Whether you’re dealing with a company that pays you a salary or a client who pays a retainer, there comes a time when you have to ask for more money. Here are 5 things you must keep in mind:
1. Waiting for them to bring it up is not a fantastic idea: If you know it’s time to speak up about money, then do it. If you wait for them to recognize your worth and offer you more money, you may wait too long. Sometimes, they do recognize your worth, but some employers won’t do anything about it until you ask.
2. Make sure you’ve earned it: If you’re asking for a raise you don’t deserve, you shouldn’t be surprised when you get a ‘no’ should you? You should only ask when you know you’re doing a fabulous job and you have delivered, or have even exceeded expectations. When you’re truly adding value, they won’t want to do without you and if you’re due for a raise they’ll give it to you. Be sure to show up prepared, with a document that outlines ways you’ve contributed to the company and the value you’ve added.
3. Don’t talk about your financial problems: Yes you have responsibilities, you have younger siblings and aged parents who depend on you, etc. but avoid stressing these. What you should base your request for a raise on is how well you have performed, how much you love your job and want to do even better, and how committed you are to contributing to the company’s growth. If you must bring up how badly you need the money, do so only in passing.
4. Don’t let greed get the best of you: When asking for a raise, don’t aim higher than what you can justify or you’ll regret it- especially if you work for one of these ‘one-man companies’ many young Nigerians start out with. Even if you do get it, you’ll never hear the end of it. It will be an endless litany of ‘I can’t believe how much we’re paying him, and what for exactly?’ behind your back, or a straight-in-your-face ‘I pay you so much, and yet…’ Not pretty. Don’t sell yourself short, but try to go for what both parties will be comfortable with.
5. Don’t lie about another offer: If you are in fact being head hunted or have been offered another job, your company may offer you a raise in order to keep you. However, if you have not been offered another job, or you are not actually ready to take the other job, don’t be dishonest. If you must talk about your other offers, don’t do it in a way that threatens them. It’s good to let them know you’re in demand from time to time, but attempts to blackmail them using this more often than not will backfire and you’ll be burnt.
Enjoy your raise and don’t forget to avoid the top 5 money mistakes young Nigerians make.
About the writer: Joy Ehonwa is a writer, editor and online proofreader who is passionate about relationships and personal development. She runs Pinpoint Creatives, a copy-editing, ghostwriting and transcription business, and blogs at www.anafricandiva.wordpress.com and www.girlaware.wordpress.com
