About this episode
HOW DO I INCREASE MY PAY?
Do you want to be paid more, faster? You have two ways of doing so: 1) ask for a raise, 2) get a second job, 3) start a business 4) invest and take the risk, or 5) stop spending money (not increasing your pay but keeping more money. But wait, you probably were just asking about #1. How do I get a raise from work? This is simple as well. Ask for a raise.
When you are asking for an increase in pay, you need to be educated with information that is available:
What is the median pay for someone in your position? Median wage is what half of people holding that position are paid this amount or you could say the wage in the middle. Look up the median pays for your position here at debt-free-millionaire.com/medianpay.
Know how much the median pay is for someone with your education. You can’t compare yourself to anyone when they spent time and money to get additional education that you don’t have. The median weekly pay for a full-time employee, 25 years and older is $909. $515 without a high school diploma, $718 for high school graduates and no college, $836 with an associate’s degree, $1,189 for those with a bachelor’s degree, $1,404 with a master’s degree, and $1,743 with a doctoral degree. It’s worth to get that degree. The median pay if you went to a vocational school is $9,80 - $1,568. Find out more at debt-free-millionaire.com/degreespay
What your history is and highlights you can share since you came to work? You want to show how valuable you are, what you have done to increase productivity and/or revenues. Are you worth the money you want to ask for?
You should never snoop but if you overhear your employee mentioning how much they are paid, you should know that as well, but don’t use it as a weapon instead use it for knowledge.
Put out your feelers of other positions that are open and hiring. If there is another company that is paying more then set up an interview and see how much they are willing to pay you. You want to show how valuable you are, find out how much your companies own competitor is paying. Again, this is not a weapon but use this as knowledge to present to your manager. If you get a job offer, bring it but don’t use that as a weapon, us it as a bargaining tool, any businessman should appreciate the effort of opposition research.
When you go in to see your manager, make sure they are having a good day. You may want to work your way into it. Here are a few things you may want to do to butter them up or prepare them for your ask:
This is the most important, work hard before going to see them. Let them see how valuable you are at work a few days before you ask.
Set up a meeting with your manager. Do not jump in at what seems like the right moment. Let them expect you are coming. This gives them time to anticipate why you want to meet and to start looking at you. Remember, days before you have that meeting you shou
