Ask For A Raise To Increase Cash flow

increase cash flow

Earn What You’re Worth!

Do you believe your salary adequately reflects your work and value to the company? If not, it might be time to do a little research and have a sit-down with the higher ups.

If you need to increase cash flow, then asking for a raise should be your first line of defense. But before going into that meeting, it’s vital to get your plan set and know what you should and shouldn’t say.

increase cash flow

Determine your worth

Characterizing your worth is a combination of the work you’ve done and the national average for your position. Take stock of what you’ve done and research how much people in the same field are making before you present the numbers to your boss during your conversation.

“Be realistic when reviewing the data, considering experience, location, education, etc.,” said Paul Wolfe, senior vice president of human resources at Indeed. “Once you’ve determined a comfortable range, develop a plan to broach the subject with your manager.”

“Being able to take inventory of your work demonstrates self-awareness and the readiness to have serious conversations about your career,” Ragini Parmar, vice president of talent operations at Credit Karma, said in another Business News Daily article. “For example, if you’re looking for a raise or promotion, it’s important to do your homework. You’ll always be more effective if you’re able to have a real data-driven conversation with your manager.”

According to Hannah Morgan, the career expert behind Career Sherpa, a great way to keep your current boss up to date is by sending him or her a weekly or monthly email update. State what you accomplished in objective, measurable terms. And always try to tie your achievements back to organizational goals or how those accomplishments benefit the bottom line, she said in a Career Sherpa blog post.

Plan your approach

How does your manager best process information? Are they data-driven? Subjective? If they are data-driven, lead with your research and clearly state your request, Wolfe said.

“If they are more subjective, start with what contributions you have made to the organization, your performance, and then give them an overview of the data and your request,” Wolfe said. “Be prepared for them to say ‘no.'”
– via Business News Daily

Quick Tips For A Better Outcome

Talking about money can be hard. But asking for money? Even harder!

But with the right advice, asking for a raise could be easier – and more profitable – than you expected. This could end up being the best possible way for you to increase cash flow without having to turn your life upside down.

So what do the experts say? Read on!

Be confident

As you make your case, always strive for a tone of mutual respect. “I call it the Three C’s,” says Faison. “You’ve got to be calm, and conversational, and to establish an air of collaboration.” Try to avoid patterns of speech that Faison refers to as  “power robbers.”  Don’t make statements in the form of questions (“Would you agree I’m due for a raise?”) or qualify them (“I believe that my work has been very good…”). Instead, be direct and confident. Positive body language will also impart an air of confidence.

Avoid complaints and ultimatums

Never start the conversation with a grievance or threat. “You’ll just put your boss on the defensive, which is not a good stance to take,” says McGinn. Avoid comparing yourself to colleagues or complaining that you make less; stay positive and focus instead on how much you contribute. You should also avoid “implicitly or explicitly threatening to leave” as a negotiating tactic, says McGinn. At best, you’ll turn the conversation adversarial; at worse, you’ll paint yourself into a corner if you don’t get the raise.

Look forward, not backward

Pitch your raise as not only recognition for past achievements, but also tacit acknowledgment that you are a dedicated team player committed to growing with the company. Lay out your contributions, then quickly pivot to what you hope to tackle next. Assure your boss that you understand his pressures and goals, and pitch your raise as a way to help him. “You’ve got to understand what is it they value, what it is it that’s important to them, how are you making their lives better as well as the company’s,” says Faison.

Principles to Remember:

Do:

  • Prepare your case by gathering data on your unique contribution to the business.
  • Consider your boss’s priorities and explain how you’ll help.
  • Practice the conversation ahead of time.

Don’t

  • Wait until review time. If you’ve taken on a new role or just notched a success, approach your boss to test the waters.
  • Compare yourself to a colleague. The request is about your work and your value to the company.
  • Threaten to go somewhere else.

– via Harvard Business Review

Do you think it’s time you asked for a raise? What’s stopping you?

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