8 Things You Can Do Now to Improve Your End of Year Raise
As the year begins to wind down, your employer is probably beginning to evaluate your overall annual performance and crunch the numbers to see how that will translate into your end of year raise. Will you be getting a simple cost of living increase, a 10%-20% salary bump, or no raise at all? If you want to improve your end of year raise, do these 8 things now.
1. Learn Valuable New Skills: What skills or technologies would help you do your job even better? What skills do you have that need to be sharpened, strengthened, or honed? Focusing on learning and growing your skillset is the easiest way to ensure you’ll get a raise. Why? Because it demonstrably proves that you’ve added more value this year and, going forward, your salary should reflect that.
2. Share Big Ideas With the Boss: The kinds of people who get large raises are often the kind of people who regularly share big ideas with their bosses. If you have an idea that will help your company reach its overall goals, improve processes, or generally make things better don’t hesitate to share. This will show that you’re thinking outside of the box of your required duties and trying to add as much value to the organization as possible.
3. Take on More Responsibility: While you shouldn’t work yourself to the point of burnout, going the extra mile is a tried and true way to guarantee a larger raise at the end of the year. If you’re ready for a big raise you need to first take on more responsibility. You could spearhead a new project, lend a hand on cross-functional teams, bring in a big new client, etc.
4. Carve Out an Essential Space: What makes you essential to the company? This is a question you should ask yourself time and time again, but especially before you ask for a raise. In one or more ways, you’re adding value to the company and that’s great, but if you don’t feel like they’d be lost without you find a way to make yourself that essential. Carve out a space for yourself at the company where you’re the go-to expert on a topic or a key person on a specific workflow. Find a way to be seen as essential and let that essentialism drive up your salary.
5. Lead or Manage if You Can: Like taking on more responsibility, taking on a leadership or management position (even if it’s only for a small project), will demonstrate your growth potential to your employer. It will also show that you’re the kind of person who can wear many hats, which is a highly sought after quality that could easily earn you a raise.
6. Consistently Show Up Early: The early bird gets the worm and, usually, the consistently early employee gets a raise. While it’s true that you can’t just show up early and expect more money, you can show up early every day and consistently produce top-quality work to earn the raise you’re after.
7. Add Value Wherever, Whenever and Make Note: All of the aforementioned tips will help you add value at the company you work for and there are a ton of other ways you can discover on your own. However, the value you add is only useful when asking for a raise or during your annual review if others are aware of it. Get into the habit of adding value wherever, whenever and making note of it when you do. This will help you present the best case possible when you’re ready to ask for a raise.
8. Work for a Company That Values You: At the end of the day, even after working as hard as you can, adding significant value to the company you work for, and improving your skills along the way, you may not get a raise. If this happens you’re probably working for a company that doesn’t value you the way that they should. If that’s the case, it’s time to jump ship and work in greener pastures. For a talented technologist like you, finding a better position is as easy as clicking here.
As the end of the year gets closer and closer, the steps you take now could shape what your raise looks like or whether you get one at all. Do these 8 things to improve your chances of getting a meaningful raise!