How to Secure Promotions and Raises

You feel like a rockstar at the office. Not only have you worked hard all year, met deadlines consistently, put in overtime, and helped teammates, but you’ve even volunteered for more work on a regular basis. You are thinking about performance reviews and how you can position yourself for a raise or a promotion this year. There’s just one problem - If you've waited until performance reviews to think about asking or even bringing up the topic, you're probably too late for any immediate attention. So, how can you secure much-deserved and desired promotions and raises?

Positioning yourself for a promotion or raise is no small feat and should typically be planned for at least one year prior to the goal date you have in mind to achieve it. This is because, in most business models, performance reviews take place at the end of the year, and salary increases happen within the first two months of the following new year. Budgeting and planning meetings for businesses for employee increases take place far before they are communicated (at a minimum of 6 months). If you are waiting until the end of the year to breach the topic with your manager, in most cases, their hands will be tied from a budgetary perspective. Decisions are made for promotions and raises within layers of management depending on the hierarchy of the organizational structure. The only exception to this rule would be if you are already at an executive level or have been tapped for a promotion within your organization, which would require a salary audit by HR to ensure you are being paid commensurate with your new responsibilities upon acceptance.

One important thing to note: if you believe you are being paid unfairly, I highly recommend you engage your HR partner to request a review of your salary. In larger corporations, it is not uncommon for someone to be brought into a new department laterally (usually due to a layoff) and not be given additional compensation required in more conventional promotions and raises. They often get lost in the shuffle in upcoming years in terms of the money they make, and unless your manager is proactively looking for underpaid employees, you will continue to be missed until you speak up for yourself.

Clarity is Key in Discussions About Promotions and Raises

Any time throughout the year when you feel ready or want to have career progression discussions with your manager, you should schedule time with them to discuss career goals, promotions, and raises. However, if that time is the end of the year, you should be aware that discussions happening at that time will likely be for utilizing the upcoming year to prepare and plan for your career goal of being promoted or getting a significant increase in salary.

When you do communicate with your manager about your career goals, be sure to prepare for the conversation by doing some reflection and research, and if possible, use a mentor or career coach for advice on your approach. When you reflect on your goals, document what you think your strengths and weaknesses are, and consider what type of promotion you would like to have. Some important questions to ask yourself are:

• Are you seeking a team lead or manager position in your current organization/department?
• Would you need to look outside of your department for a role that is considered a higher level than your current role?
• If you could be promoted within your current role, do you need to increase your book of work to substantiate the promotion? How would that happen?
• Do you usually achieve a “high meet” or “exceeds” on your performance review?
• What is your current scope of influence at work?

Next, research the market salary for the role you are in and the role you would like to be promoted to. Look at your current location and abroad to get more competitive ideas about salary ranges for your role. Sites like GlassDoor, Salary.com , Payscale.com , and the Department of Labor and Statistics are great places to start. It is not uncommon that for every 5-10 years spent at a company, your salary falls behind the average paid professionals in the same field by 10-15% annually. It is also wise to consider the increased cost of living in most places over the last several years. Consider compensation trade-offs that might come into negotiation for higher salaries, like work-life balance benefits and remote work arrangements.

While you document a written plan to guide your conversations about promotions and raises, don't forget to highlight two important focus areas: leverage your strengths and a leadership mindset. Writing your plan down helps you have clarity and stay organized. Also, having the right questions to ask during your conversation is key.

Leverage Your Strengths:

Identify your strengths to stand out. Capitalize on your strengths by coming up with ideas for how to use them regularly and get noticed. Highlight how your unique skills align with the company's needs and objectives. Document areas where your contributions have made a significant impact and quantify them so you can emphasize these in discussions about career growth. Showcase how your abilities have positively affected projects, teams, or processes, reinforcing your value within the organization.

Cultivate a Leadership Mindset:

Document ideas on how you can adopt a proactive and leadership-oriented approach in your role. How can you demonstrate qualities associated with leadership, such as problem-solving, decision-making, and the ability to mentor or guide others? Are there any responsibilities you can take on that showcase your ability to lead, manage, or influence outcomes? Are there any upcoming projects you can show initiative by driving initiatives or spearheading? How can you position yourself as someone who can handle increased responsibilities effectively? This mindset not only prepares you for advancement but also aligns you more closely with leadership expectations within the organization.

When seeking a raise or promotion, it's crucial to showcase your value and contributions within your current role. Despite the challenges of the current market, it is still very possible to get a raise and promotion in the new year. Take note of the first tip as it is the most important. Without knowledge of your career goals, your manager will likely not even have you in mind for bigger opportunities. You must be your own advocate.

If you want to read more tips on this topic, read the full article here:

Secrets Of Demystifying How To Secure Promotions and Raises - Authentic Cadence?