If your firm’s fiscal year ends December 31, it’s time for self-promotion. I’m not referring to being obnoxious and tooting your horn loudly. I’m referring to tactfully letting your manager know you are valuable to the firm and you would like a salary increase.
If your firm hasn’t already started the process of developing its 2017 budget, it will soon. This means your manager who is in charge of your compensation will begin their assessment of whether or not you receive a salary increase.
Your goal is to let your manager know your worth to the firm before they submit their budget request.
Some firms conduct employee reviews before the budgeting process. Some firms give employee reviews when they deliver the news of whether or not you received a raise. Some firms don’t even follow an employee review process.
[tagline]Know if your firm coordinates employee reviews and budgeting.[/tagline]
Depending on your manager, you’ll either schedule a meeting or send an email. Some managers take time with their employees. Some managers find it burdensome to spend time with employees.
[tagline]Know your manager’s preferred communication style.[/tagline]
Before you meet with your manager, make a list of your 2016 accomplishments. Include how much revenue you generated for the firm or how much you saved the firm. Identify problems you resolved. List internal committees you were involved with and what problems you tackled. Be specific and concise, especially if your manager has a hectic schedule.
Do NOT provide listings of your role with other firms showing a higher salary or threaten to leave if you don’t receive a raise. Everything you do in the professional world builds on your brand. Remember, you never know who knows who or who you may run into later in your career.
If you need help with tactful self-promotion, then work with your mentor or hire a professional. It may ease your nerves if you think about how your lifestyle will improve with more money.
Practice in front of a mirror and smile. While we all want to believe life is fair and your performance will speak for itself, you run the risk of being overlooked if you don’t self-promote and ask for a salary increase.
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ABOUT THE AUTHOR:
Niv Persaud, CFP®, CDFA™, CRPC®, is the Founder of Transition Planning & Guidance, LLC. Life is more than money. It’s about living the lifestyle you want and can afford. For that reason, Niv consults with clients on money, life, and work. Her approach capitalizes on techniques she learned throughout her career, including as a management consultant, executive recruiter, and financial advisor. Her services include spending plan, financial plan, divorce financial review, life strategy, and professional progression. Niv actively gives back to her community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, enjoying the beauty of nature, and laughing often — even at herself. Her favorite quote is by Erma Bombeck, “When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say ‘I used everything you gave me’.”