How to Handle Your Year End Performance Review
Do the right research. Get paid.
Written by: Alexandra Dickson, CEO & Founder, Ask For It
Year end performance reviews are coming up. Maybe you’re looking for a raise or are hungry for a new challenge? Whatever it is that you’re hoping for, you can prepare to ask for it in three simple but powerful steps. You can get clarity and gain confidence to negotiate before that next meeting with your boss.
Gather your evidence.
Evidence can be broken down in two ways — value you’ve created and value you’ve saved your company. Set aside some time to go back through your notes and notable emails from the year to refresh your memory and make it easier to speak to your accomplishments. Then assess: what value have you created for your team or company? Think bigger when it comes to value; it doesn’t necessarily have to mean sales or revenue. Value you’ve created could be launching a new initiative, bringing on a new partner or inventing a new campaign. Do quantify this if at all possible, whether in terms of dollars, number of people impacted, or any other relevant metric, but know that value doesn’t always mean money.
What value have you saved? Again, value you’ve saved could mean financial savings, or it could mean increased efficiencies. If someone on your team left and you’ve been taking on their projects rather than filling the position, there’s an example of value you’ve saved.
Do the right research
How will you know what to ask for if you don’t do some benchmarking? Your goal should be to get data points from both inside your own company and more broadly, in your industry.
You can start your research online using websites like Glassdoor, PayScale and Salary.com, but you need to go further to get really useful information. Make it a priority to speak to half a dozen people: three men and three women. Ask people who would know how much someone in your position typically makes. This could be your own colleagues, if you feel comfortable asking them, or someone who’s doing a similar job to you at another company, or even an industry mentor who hires people at your level. I realize this may make you uncomfortable, but trust me, it’s worth it. You’ll go into your negotiation with much more confidence and it will make it easier for you advocate for yourself.
Feeling tongue tied? Try this simple script:
“I’m doing research because I’m preparing to ask for a raise, and I think you have some information that could help me. Would you be willing to share your ballpark salary with me?”
Practice
Grab a trusted friend or colleague and ask them to do a little practicing with you. If you’ve never asked for a raise before, repeating your request out loud is an easy and effective way to give yourself the best chance of success.
Not sure how to put it all together? Try something like this, and be sure to tailor it to your personal situation: “According to my research, similar positions in our industry pay about X. But I didn’t just take the salary guides I found online as gospel. I went further and spoke with some folks in similar roles, so I know my request is in line with the current marketplace.”
Use your review as an opportunity to cash in on your hard work all year long. Build your case, shore up your confidence, get in there and ask for it.
MORE FROM OUR BLOG
4 Positive Steps to Take When You're Denied a Raise
A new study shows women do ask, they simply don't get.
Men make more money than women in the workplace (most of the time).
We know this. It's an issue that has been widely discussed. Just this morning HuffPo released a spoof vid with actress Kristen Bell who touts the benefits of "Pinksourcing" on camera. In the bit Bells says women are "the cheapest, most affordable workforce in America!" AH, THE PAY GAP. It's so funny, except it's not. (It's so much easier to cry into a dollar than 77 cents.)
One of the often cited reasons for the imbalance is that women are less likely than men to negotiate their wages, i.e. we don't ask.
Well, not according to a new study published this month showing that that women do ask, they simply don't get. According to Broadly, "After analyzing the information submitted by approximately 4,600 employees over the span of 840 workplaces, researchers found 'no statistical difference' in the likelihood of male and female workers asking for a raise while working with their current employer."
Researchers discovered that men were 25 percent more likely to receive a pay increase when they asked.
So what do you do when you ask for a raise and the answer is NO? Here are a few ways to move on and up past the let down.
ASK YOUR BOSS WHAT STEPS TO TAKE TO WORK TOWARD A RAISE
So the big B said no. It's rough, however sometimes you’re going to be denied a raise because you don't meet the criteria to receive a raise. We know. If you're asking for a raise you think you deserve one, but you have to be open to the idea that you overlooked a few considerations.
Or you might have just been doing an okay job without going beyond your role.
Ask your boss or supervisor where you need to improve and how you can be a more valuable asset to the company. Chances are if you ask how you can improve and grow, your salary will too.
Keep track of everything.
SET CAREER GOALS FOR YOURSELF
Once you've asked about specific areas that need work, set goals and milestones for yourself in the workplace. If you’re up for it, encourage your boss to have review meetings to ensure you’re on the right path.
Be proactive towards your own promotion.
