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How to Negotiate a Pay Raise | Asking Your Boss for More Money - YouTube
Channel: The Distilled Man
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Hi! I'm Kyle from The Distilled Man.
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Up next I'm going to share ten critical tips
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you need to know to successfully
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negotiate a pay raise at work.
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So, stick around.
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Here's the deal.
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Everybody wants to be paid more money for what they do.
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Everybody wants to feel
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valued at work, yet so many people
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approach asking for more money the wrong way.
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Most of the time it's because the discussion is long overdue.
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They're overworked they feel underpaid.
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They feel underappreciated in general.
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Since their motivation is coming
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from the wrong place usually it ends very badly.
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Either they won't get the raise or
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even worse, they get the raise, but their boss
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and their company resent them for forcing their hands.
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But it doesn't have to be that way.
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If done well asking your
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employer for money can actually be a
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very positive experience.
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You're essentially giving them an opportunity
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to keep you happy.
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Just like with personal relationships,
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if you can learn to communicate your needs
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in a non-threatening way you will reap the rewards.
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So, up next I'm gonna share
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ten critical tips you can use to
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help improve that conversation of asking
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for more money. Now these are the same
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strategies that I used multiple times to
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get significant raises back when I worked in advertising.
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Number-one, deserve the raise.
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This is the hardest part and that's
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why I wanted to cover it first. You might
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be kind of laughing to yourself.
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But there's really no shortcut here, so that
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means that, not only have you been
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busting your butt working a lot.
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But you've actually been creating value for
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your company and for your customers whoever they may be.
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Deep down you probably know
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whether or not that's true, but sometimes
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when you're working all the time and you
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feel like you're just slogging
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through crap every single day,
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it's easy to get a distorted view and
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not be objective about it.
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Of course I deserve a raise.
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I'm killing myself everyday for this job.
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Step back and look at it objectively.
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Are you really due for a bump?
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Number two, do your research.
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What are other people making? You can
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usually find salary surveys for your industry,
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in journals and online.
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You can also find salary ranges on other job postings.
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What are other companies offering
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for comparable positions?
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That's obviously highly relevant,
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because if you're boss knows
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that if every single job posting you see,
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for a job like yours is ten thousand dollars more than you're making,
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then it's not long before you're gonna head for greener pastures.
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Number three, be specific about your ask.
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Just going in with the message of I need more money,
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somehow makes the request seem more aspirational.
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It makes it a little easier for your boss to just brush aside.
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It's way better to ask for a specific amount.
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Like, can I please get a ten-thousand-dollar raise?
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I'd really like to be making X
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and that makes the ask that much more real and immediate.
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By providing a specific amount
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is also easier to tie it to a justification.
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You could say something like,
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boss you know I've done my
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research and I found that market comp
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for people in my position with about
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five to seven years of experience are
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making about x, so if there's any way you
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can get me up to that level I would really appreciate it.
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Number four, be unemotional about your argument.
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Build a business case.
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Paint a positive vision for why
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giving you a raise is going to be good for the company.
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It will allow your boss and
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the company just to feel actually good
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about giving you the money.
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Rather than feeling like you pried it from their wallets.
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Number five, avoid playing the martyr card.
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You know, the last thing your boss
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wants to hear is how beaten-down you are
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and how overworked you are and how, you know,
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you really deserve more money because of
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how hard your life is.
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When you use the martyr angle
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you're basically putting a
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negative halo around the entire conversation.
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First of all, it makes you look bad
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because it shows that you can't
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communicate your needs like an adult.
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You've basically waited until you reach the
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breaking point before you brought this
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to their attention.
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It also makes your employer feel bad, because it's an
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implicit indictment of their management abilities.
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You are basically saying that, you know,
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maybe they made a mistake or
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they're not good at managing your
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workflow or maybe maybe they made a
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mistake about how much money you should be making.
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Number six, ask, don't threaten.
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When you're hanging out with your co-workers or
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your friends it's easy to fantasize
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about threatening to quit to get what you want.
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Actually using this approach is
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probably one of the douchiest things you can do.
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Even if you feel like, even if you know
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that you have legitimate leverage
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because you're a critical part of the team.
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You should really avoid utilizing it in that way.
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Dude, I'm going to walk into Johnson's
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office and bang my fist on the desk and tell him,
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if I don't get a twenty percent bump, I'm gone.
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Yeah, that'll go well.
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Threatening to quit might work, but it puts a bad
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taste in your boss' mouth.
