3 Tips For Your Next Performance Review
And How To Secure a Merit Increase
Most people consider their performance reviews as routine.
And then wonder why they didn’t get any raise or at the level they were expecting.
But YOU are not one of them.
You know your worth and the importance of coming prepared to secure whatever you want.
How else would it be? you’re a reader of my newsletter!
So here’s a quick guide I put together that will help you nail your next performance review and get the merit increase you deserve:
Preparing for the Review
Clarity of thoughts drives clarity of actions.
Start by reviewing your goals from the previous period and make a draft list of all your accomplishments throughout the year.
Run a 360 self-evaluation, identify areas of improvement, and set new goals for the period ahead.
This will be your guideline throughout the discussion with your boss.
So far so good.
Now, let’s on to the next step:
As Shirley Chapman, Head of CS at Forrester said in one of my previous interviews, CS has to show that “what we do drives renewals” to have a seat at the exec table:
So, focus on the impact of your work and how it contributed to the company's bottom line.
Be ready to discuss the direct economic outcomes of your actions on the company's profits.
Quantify them as much as you can by using data and being specific.
Focus on your performance metrics and KPIs like churn rate or customer satisfaction score.
Here are some other evidence you can collect in support of your performance review discussion:
Customer Feedback and Testimonials
Gather every single positive comment or review and highlight your impact on the business.
Feedback from Colleagues and Managers
Collect feedback from team members, colleagues, managers, and other departments to provide a full view of your performance.
Highlight any training you’ve completed or new skills you have learned and why that matters for your goals and the business.
Be prepared to discuss how you have managed to adjust to challenges.
Use a Journal or AI to Track Achievements
Consider keeping a journal or using the Notes app on your mobile. Even better, use a voice recorder to track your accomplishments on the go.
Do not trust your memory: write everything down right on the spot whenever the idea strikes.
The AI tools I mentioned in the AI Hub section of my newsletter will be helpful:
So, now that you set the foundations solid with real and practical evidence, bring in your negotiation skills to nail and secure your next merit increase:
Know your worth
Before your meeting, research the market rate for your role, skills, and experience and set realistic expectations. Do not overball this or it can backfire.
Here are some tips that can help:
Identify Relevant Skills
List your relevant skills, including both hard skills (technical, language, software) and soft skills (communication, leadership, problem-solving)
Use Online Tools
Talk to people in your industry and location about the market value of your skills and experience. LinkedIn is best for this.
Look for industry reports and job boards that provide salary data for your specific role and location.
Get a sense of the average salary for your role.
Prepare Your Arguments With Data
No bla-bla. Only the facts.
Be confident and respectful
In all and any circumstances. No exception.
Present your case and ask for what you want, but remain open to negotiation and compromise.
Be prepared for pushback
The answer to your ask can be no.
So, be ready to address any concerns or objections your boss may have.
Don’t Forget To Follow-up
If your annual review doesn't result in an immediate raise, ask your manager for the best time to have a follow-up discussion.
Use ChatGPT to Practice Your Pitch
Common Mistakes To Avoid When Negotiating A Raise
Do not undervalue your work
You did an excellent job so you have all the right to ask for a raise based on the market rate for your role, skills, and experience.
It’s not just about collecting evidence
Be ready on a psychological level to nail the negotiation
Stay professional or you’ll lose all the credits you’ve earned in seconds.
Do not ignore your gut feelings:
Do not monopolize the conversation
Take a step back, and listen to what your boss has to say. They might bring up a topic you didn’t realize it mattered.
If a raise is not possible at all, do not forget to negotiate for other company benefits or opportunities.
Overall, if you fail to present a strong case for your value to the organization, there is no point in asking for anything.
Finally, if I had to give you only one single piece of advice for your career growth, it would be this:
I hope that helps.
Now, go get that next pay raise you deserve!
Come on, you’ve got this 🚀🚀
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