Maxie McCoy, the woman on a mission to inspire millions says, "When you have a clear answer you can do a few things. You can: A) work with your boss and their bosses on a roadmap for getting your output to match the salary you're desiring, B) consider if this is really the right role or company given you have certain value expectations for what you're putting in, C) assess if it's total sexist bullshit OR D) create a counter offer to see if 'no' is really 'no.'"
"DENIED A RAISE? CREATE A COUNTER OFFER TO SEE IF 'NO IS REALLY 'NO.'"
Tweet this.
DON'T LET REJECTION DISCOURAGE YOU
You didn’t get the raise, but don’t let the rejection discourage you. A “no” is just another reason to move forward.
The worst thing you can do is let the rejection negatively manifest in your work, which will for sure not help. Grow from the no and survive the rejection.
"GROW FROM THE NO AND SURVIVE THE REJECTION."
Tweet this.
If worst comes to worst take your talents to South Beach like LeBron James and find a new job that will truly value your skill set.
Latham Thomas, founder of Mama Glow says this:
"You know the value you bring to your company- you also are well aware of your self worth. When you ask for a raise and don’t get it, you may have a slew of questions running through your head. The key is rather than to internalize the 'the NO' and start doubting your capabilities and strengths, use it as an opportunity to get a better understanding of how your boss and the decision makers view your particular situation and the surrounding factors. That will give you a clarity and a better idea of what was at play when they made their decision. This awareness can ultimately assist you in getting what you want and where you want to be much faster."
KEEP YOUR OPTIONS OPEN
If you know that you’ve gone above and beyond for this job and have sacrificed so much to elevate the company and your position, and still no raise? It’s time to find a new job.
Jobs need to work for us-- we don't only need to work for them.
If your current job isn’t meeting your career goals, there’s no harm in keeping your options open.
Make sure that if that’s the case you maintain your work ethic at your current job and hold steady on that solid reputation. You don’t want to get caught up in petty office drama because you didn’t get a raise - it’s not a good look and it’ll come back and bite you when you’re looking for your next gig.
Keep it professional and keep moving on.
For our NYC readers!! They've got more carreer advice! Catch Latham Thomas + Maxie McCoy LIVE in NYC for their popular workshop 7 Practices for a Gratifying Career
MORE FROM OUR BLOG
Getting the Raise You Deserve in 2016
Did you know you should ask when you're hungry...?
2016 is right around the corner, which means you’re about to be in the midst of drafting up those resolutions. Beyond the standard eating healthy and working out, this NYE make the goal to ask for what you deserve, especially on the job. If you have been waiting to ask for a raise because of company layoffs or downsizing, or you simply don’t enjoy the dance of negotiation, don’t let fear stand in the way of an amazing -- and economically fruitful-- 2016.
According to a study conducted by Payscale, almost half of the American workforce never ask for a raise. Moreover women are more likely than men to state that they are uncomfortable negotiating salary – 31 percent vs. 23 percent.
It's time to get out of your head and into the money. You know if you deserve it. So don’t be afraid to ask.
1. Be realistic. Does your work merit a raise? This the most crucial question you need to ask yourself. If there is any hesitation— we’re not talking self-doubt— it might be critical to wait until you’ve proven you worth. However, if you can say without fail that you meet and go beyond the requirements of your job description, are a key team player, benefit your company in multiple verticals, and know that you are indispensable to the business, what are you waiting for? Start jotting down your talking points now.
2. Do the research. Simple but important. The average yearly salary increase is 3% a year. However, if you’ve done your homework and know that you are being drastically underpaid, it’s time you let your employers know that you know your worth. Averages vary from state to state, but there are many websites— like glassdoor— that can help you figure out just how many zeros should be at the end of your check.
3. Ask in the morning, before you’ve had lunch. It may sound odd, but not only do people tend to be more “moral,” in the AM (and therefore more likely to take your proposal into serious consideration), but according to a study out of Cornell and Dartmouth, hunger tends to make people feel entitled. How does this benefit you? While that hangry feeling may not serve you best while meeting with clients, if you’re feeling at all hesitant or nervous, it could make you more assertive, firm, and all the more likely to get a raise.
4. Know the boss’s workload, schedule, and temperament. Is your boss a morning person? Or does she really hit her stride in the afternoon? Does she like to answer emails without interruption for the first couple hours of the day? Schedule your meeting during a time period that works for your boss. If you’re the kind employee who deserves a raise, you’ll know the right time to ask.
5. Don’t focus on the negative. Don’t complain. Sitting down with the boss to talk money isn’t the right time to air grievances, talk about how something is unfair, or how you’re doing someone else’s job for them. A salary negotiation should focus on everything you’re doing to benefit your company. Whining is not going to work in your favor. Ever.