College Finance: How to Get a Raise

Think you are worth more money than your boss is paying you? Learn these steps to get your salary up to par.

It seems logical that most employees want more money than their company is currently paying them. More money is good, that is a no-brainer. It's often the case that people are legitimately worth more to the firm than they are currently being compensated. If you feel this is your case, here are some steps you can take to increase your paycheck.

Find Out How

Before you begin your quest for a raise, you first need to understand how raises are distributed at your company. Is there a performance goal? Are raises given after a certain length of time? According to daily USAToday.com, a good rule of thumb is to wait at least six months after being hired before asking for a raise.

Bargaining Power

Your first step to getting a raise is to prove you are worth the big bucks. If you believe you deserve a raise, this should not be a problem. Financial commentator Suze Orman (suzeorman.com) says there is absolutely no reason why you need to worry about discussing your compensation. If you truly deserve a raise, it will be your boss doing the worrying. One way to get past your doubts: question yourself. If you were in your bosses shoes, what would you do. Is losing you worth the risk?

Align Your Interests

The reason you are demanding a raise should be solely based on work performance. Just because you want to start saving a down payment for your first condo doesn't mean your boss is obligated to pay you. But if you can prove an increase of benefits to the firm, you should have a good chance of getting the firm to increase the benefits to you.

Meeting Time

Set up a meeting with the checkbook, I mean, the manager who writes the checks. But first send a little memo to the bosses' office. Suze Orman recommends writing a little list that details your tasks and how you complete them. Make sure your manager understands your responsibilities. An advance memo will also make sure your boss is not taken off guard. This will provide a chance for your supervisor to think it over beforehand.

Preparation

When you go into the meeting, make sure you have supporting documents, such as e-mails and any evidence to back up your contributions. Have a plan to guide your manager. Set some goals ahead of time. Figure out exactly what you want, why you are worth it and how you are going to get it.

If you don't get everything you wanted, well, take the offer or decide if you want to jump ship. One thing all the experts recommend: don't resort to begging. Whatever happens, make sure you leave the office with dignity.

Next: View Schools

Popular Schools

The listings below may include sponsored content but are popular choices among our users.

Find your perfect school

What is your highest level of education?