Profitt Report: Want more money? Here's the right way to ask for a raise


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    Most people would love more money in their wallet and asking for a raise is one way to get it. You have two things working in your favor: the unemployment rate is low and voluntary quits rose over the last few years according to the Bureau of Labor Statistics. That means your boss could be motivated to keep you happy.

    The first step in getting a raise is getting up the nerve to ask.

    “There's a lot of people who are looking to see if there's a right and a wrong way to ask for raises,” said Tom Barnikow, interim associate director of Saginaw Valley State University Career Services.

    His first step will not only help you get the raise but help you feel less nervous: gather data on why you’re a valuable employee.

    “It's not so much about a, ‘I need this raise,’ it's ‘I deserve this raise, and here's why I deserve it,’” he said.

    For example, show the value you provide to the company. If you’re a sales person, how are your numbers? If you’re an accountant, have you been growing your clientele or working with clients with larger budgets?

    “So it's kind of a fit-to-scale type of environment if you're doing more and getting more responsibility you can show over time that you not only have improved as an employee for that co but that you're also creating more value for that co that's really the big difference

    If a raise isn’t possible right now, talk about next steps. What can you do to help secure a raise soon?

    “Say, this is what I hope to achieve over the next 12-24 months based on the pattern or history I have with the company,” Barnikow said, “again, having that path is going to make them much more likely to look into giving you a raise.”

    He also suggests checking out websites like Glassdoor and Salary.com. You can see what people in similar positions are making.

    Barnikow said if you do get a raise, know you need to keep doing a good job, expectations are higher with a higher salary.

    The Profitt Report wants to hear from you, please send consumer questions and story ideas to ProfittReport@WSMH.com

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