With the economy on the upswing, you may find it the right time to finally approach your manager about a pay raise. A great context in which to do so is during a successful performance review. If your performance review is less than sparkling, it may not be the best time. So how can you nail your performance review?
Go in prepared. You might first consider taking a brief LMS preparation course. By doing so you’ll not only learn all the tips on how to have a successful interview, but many LMS courses also provide practice reviews and checklists to help you prepare.
You’ll find out the answers to questions such as: What control can I exercise during my performance review? What will the review cover, and what time periods will be reviewed? How can I showcase my accomplishments from the past year? The more prepared you go in to the interview, of course, the more successful you will be. The response your pay raise appeal receives is also likelier to be positive the stronger case you present for yourself.
Just how likely is it that your boss actually grants you a pay raise? Surveys show that pay raises are back on the table for many companies, although they may be modest ones. According to one Massachusetts-based survey, about 65% of the 476 U.S. business leaders surveyed are considering pay increases this year. Why? One reason is to prevent a potential flight of top talent once the economic situation has clearly improved.
Among the pay incentives employers are considering, merit increases are one reported by 66% to be most likely to occur. Therefore, one way to prepare for your performance review is to highlight the last year’s accomplishments. Your boss is most likely only vaguely aware of all the things you have accomplished in the last year. Remember that your performance review is the perfect time to point out the achievements that you believe are worthy of attention.
Be sure to mention anything extra that you think was above and beyond your regular responsibilities. Also don’t be afraid to point out times you took on extra tasks, put in overtime when not asked, worked to resolve work-related disagreements, or made your voice heard.
To demonstrate that you are a good candidate for a raise, take an LMS prep course and come prepared with a mental list of your accomplishments and behaviors worthy of brownie points.
Coggno is now offering a free trial for performance review training creators on its learning management system. Create an online course for free, whether it be for internal use, for inclusion in Coggno’s E-learning Marketplace, or for outside syndication on hundreds of websites.
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