When trying to negotiate a raise with your boss, you’ll sometimes be met with an explanation that the company isn’t making enough profit for you to be promoted. While it may be the case that the organization is going through a rough patch, there’s also a chance that your boss is making an excuse not to give you what you deserve.
If your boss isn’t telling you the truth, you need to come up with a plan for how to approach them properly and improve the chances of increasing your salary.
Do Your Research
If the boss claims that the company isn’t making enough profit, you need to do your research before setting up a meeting with them. This means gathering all the information that you can about the company’s financial status.
While it may be difficult to get all the information that you need if you’re working for a private company, you can gain valuable insight from a variety of sources. This includes investors, press releases, and the company’s website. You should also keep your ears open during company meetings and see if you can learn something valuable from VPs of sales and finance.
You should also look into the employee policies and see if you can find any information on the rules and timetables regarding promotions. Find out how often your company gives raises to employees and determine the best time to set up a meeting with your boss.
Build Your Case
If you’re going to negotiate a raise with your boss, you need to build a case for yourself. This means communicating clearly that you’re asking for a salary equal to the effort you put into your work. You should emphasize how much what you’ve done has helped the overall improvement of the company’s business efforts.
It’s important to convey how you’ve contributed to the company’s efforts to save money and make a profit. You also need to present what else you can bring to the table. Provide suggestions on how the company can improve its strategies to generate more profit in the future. Assess the organization’s goals and come up with ideas on how it can achieve them more effectively. The plan that you propose can be the reason why your boss decides to give you a raise.
Identify Your Alternatives
When negotiating a raise, you need to have a backup plan in case you don’t get what you’re asking for. Think about what you’re willing to accept instead of monetary compensation. Consider other options that can improve your career, such as a different job role or a high-visibility project you’d like to take on.
If your boss agrees to promote you to a higher-ranking job role, you’ll get a salary increase soon enough. If that’s also not an option, you can ask for other valuable solutions, such as certifications, flexible work hours, reimbursements for travel and training expenses, etc.
Try To Reach an Agreement
At the end of the meeting, you should try to reach an agreement that you’ll be satisfied with. If the boss hasn’t decided to give you a raise right away, you can agree to work hard on bringing in a particular amount of money during a certain period of time to earn an increased salary. Be specific with the numbers, and you can improve your chances of getting a raise when the time comes.
If you don’t succeed in getting what you’re asking for, you can decide to drop your request temporarily and ask for it to be acknowledged that you’re doing so because you want to help the company get through the difficult period. This can give you an advantage in any future negotiations.
If you want, you can check out some of our other job-related articles:
- 7 Ways To Show You’re Ready for a Promotion
- What To Do When Your Boss Steals the Credit for Your Work
- Top Advice for a Successful Career
- 5 Professional Tips for Negotiating Like Steve Jobs
- 5 Ways To Get Noticed by Recruiters
- How To Negotiate a Raise When Your Boss Claims the Company Isn’t Making Enough Profit