Salary Review Tips
When to ask for review? 🔗
On a sunny day when your boss and company feel good, you just accomplished some goal - finished a business critical task or delivered a project.
It’s never a good idea to ask for salary increase when the company is experiencing difficulties. Don’t ever ask for increase when you see your boss having a bad temper. Even if you already scheduled the meeting, find another topic to discuss or just postpone the meeting.
How to ask? 🔗
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Do not jump right into asking for increase! Start with some small talk about weather, vacation, common hobby, life events, etc.
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Slowly turn conversation in the direction of work related topics: your (or your team’s) recent achievements, plans for next quarter, state of the business, how you can help company advance.
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After raising above topics, try to slowly move the conversation into the direction of asking about the compensation increase.
How to prepare? 🔗
Create a list of accomplishments since your last review:
- state numbers, metrics, profit;
- include feedback from your peers/clients;
- show the impact on company sales;
- list what you have learned lately, which new skills acquired;
- list the responsibilities taken.
Which questions to expect? 🔗
- How would you like to advance in your career?
- Which responsibilities would you like to take?
- What are your strengths and weaknesses?
- Why do you think that you are better than your peers?
- What and how do you plan to improve?
- Which results you showed during last quarter/year?
- Do you have an offer from another company?
- What is going to happen if we won’t be able to promote you at this moment?
- How much time do we have to try to find the budget for your promotion?
- What else bothers you, except of low compensation?
- Can we work something out? Maybe there is a way for you to stay on same level of compensation?
Which questions to ask? 🔗
- What do you expect from me in the near future?
- Which responsibilities can I take?
- How can I help the company grow?
- In which areas would you like me to grow?
- Is there a project where I can apply my skills with more use?
How to negotiate? It’s not only about money. 🔗
Sometimes it’s not under your manager’s control how much budget he has for salary increase. However, negotiating with your manager can lead to some other types of work conditions improvements.
If money increase doesn’t satisfy your expectations then don’t just turn around upset and walk away. Try to negotiate a different type of promotion:
- remote work.
- fewer working hours.
- more paid vacation days.
- more/fewer responsibilities.
- transfer to another project.
- stocks/options.
- promotion to a managing position.
- conference/courses/sport/insurance compensations.
- you name it.