Comments on: What kind of pay raise should I ask for? http://mindyourdecisions.com/blog/2009/02/09/what-kind-of-pay-raise-should-i-ask-for/ Articles on game theory and personal finance Thu, 29 Jul 2010 12:43:59 -0500 hourly 1 http://wordpress.org/?v=3.0 By: Ty http://mindyourdecisions.com/blog/2009/02/09/what-kind-of-pay-raise-should-i-ask-for/comment-page-1/#comment-5961 Ty Thu, 10 Dec 2009 07:05:29 +0000 http://mindyourdecisions.com/blog/?p=1284#comment-5961 I have some questions, I work for a Church corporation as a Facilities Manager. The Church I work for recently merged with another local church, doubling the square footage I'm responsible for. Both properties have schools, offices, residences, and other buildings besides a church. They did not merge financially, and the Pastor (Boss) has hired me at the second facility to work part time. I'm paid hourly, and don't get paid overtime for working at the second facility. My workload has increased and I'm spending more time at work and less with my family. I would like to ask for a raise because of the increased workload. I don't think I can approach asking for a raise by saving the corporations money as I often spend church funds. Example: hiring contractors to do building maintenance, purchasing building materials, purchasing janitorial supplies, & tools for my maintenance staff. It hard to show how spending money saves money. Lastly my Boss is very financially conscious, and it would help to have some numbers to justify what I'm asking for. I like the idea of focusing on what my Boss thinks is important. Any advise? I have some questions, I work for a Church corporation as a Facilities Manager. The Church I work for recently merged with another local church, doubling the square footage I’m responsible for. Both properties have schools, offices, residences, and other buildings besides a church. They did not merge financially, and the Pastor (Boss) has hired me at the second facility to work part time. I’m paid hourly, and don’t get paid overtime for working at the second facility. My workload has increased and I’m spending more time at work and less with my family. I would like to ask for a raise because of the increased workload. I don’t think I can approach asking for a raise by saving the corporations money as I often spend church funds. Example: hiring contractors to do building maintenance, purchasing building materials, purchasing janitorial supplies, & tools for my maintenance staff. It hard to show how spending money saves money. Lastly my Boss is very financially conscious, and it would help to have some numbers to justify what I’m asking for. I like the idea of focusing on what my Boss thinks is important. Any advise?

]]> By: Presh Talwalkar http://mindyourdecisions.com/blog/2009/02/09/what-kind-of-pay-raise-should-i-ask-for/comment-page-1/#comment-5269 Presh Talwalkar Thu, 21 May 2009 06:28:38 +0000 http://mindyourdecisions.com/blog/?p=1284#comment-5269 <b><em>Narendra Kale</b></em>: Thanks for the encouragement. I also agree that it is best to do more than what you are compensated for--that is the only way you can reasonably expect and achieve the raise you deserve. <b><em>Eyal</b></em>: Workers tend to sell themselves short, and you're right that working is a two-way street. Keep exploring options and don't feel guilty for asking what you are worth. <b><em>Sam</b></em>: In a pre-revenue company, compensation and therefore negotiations will center more on future revenues like options. In that case, it is much harder to gauge what is fair (speaking from experience), so do some scenario analysis to make sure you end up with a decent amount even if the launch tanks. Narendra Kale: Thanks for the encouragement. I also agree that it is best to do more than what you are compensated for–that is the only way you can reasonably expect and achieve the raise you deserve.

Eyal: Workers tend to sell themselves short, and you’re right that working is a two-way street. Keep exploring options and don’t feel guilty for asking what you are worth.

Sam: In a pre-revenue company, compensation and therefore negotiations will center more on future revenues like options. In that case, it is much harder to gauge what is fair (speaking from experience), so do some scenario analysis to make sure you end up with a decent amount even if the launch tanks.

]]> By: Sam http://mindyourdecisions.com/blog/2009/02/09/what-kind-of-pay-raise-should-i-ask-for/comment-page-1/#comment-4601 Sam Tue, 10 Feb 2009 18:01:45 +0000 http://mindyourdecisions.com/blog/?p=1284#comment-4601 ...product lAunch :) …product lAunch :)

]]> By: Sam http://mindyourdecisions.com/blog/2009/02/09/what-kind-of-pay-raise-should-i-ask-for/comment-page-1/#comment-4593 Sam Mon, 09 Feb 2009 20:02:35 +0000 http://mindyourdecisions.com/blog/?p=1284#comment-4593 How would the negotiation tactics change for a pre-revenue company? One where an employee's value is enabling a product lunch or R&D tech improvements? How would the negotiation tactics change for a pre-revenue company? One where an employee’s value is enabling a product lunch or R&D tech improvements?

]]> By: Eyal http://mindyourdecisions.com/blog/2009/02/09/what-kind-of-pay-raise-should-i-ask-for/comment-page-1/#comment-4592 Eyal Mon, 09 Feb 2009 16:02:19 +0000 http://mindyourdecisions.com/blog/?p=1284#comment-4592 Negotiating a raise: If you ask for a raise and you get what you asked then clearly you didn't ask for enough! Mistake #1: Not asking for a raise. If you deserve more money, tell your boss. Don't hesitate in asking because you think that the company can't afford it. Let your boss worry about his problem. Remember that the economy moves in cycles. When the economy is strong, try to earn more so that you can ride out the weak times when you might be unemployed. Don't be afraid to leave the company if needed. Have a backup plan for negotiation. If you can't get the raise, bargain for a few more days paid vacation per year or extended unpaid leave to travel the world. Ignore the yearly reviews. Those are designed to let your manager choose when you can ask for a raise. The work contract is two-ways, feel free to ask when it's right for you, not right for him. After negotiations, no matter how difficult, the money isn't coming out of your boss' paycheck so there's no animosity. It's just business. Negotiating a raise: If you ask for a raise and you get what you asked then clearly you didn’t ask for enough!

Mistake #1: Not asking for a raise. If you deserve more money, tell your boss. Don’t hesitate in asking because you think that the company can’t afford it. Let your boss worry about his problem.

Remember that the economy moves in cycles. When the economy is strong, try to earn more so that you can ride out the weak times when you might be unemployed. Don’t be afraid to leave the company if needed.

Have a backup plan for negotiation. If you can’t get the raise, bargain for a few more days paid vacation per year or extended unpaid leave to travel the world.

Ignore the yearly reviews. Those are designed to let your manager choose when you can ask for a raise. The work contract is two-ways, feel free to ask when it’s right for you, not right for him.

After negotiations, no matter how difficult, the money isn’t coming out of your boss’ paycheck so there’s no animosity. It’s just business.

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