How-to Headquarters: Tips for Getting a Raise
After reading the “2007 Book Industry Salary Guide” in the August issue of Book Business magazine, you’ll naturally begin to contemplate your own salary and may even come to the conclusion that most employees come to at least once in their careers: I deserve more money. While many of us may feel that our only options are to start scouring job postings or to simply sit quietly yet bitterly at our desks, you can ask your present employer for a salary increase--just make sure you come to the bargaining table well-prepared. To help you in your negotiations, here are five tips from Renee Banks, human resources director for San Francisco-based Chronicle Books, on how to go into your supervisor’s office and come out with a raise:
1. Go in with a plan. Know what you want and how to justify it (e.g., tenure alone is not a great reason).
2. Do some research. Talk to peers in the industry to get an idea of market rates. This should help determine the amount you ask for.
3. Arm yourself with your accomplishments over the last year. Be prepared to show how you have earned this increase by adding value to the company.
4. Review time is an appropriate time to ask for an increase. Even if you haven’t been asked to do so, write a self-evaluation using the company’s performance appraisal as your guide.
5. Talk to your HR partner in addition to talking to your manager. The HR manager can give you guidance on all of the above tips and be your advocate when speaking to your manager, especially regarding internal equity.