80% of Millennials Who Ask For a Raise Get One—Here's How to Get Yours
Did you know that more than half of millennials have asked for a bump in pay in the last two years? But that’s not all: nearly 80% of those who asked were told yes, according to a recent report from NBC News.
After reading this, you might have the urge to march into work tomorrow and ask for more money. Good for you. But before you do, let's get you in the right mindset.
Don't be afraid to talk about money
For Gen Xers and Baby Boomers, money advice was pretty simple: don't talk about how much money you make.
But maybe that advice was wrong. Because if you want to make more money, the first thing you need to do is be willing to talk about money.
Talk to your friends, family, and even co-workers. Seek out people in similar jobs and ask what they make.
The only way you’re going to find out the market value of your job is to do some research. Yes, you can find out a lot by looking online. But Google isn't likely to tell you that Mark, who sits two seats away from you, negotiated another percentage point onto his raise last year.
See also: Millennial Financial Health Checkup: How Do You Stack Up?
Know your value
You'll need to be able to sell yourself during that negotiation meeting with your boss—so remind yourself of your successes first.
Have confidence in your ability to perform at work. To help get into the right mindset, make a list of all the challenges you've had to tackle over the last three months.
When you have the big talk, don't promise something you can’t deliver, but instead point out all the times you've taken initiative, solved tough problems, or delivered real value to the company. If you show doubt about your abilities—especially in regards to duties and tasks you know you can perform—you leave the door open for your boss to say “no.”
See also: The 30/30/30 Plan: How to Save $30K by Age 30 on a Salary of $30K
Forget about putting in the time
Millennials are not about sitting in an office for 20 years waiting to get noticed. Rather, it’s about showing up and doing a fantastic job.
Gone are the days where you wait for your boss to come knocking on your door to offer you a raise, or you assume you need to spend half of your life in one job before asking for more money.
Now, if you want your paycheck to speak volumes, you need to have the metrics to back it up.
For example, if the lead on your team has asked you to do a job and you’ve exceeded their expectations, yet again, it might be time to ask for what you’re worth.
This also means thinking about what “worth” means to you. If all you want is more cash, ask for that. But if you’re also thinking it might be nice to work from home a few days each week, then use that as part of your negotiation.
In any case, learning to advocate for yourself is one of the most valuable career-building skills you can acquire. Here's to a great financial future!