Last week, we shared the story of Michelle LaBrosse, who runs successful virtual operation Cheetah Learning. This week she shares the secret to getting that bonus or raise (or both) that you believe you deserve this year. These are strategies her own people have used on her — and that she has used to keep her workforce motivated.
First, make sure your company is performing well. If it isn’t in the black, your chances of profiting beyond a paycheck are pretty small. In fact, said LaBrosse, “One way to lose your job fast is to go in and ask for a bonus or raise when the company is doing lousy.”
Presuming the company is doing well, figure out what your role in that success is. “We just redesigned the website and sales went up 25%,” offered LaBrosse as an example. “They know sales are up. You say, ‘Is there any way I could get a 5% bonus?'”
Collect data before approaching your boss. Has the number of customers increased year over year? Have you taken over the work being done by three people? Sit down with your manager and explain, suggested LaBrosse, “I know you’re going to be showing a profit. I’m going to be a much happier worker if I know that some of that comes my way.”
Understand some basics about the company’s tax situation. That means learning a little about how the company is run. Then time your request to the company’s advantage. “If the company is a December to December fiscal year, they can give you a bonus on the books that actually increases profitability,” said LaBrosse. “And they don’t have to pay it out until March.”
Figure out how you can add value to the business. Propose scenarios where you can bring in extra revenue for the company, which you can then share in. For example, if you’re doing research, figure out special reports that your company could sell. If you’re managing a job shop, consider adding candidate recruitment as part of your position. If you’re running a website, come up with new ways to generate revenue beyond advertising or subscription sales or whatever the particular business model is for the site.
LaBrosse suggests that if you’re truly working for a Scrooge who’s driving a Porsche and buying expensive homes but always crying poverty to you, it’s time to go work for somebody else. “We live in a limited talent pool environment,” she pointed out.
What’s your strategy for upping your pay in 2008?
{"source":"https:\/\/gigaom.com\/2008\/01\/08\/getting-a-fatter-payoff-in-2008\/wijax\/49e8740702c6da9341d50357217fb629","varname":"wijax_a7779c5563b0eedb36e8a8d10d5d57b4","title_element":"header","title_class":"widget-title","title_before":"%3Cheader%20class%3D%22widget-title%22%3E","title_after":"%3C%2Fheader%3E"}