Six Steps to a Bigger Raise
Sunday, September 14, 2008
Chris McGee says it's quite easy to win a big raise: Excel on high-impact or risky projects, and help your boss succeed.
To do that, you must understand how success is defined in your organization and which measures are used to judge your boss -- and you. "Understand your role in pushing your boss up, and you in turn will rise," said McGee, a principal in the District office of Mercer, a human relations consulting firm.
You can't start being a standout just a few weeks before your review. You need at least a few months to lay a firm foundation and rack up some impressive accomplishments before your boss sits down to start your evaluation.
Begin now if your review is expected in December or January. If you're aiming for a double-digit raise, keep in mind that raises will average 3.7 percent next year and 5.6 percent for the highest-performing workers, according to Mercer's research.
Here are some suggestions on reaching for a hefty raise:
· Know the goals."Really understand the vision and mission of the organization," said Ane Powers, managing partner and career coach at White Hawk Group in Washington. The mission is not what's written on a plaque on a wall; it's what people know in their guts about why the organization exists.
It's important, too, to review your personal goals for the year. As the economy or organization shifts, so do expectations for your work. "Goals set in January may not hold in July or August," said Bill Coleman, Salary.com's chief compensation officer. He keeps a document with his goals handy and keeps editing it, adding details and results. It reinforces them to him and gives him a summary he can share with his boss.
· Know the evaluation process. At some big organizations, bosses must prepare reviews 12 weeks before review dates, Coleman said. Others have a four- to eight-week lead time. (The time allows layers of management to review and sign off on reviews.) You cannot give your boss your list of accomplishments two weeks before your review date and expect to see them reflected.
McGee says ongoing conversations are best, including some about strategy. "Specifically ask their boss what they need to do to receive the highest performance rating, and even go as far as laying specific steps for achieving those goals and then strive to exceed them," he said.
Pull out last year's review and note the format and areas identified as needing improvement. Then you can highlight progress.