if you were the business owner himself!
Option #2 Find the Missing Money!
All businesses are broken down to 2 simple terms: profit and loss. This option will focus on the loss portion of the business, whereas the next option will focus on the profit portion of the business.
A loss is nothing more than a business expense. In other words, something that cost the business money.
As you know, there are all types of different expenses.
Some are mandatory such as: rent, utilities, insurance, payroll, supplies, and inventory.
Other expenses maybe unnecessary such as: theft, vandalism and advertising.
No business owner likes spending more on a bill then they should.
Think about, who do you know that enjoys overpaying for anything?
With that said, if you can locate a large expense that is costing your employer more than they should be paying, you should have a fair chance at getting your raise.
Let me explain…..
If you are able to locate several small expenses or one large expense that can be significantly lowered or removed you will have leverage when asking for your raise.
Your solution to their problem will be your negotiating tool. Simply explain to them that with the changes that you will propose, will help them save a tremendous amount of money each year and if you were given permission to oversee the changes, you will ensure that everything will continue to run smoothly. For a small fee of course. (Your raise)
Below is a list of ways to accomplish this:
Think of a process that will enable the business to continue running smoothly WITHOUT using an existing product or service that the business is currently paying for.
For example, suppose the business you work for spends $1,000 per month for the use of a professional cleaning service. What if you offered to stay late twice a week to do the cleaning in replacement of the professional cleaner. In return, you will be paid an additional $500 per month.
You employer just might agree to this.
Note: This is merely an example. Don’t limit this option to that one example alone.
Find a cheaper way to get the job done. Look for LESS EXPENSIVE products or services that the business is currently using.
Recommend the removal of an employee/position.
For example, if there are 2 workers that are each currently being paid $10 per hour that would mean the owner is currently and willing to pay $20 per hour for those 2 positions to be filled. Well, what if you were given and extra 10 hours per week. Do you think you can do the job of 2 workers?
Here’s the thing, not all workers are created equal. It is very common to find lazy workers who do not perform as they should. With that in mind, if you believe that you are willing and able to take on more work in exchange for more money than you should have a good shot at getting your raise.
Let’s take a look at the numbers:
- Lazy worker #1 = ($10 per hour x 40 per week = $400 per week x 4 weeks = $1600 per month
- Lazy worker #2 = ($10 per hour x 40 per week = $400 per week x 4 weeks = $1600 per month
- Total cost for 2 lazy workers $1600 + $1600 = $3200 per month
Suppose you convinced your employer to get rid of one of the lazy worker and give you an additional 10 hours of work per week in order to fill their position. In exchange for your expertise you are also given a 25% raise.
Look below to see how the math plays out.
- Super worker (You) = $12.50 per hour = 50 per week = $625 per week x 4 weeks = $2500 per month
- Total cost for 2 lazy workers per year $3200 per month x 12 months = $38,400 per year
- Total cost for 1 Super worker (YOU) per year $2500 per month x 12 months = $30,000 per year.
- Total Savings for your employer per year $8,400.
- Total Pay increase for you per year ($10,800)
I know some of you may be saying to yourself
“I would never want to be the reason someone at my job gets fired!”
Well, as I mentioned earlier in this post that in order for this to work you must think like a Business Owner would think. And this my friend, is how a business works. Sometimes it boils down to the bottom dollar. You just have to ask yourself, do you want that dollar to be in your pocket or someone elses?
Option #3 Create your own raise!
(This is my favorite option)
If you can identify an opportunity for your Employer to earn more money without making any costly changes, trust me, your Employer will be all ears when you tell them about your idea.
Don’t think for one second that your Employer has everything all figured out. There are always opportunities to make more money in business. You just have to pin point them.
Business owners normally have their hands full just trying to maintain what they already have going on, so with that in mind, you should feel confident that you will be able to identify at least one money making opportunity.
In order for you to locate an opportunity to make more money, you must study and analyze the Business. You must also know the company’s product or service well.
Once you’ve done your homework and brainstormed, you should see at least one opportunity that may be worth pursuing.
Below is a scenario that should give you a good understanding of the process:
Suppose you work at a gym and your Employer gets the majority of their members from walk ins, word of mouth and advertisements. All of which are individual Accounts.
What if you saw an opportunity to obtain Business Accounts?
In other words, get a business to enroll a large number of their Employees at a discounted rate. This way instead of your Employer signing up one person at a time, they will have an opportunity to sign up 20+ people at a time.
Although it will be at a discounted rate, it’s still new money. And with all of this new money coming into the Business you will have your opportunity to get your raise.
Simply factor in your pay increase with each new business account you located and bring on board. At the end, it all boils down to simple math. If the math works out well for the Business owner, then they will take you seriously.
Here’s the kicker… Don’t just come up with the idea, then tell your Employer the details and expect to get your raise.
You’re smarter than that!
Instead of leaving DOUBT for your Employer, be one step ahead of them.
Land a few Business Accounts BEFORE asking for your raise.
Once you have 3 signed proposals with 3 business checks in hand from the new Business Accounts, you will be ready to inform your Employer and ask for your raise.
Here’s an example of how the numbers may look:
One individual monthly membership cost $100 per month. (Regular rates)
1 Business Account will cost $50 per month per membership. With a 20 member minimum. (New Rates)
Suppose you locate 3 new Business Accounts with a total of 60 NEW members.
If you do the math it will equal to an additional $36,000 per year for your Employer.
($50 x 20 = $1000 per month x 12 = $12,000 per year each Account)
($12,000 x 3 Business Accounts = $36,000per year)
Your raise is sitting inside of that $36,000 worth of NEW MONEY!
Even if you only negotiated for 25% of the profit, you would still be $9,000 richer!
And that’s for only 3 new Business Accounts!
Plus, who said you have to stop there?
Work out a deal that enables you to earn money for each new account you sign up.
Now, I would love for someone to tell me that this method will not work.
I dare you!
Do you really think your Employer will reject your request for a raise if you showed them were the money would come from?
If you waived the possibility of them making an extra $36,000 without lifting a finger, do you really think they would say, “NO I CAN’T AFFORD IT?!”
Of course not!
This is a fail proof option if done correctly.
So there you have it!
You have just learned 3 different ways to get a raise.
I hope this helps.
If you are successful with one of these methods, feel free to comment with your experience.
If you have additional methods that may help someone get a raise, please comment below.
Written by Ivan R Maldonado
Author of Head Start 2 Riches
Edited by Mrs. Alicia Maldonado