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They'll definitely resent you for it, but more
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importantly you don't need to threaten
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to quit because the threat is implicit.
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When you ask nicely for what you want
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your employer knows in the back of their
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heads that they can only let you down
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so many more times before you decide to
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reconsider your options.
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Number seven, anticipate objections.
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Even if your boss agrees wholeheartedly
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that you deserve a raise,
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they're still going to challenge you a little bit on
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the reasons why, because they're going to
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have to justify it to other people in the
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company anyway.
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Also, I mean, if the conversation was going to
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cost you ten thousand dollars
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you'd probably milk it a little bit too.
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Be prepared for the counter-arguments your
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boss is gonna throw your way.
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Most likely you'll be able to identify them ahead of
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time and you'll be able to prepare,
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a rebuttal for each one, and that
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way you can diffuse each point as it
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comes up in the actual conversation.
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Number eight,
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be prepared to get creative about compensation.
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Maybe your company
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won't give you a ten-thousand-dollar raise,
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but maybe they'll
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give you every friday off or they'll give you
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some extra vacation or maybe they'll let
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you telecommute a couple days a week or
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give you a car allowance or, I even
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had a company offer me travel vouchers
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back when I worked in advertising.
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I think there's really no limit in terms
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of creative ways to be compensated.
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Thinking like this can be a great
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solution especially if the only reason they
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can't give you a monetary bump is because they don't have the cash.
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Or if you must have cold hard cash,
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another creative approach is to propose
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something is performance-based, based on
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either your performance or your team's performance
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and that way if you
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can show that the company is actually
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getting more money as a result of this,
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then they'll have the money to be able
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to pay you the more money that you want.
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Number nine, choose the right time.
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As with anything in life
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timing plays a huge factor here.
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So on a macro level you want to try to find
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a time when your boss and your company
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are in the right frame of mind.
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Think about major events in the company lately.
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Have you had some major wins?
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How are things going financially for the company?
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Obviously it's going to be
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a hard sell the company is just, you know,
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experience losses or just laid off staff,
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on the other hand if the company's doing
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well, it could be a very good time.
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Or from an individual perspective, has
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there been a time when you've really shown your value lately?
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You know, if you've just
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lost money for the company, by some,
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dumb mistake that you made,
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hey, guess what,
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you're probably not going to get
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that raise. But on the other hand, if you've
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really been kicking ass lately, maybe now
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is a good time ask for more money.
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Timing is also important on a smaller,
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more mundane level.
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Choosing the right time of day and blocking out a time slot
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is critical.
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Ideally you want to choose a time when
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you and your boss aren't going to be interrupted,
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and usually that's probably going to be
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early in the morning or late in the
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afternoon or evening, because that's going
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to give you time to state your case and
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also allow the conversation to sort of
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percolate naturally.
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Hopefully for the positive.
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Finally, number ten,
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plan out the conversation and practice.
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Outline your plan of attack including how you'll start
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the conversation and what your specific
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ask will be.
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The more you practice, the smoother and more confident you'll be.
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Now the last thing you want to do is go
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in there without preparation,
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and just say, hey boss, I really think I need more money,
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because uh...
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You look at your notebook.
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Awkward silence and...You know, the last thing
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you want it to seem like is it's just something
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that occurred to you on your drive to work
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or in the shower this morning.
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The more prepared you are, the more genuine
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it's going to come across that you really
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believe that it should be that way.
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Practice not only what you're going to say to your boss,
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but practice how you're going
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to listen to your boss's rebuttals and
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counter-arguments. And also practice how
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you're going to calmly take a breath and
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be confident and non-threatening in your response.
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You may even want to roleplay with a
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friend and ask them to sort of throw
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real-life objections at you,
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because the more that you can sort of do
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this , sort of think on your feet
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during this conversation, the better.
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Also, you don't want to memorize the
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specific wording exactly.
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You want to just keep these bullet points in your
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head as just general ammunition,
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because once you get hung up on memorizing,
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you can easily get thrown off while you're
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actually in the conversation.
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So I would never say that
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asking for raise is easy, but if you follow
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the tips i just gave you, it will
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drastically improve your chances of getting a yes,
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while still preserving the relationship
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with your boss.
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Alright, well I hope you found it helpful.
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If you have any questions or feedback,
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please leave a note in the comments.
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I definitely always love hearing from you.
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And if you like this video please hit
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like and subscribe if you want to see more
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videos like this.
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Alright, well thanks again for watching
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and I'll see you soon.
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