A promotion and a raise are different, although they sometimes go hand in hand. As with promotions, some organizations give raises on a regular schedule, typically annually either at your start date anniversary or at the same time every year for the whole organization (in which case, the raise is prorated for your start date in your first year). Sometimes raises are pegged to inflation; this raise is known as COLA, or cost of living adjustment. Sometimes raises are performance based, in which case strong feedback or specific results (e.g., sales) determine the raise.
As with promotions, you want to know what is customary for your specific organization. This doesn’t mean that you can’t ask for an exception, but you will at least know what to expect and to brace yourself to make a case if what you are asking for is exceptional. You might consider asking for a raise if your job has changed dramatically and you are taking on more tasks and responsibilities. Another reason to ask for a raise outside the yearly increase is if you have new market information that shows salaries in similar positions are dramatically different from your own.
A raise implies a permanent adjustment to your salary. Your employer may not want to do this if your additional responsibilities are temporary. In this case, you might ask for aspot bonus, or one-time bonus, to compensate you for your extra work. Remember that going above and beyond your daily work is how you distinguish yourself, so in and of itself that is not enough to justify a raise or bonus. A raise or bonus is warranted in extraordinary cases, and the measure of what is extraordinary varies by organization.
As with promotion requests and performance review meetings, you want to come prepared with your accomplishments as evidence you deserve a raise. The raise meeting is the time to share any market data that you learned. Be informative, but not threatening. You don’t want your employer to think you are giving an ultimatum that you get the raise or else you will quit. They may call your bluff. Instead, reiterate how excited you are about your position and affirm that this is the right organization for you, but make your case why a raise may be merited for what you have done.
KEY TAKEAWAYS
- Doing well on your job is but one part of overall career management. You also want to look at your future goals and make sure that you develop the training, experience, and relationships necessary to reach these goals.
- Some organizations have formal processes for giving performance reviews, assigning promotions, and granting raises. You want to know what is customary for your organization.
- If your organization does not have official processes for performance reviews, promotions, or raises, you will want to schedule time to discuss these with your boss.
- Regular performance feedback is critical to ensure you are doing a good job and are on track for your career goals. Promotions and raises are not a regular occurrence, but are for extraordinary contributions, such as if your responsibilities increase or you have exceptional results in your work.
EXERCISES
- Aside from doing well in your first job, what are your career goals? Write your autobiography from the point of view of twenty years from now. Yes, you will have to make assumptions and outright guess for some things, but let your imagination explore what you’d like to say you accomplished. Then work backward to explore how you might get that career. When did you get your first promotion? How is a promotion defined—a bigger role, managing people, better scores, higher sales, or some other measure? Do you go to graduate school—for what and when? Look at the profiles for people who have the career you want and see what their career trajectory looks like.
- If you have a sense of your long-term career goals, plot out what you can do in your first year to move toward these goals. If you know graduate school may be in the future, set reminders for yourself to check on the status of recommendations—are you working closely enough with people who can provide recommendations down the line? What professional organization might you want to join?
- For the jobs you are targeting, talk to professional associations and people who have those jobs about what is customary regarding performance reviews, promotions, and raises.
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